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Practice Management > Building Your Business

In Surprise, Helck to Retire From Raymond James

By Janet Levaux

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Chet Helck, CEO of Raymond James’ Global Private Client Group and a company board member, said on Jan. 9 that he will retire in February. He has been with the firm for 25 years and will stay on as a special advisor through year-end as needed.

“Chet has been a very strong leader for our organization. He was our first head of a combined Private Client Group (PCG) and has managed our core business through challenging markets while delivering consistently excellent results,” said Raymond James CEO Paul Reilly in a press release.

Helck, 61, represents Raymond James on the board of directors of the Securities Industry and Financial Markets Association (SIFMA) and served as the group’s chairman in 2012.

Raymond James said that Scott Curtis, president of its independent advisor channel, and Tash Elwyn, president of its employee advisor channel, will join the firm’s Executive Committee upon approval of the board at its February meeting.

“I have been privileged to help lead one of the industry’s finest companies,” Helck said in a press release. “Raymond James is well-established as the destination for the best advisors in the industry. Tash and Scott are well-prepared, and I am proud of the management team we have built together.”

Company Changes

Raymond James has seen several key leaders retire in recent years.

Dick Averitt, formerly CEO of the independent advisor channel, retired from that role in 2012. He remained chairman of that unit through the end of 2013.

Former CEO Tom James passed the baton to Reilly in May 2010, one year after Reilly began acting as president and CEO-designate.

“Chet’s contributions to the firm go beyond his leadership with our Private Client Group, including as a key contributor to the development of the firm’s technology, wealth solutions and marketing efforts,” said James, now executive chairman, in a statement.

“Prior to his broader PCG leadership role, Chet was one of a small management team that made Investment Management & Research and its successor, Raymond James Financial Services, a leader in the independent contractor brokerage business,” James added.

Raymond James, which acquired Morgan Keegan in 2012, now has some 6,200 financial advisors with client assets of roughly $441 billion, and independent advisors seem to be ripe for recruiting in 2014.

Raymond James said in early January that advisors Terry Wiles and Ryan Smith moved from LPL to its independent broker-dealer with close to $150 million in client assets. The team, which does business as Stonegate Financial in Cary, N.C., has produced yearly fees and commissions of $1.1 million.

“It’s a pleasure to welcome Terry and Ryan and their staff to our independent channel,” said Scott Whitley, regional director for Raymond James Financial Services, in a press release. “We look forward to supporting them, their practice and their clients.”

Wiles entered the business in 1999. In addition to LPL, he has been an advisor with Federated Securities and Edward Jones.

“We spent more than a year looking at a number of firms, conducting exhaustive research and due diligence so we could see for ourselves if the technology and support met our expectations,” said Wiles, branch manager and president of Stonegate, in a statement. “Raymond James clearly provided the best fit by exceeding our expectations with a positive and conducive culture.”

Smith started his career in financial services in 2005. Prior to his affiliation with LPL, he worked with Securian Financial Services.

The team says its services include financial planning, investment management, retirement strategies, income planning and advice related to life transitions.

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