Bella Loykhter Allaire
RAYMOND JAMES FINANCIALAbout Bella Loykhter Allaire
Bella Loykhter Allaire is Chief Administrative Officer (since October 2024) and previously Executive Vice President, Technology & Operations (June 2011–September 2024) at Raymond James Financial; she is 70 years old, retirement-eligible, and leads firmwide business process improvement and technology-enabled efficiency initiatives to “save advisers’ time” and enhance service delivery . RJF’s fiscal 2024 performance under her operational remit included record net revenues of $12.82B (+10% YoY), net income to common of $2.06B, diluted EPS of $9.70, ROE of 18.9% (Adjusted ROE 19.6%), and $1.3B capital returned; an SEC Pay-vs-Performance table indicates RJF total shareholder return value of $266.64 on a $100 investment since 2019, demonstrating strong multi-year TSR during the period her technology and operations responsibilities were central to delivery .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Raymond James Financial, Inc. | Executive Vice President, Technology & Operations | Jun 2011 – Sep 2024 | Managed operations and technology, cost discipline, information security, and delivery of solutions for strategic and regulatory initiatives . |
| Raymond James Financial, Inc. | Chief Administrative Officer | Oct 2024 – Present | Leads business process improvement to reduce manual processes and free adviser time; continues AI-enabled transformation support . |
External Roles
- Not disclosed in company filings reviewed.
Fixed Compensation
| Component | FY 2024 Amount (USD) | Notes |
|---|---|---|
| Base Salary | $500,000 | Executive officer base salary effective January 2024. |
| Cash Bonus | $2,900,150 | Cash portion of annual bonus; total approved bonus for 2024 performance was $3,900,000, with the remainder delivered in equity RSUs . |
All Other Compensation (FY 2024)
| Item | Amount (USD) |
|---|---|
| ESOP Contribution | $5,775 |
| Profit Sharing Contribution | $15,616 |
| 401(k) Company Match | $1,000 |
| Deferred Compensation Plan Contribution (LTIP) | $33,000 |
| Deferred Compensation Plan Gain | $1,191,242 |
| Perquisites | — (none disclosed) |
| Total All Other Compensation | $1,246,633 |
Performance Compensation
| Award Type | Grant Date | Units (shares) | Grant-Date Fair Value (USD) | Vesting Schedule | Performance Metrics |
|---|---|---|---|---|---|
| Stock Bonus RSUs – Time-based | 12/15/2023 | 3,946 | $437,532 | Cliff vest on 3rd anniversary (≈Dec 2026) | None (time-based). |
| Performance RSUs (PRSUs) – Bonus | 12/15/2023 | Threshold 1,578; Target 3,945; Max 7,101 | $437,422 | Cliff vest on 3rd anniversary (≈Dec 2026) | 3-year average Adjusted ROE scale (10%→50% to ≥20%→150%) with rTSR modifier (80% at ≤25th pctile to 120% at ≥75th pctile) . |
| Management RSUs – Time-based | 12/15/2023 | 5,411 | $599,972 | 60% on year 3; 20% on year 4; 20% on year 5 | None (time-based). |
| 2021 Performance RSU Vesting Outcome (company-wide) | Vested FY 2024 | — | — | Vested based on 2019–2021 cohorts | 3-year average Adjusted ROE 18.7% → 150% preliminary; rTSR modifier 113% → final 169.5% of target . |
FY 2024 RSU Vesting and Realized Value
| Metric | FY 2024 |
|---|---|
| Shares Acquired on Vesting (All RSU types) | 15,443 |
| Value Realized on Vesting | $1,661,050 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Shares owned directly (incl. ESOP) | 85,065 |
| RSUs counted as beneficially owned | 2,853 |
| Total beneficial ownership | 87,918 shares |
| Ownership as % of shares outstanding | ≈0.043% (87,918 ÷ 203.3M common shares outstanding) |
| RSUs outstanding (time-based) | 5,411 (management RSUs); 3,946 (bonus time RSUs) |
| PRSUs outstanding (max unearned units) | 7,101 (maximum, subject to performance) |
| Stock ownership guidelines | Executive officers must hold 3× annual salary; all NEOs have reached or exceeded requirements . |
| Pledging/Hedging | Prohibited for directors and executive officers . |
| Clawbacks | Robust recoupment and NYSE-compliant Dodd‑Frank clawback policies . |
Employment Terms
| Provision | Detail |
|---|---|
| Employment Agreement | None; executives are at‑will with no special severance arrangements . |
| Severance Multiples | None disclosed; no guaranteed severance . |
