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November 28, 2011 at 08:44 AM
Raymond James (RJF) said Monday that it named a new executive to run its independent-advisor channel as Dick Averitt prepares to retire, and a new head for its employee-advisor channel, as Dennis Zank moves into the COO slot at the parent company.
In early January, Scott Curtis (below) will assume the role of president of Raymond James Financial Services (now led by Averitt) and managing director of its independent-contractor division, and Tash Elwyn will become president of Raymond James & Associates’ private-client business, which is currently headed by Zank.
Averitt, 66, is retiring, while COO Chet Helck, 59, will continue to oversee the firm’s global private-client group, which includes the two advisor channels as well as the international PCG businesses. Raymond James includes about 5,400 advisors in the United States, Canada and the United Kingdom with some $217 billion in client assets under administration.
“I would like to recognize and thank Dick for his remarkable leadership and years of service to the firm and our advisors,” said CEO Paul Reilly, 57, in a press release. “His contributions are innumerable and his commitment to running Raymond James Financial Services with integrity, hard work and a continual focus on our advisors and their clients is both a wonderful example for our future generations of leaders and an embodiment of the firm’s values.”
Averitt has led RJFS since 2002. He joined the firm in 1978 as a financial planner and registered representative and joined the firm’s management team in 1984.
“Dennis and Dick have both played critical roles in the firm’s growth and success over the past 33 years,” explained Executive Chairman Thomas A. James, 69, in a statement. “Dennis … is well-suited to provide broad leadership in his new role, [and] Dick’s track record has been similarly exemplary, starting as an advisor and then as a leader of advisors … he made major contributions supporting his predecessor and has performed extremely well leading Raymond James Financial Services over the past eight years.”
Zank, 57, has served as president of RJA for the past nine years. Earlier, he served as executive vice president of operations and administration. He joined Raymond James’ accounting department in 1978 and became controller in 1982.
Elwyn (left), 40, who will lead RJA, joined Raymond James in 1993 as a financial-advisor trainee. He later became a branch manager and divisional sales manager. For the past five years, he has served as director of the Atlantic division.