| Change‑of‑Control | Double trigger required for accelerated vesting of RSUs (transaction plus qualifying termination) . |
| Retirement Eligibility & RSU Delivery | Retirement eligibility at age 55 with 10 years’ service or age 65; upon retirement, unvested RSUs immediately vest but shares are delivered on original schedule and contingent on compliance with restrictive covenants; Ms. Allaire is currently retirement‑eligible . |
| Potential Payments upon Termination (Share Awards only; as of 9/30/2024, stock at $122.46) | Voluntary w/o Good Reason: $5,123,971; Good Reason/Involuntary w/o Cause: $5,123,971; Retirement: $5,123,971; Death/Disability: $5,123,971; Qualified Termination Following Change-in-Control: $5,123,971 . |
| Options | None granted as part of annual compensation since fiscal 2014; no option repricing . |
| Tax Gross‑Ups | Generally no excise tax gross‑ups (limited relocation exceptions per policy) . |
| Deferred Compensation (aggregates, FY 2024) | VDCP balance $5,481,559; LTIP balance $230,569; FY 2024 VDCP earnings $1,147,625 . |
Performance & Track Record
- FY 2024 contributions: maintained cost discipline in Technology and Operations, strengthened information security amid heightened threat activity, and delivered critical solutions for firmwide strategic and regulatory programs; supported executive leadership succession across the firm .
- Firm-level outcomes tied to incentive metrics: Adjusted ROE 19.6%, pre‑tax income $2.64B, record net revenues $12.82B; these underpin PRSU vesting scales and long‑term incentives .
- TSR context: SEC Pay‑vs‑Performance table shows RJF TSR value of $266.64 on a $100 investment since 2019, reinforcing long‑term alignment with shareholder return .
Compensation Structure Details and Peer Benchmarking
- Annual bonus pool capped at 6% of consolidated pre‑tax income; no individual bonus exceeds 3% of consolidated pre‑tax income; committee applies informed discretion vs. formulaic weightings .
- For NEOs (other than CEO), a variable portion of annual bonus above $250k must be delivered in RSUs; 50% of those RSUs are PRSUs (Adjusted ROE with rTSR modifier) and 50% time‑vested, all cliff‑vesting in 3 years .
- PRSU rTSR peer group (2024 awards): Ameriprise, BNY Mellon, Charles Schwab, Franklin Resources, Invesco, Jefferies Financial Group, LPL Financial, Northern Trust, State Street, Stifel Financial, T. Rowe Price .
- Say‑on‑Pay approval: 83% support at 2024 annual meeting .
Equity Award Overhang and Vesting Schedules (Insider Selling Pressure)
| Indicator | Detail |
|---|---|
| Cliff vesting cadence (time‑based RSUs) | Significant delivery at year 3 for bonus/time RSUs (e.g., 3,946 units from 12/15/2023 grant due ≈Dec 2026) and 60% management RSUs at year 3, creating event‑driven supply . |
| Retirement acceleration | Retirement eligibility can accelerate vesting of all RSUs, but delivery remains scheduled and subject to covenants, mitigating immediate market supply . |
| FY 2024 realized RSU value | $1,661,050 realized on 15,443 vested shares, reflecting material equity monetization potential in typical vesting cycles . |
Investment Implications
- Alignment: Strong pay‑for‑performance architecture tied to Adjusted ROE with rTSR modifier, robust ownership/holding requirements (3× salary), and strict prohibitions on pledging/hedging and comprehensive clawbacks reinforce shareholder alignment and risk discipline .
- Retention risk: Retirement eligibility plus sizeable unvested RSU balances implies potential acceleration risk in a retirement scenario, though delivery remains on original schedules and subject to covenants; no severance agreements reduce exit costs but could increase external mobility risk .
- Near‑term supply dynamics: Three‑year cliff vesting of bonus/time RSUs and 60/20/20 management RSUs create predictable equity delivery windows; FY 2024 vesting activity shows meaningful realized value, suggesting periodic selling capacity around vest dates .
- Execution signal: FY 2024 contributions emphasize operational efficiency, security, and technology delivery amid record firm results; promotion to CAO focused on process improvement and adviser productivity indicates continued value creation priorities under new CEO leadership .