Scott A. Curtis
RAYMOND JAMES FINANCIALAbout Scott A. Curtis
Chief Operating Officer of Raymond James Financial since October 1, 2024, previously President of the Private Client Group (PCG) from 2018–2024 and President of Raymond James Financial Services from 2012–2018. He joined Raymond James in February 2003 after 13 years at GE Financial Assurance; holds an MBA from Michigan Ross and a BA from Denison University . Under his leadership, PCG delivered record annual net revenues of $9.5B (+9% YoY) and record pre-tax income of $1.8B (+1% YoY) in fiscal 2024; PCG assets under administration reached $1.5T (+25% YoY) and domestic net new assets were ~$61B (5.5% growth), with Adjusted ROE a core vesting metric for his performance RSUs and firm rTSR used as a modifier . Executive compensation and long-term incentives for Curtis are closely tied to Adjusted ROE and firm rTSR relative to a defined peer set, reinforcing pay-for-performance alignment .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Raymond James Financial | Chief Operating Officer | Oct 2024–Present | Leads institutional investment management/advisory solutions, corporate real estate, marketing, office services; drives firmwide strategic initiatives . |
| Raymond James Financial | President, Private Client Group | 2018–Sep 2024 | Led ~8,000 advisors; ~70% of firm revenues; $1.3T AUA; record PCG financials; recruiting and RIA & Custodial Services growth . |
| Raymond James Financial Services | President | 2012–2018 | Directed independent advisor business; growth in advisor network and platform capabilities . |
| Raymond James & Associates (PCG) | Senior Vice President | 2005–2012 | Led initiatives in revenue growth, efficiency, product development, risk mitigation, service improvement . |
| Raymond James Insurance Group | President | Feb 2003–2005 | Oversaw insurance distribution and operations; integrated annuity and life products for advisors . |
| GE Financial Assurance | Various senior roles | 1990–2003 | National sales director for investment products; president of retail broker/dealer . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| FINRA Board of Governors | Industry Governor; Board Chair (2025) | Governor since 2023; Chair from Mar 2025 | Chairs Executive & Conflicts Committees; serves on Finance/Operations/Technology and Regulatory Policy; Large Firm Representative . |
| Raymond James Bank | Board Member | Current | Governance oversight of bank subsidiary . |
| Chi Chi Rodriguez Youth Foundation | Board Member | Current | Community engagement . |
| United Way Suncoast | Board Member | Current | Community engagement . |
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | $450,000 | $500,000 | $500,000 |
| Cash Bonus ($) | $2,950,116 | $3,100,084 | $3,200,098 |
Performance Compensation
| Component | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Annual Bonus RSUs (FY2024) | Adjusted ROE (3-yr avg) with rTSR modifier | 50% PRSUs, 50% time RSUs for NEOs | ROE vesting scale (10%→50%; 15%→100%; 20%→150%) with rTSR modifier (≤25th→0.8x; 50th→1.0x; ≥75th→1.2x) | Measurement over FY2024–FY2026; not yet determined | Grant date fair values: $649,979 PRSUs; $649,979 time RSUs | Cliff vest on 3rd anniversary; PRSUs contingent on performance; time RSUs cliff vest . |
| Management RSUs (FY2024 grant) | Service-based | 100% time | — | — | $599,944 grant-date fair value | 60% vests at 3rd, 20% at 4th, 20% at 5th anniversary . |
| Prior PRSU outcome (FY2021 grants) | Adjusted ROE + rTSR | — | ROE scale (≥17%→150%; 13%→100%; 9%→50%) with rTSR ±20% | 3-yr avg Adjusted ROE 18.7%; rTSR modifier 113% → vesting at 169.5% of target | Shares vested per formula | Vested at 3rd anniversary . |
| FY2024 Annual Bonus Decision | Amount |
|---|---|
| Committee-approved annual bonus (total) | $4,500,000 (comprised of $3,200,098 cash + $649,979 PRSUs + $649,979 time RSUs) . |
| Grants of Plan-Based Awards (12/15/2023) | Threshold | Target | Maximum |
|---|---|---|---|
| Performance RSUs (units) | 2,164 | 5,411 | 9,740 |
| Time-Bonus RSUs (units) | — | — | 5,411 |
| Management RSUs (units) | — | — | 5,411 |
Equity Ownership & Alignment
| Item | Value |
|---|---|
| Common shares beneficially owned | 170,419 shares; plus 3,112 subject to vesting; total 173,531 . |
| Options | None disclosed . |
| RSU awards vested in FY2024 | 15,188 shares; value realized $1,632,681 . |
| Outstanding unvested RSUs (as of 9/30/2024) | 1,500 (11/22/2019, time) $183,690 MV; 3,000 (12/03/2020, time) $367,380 MV; 6,321 (12/02/2021, time) $774,070 MV; 3,112 (12/15/2021, time) $381,096 MV; 50,779 (12/15/2022, time) $6,218,396 MV; 4,761 (12/15/2022, time) $583,032 MV; 5,411 (12/15/2023, time) $662,631 MV; 5,411 (12/15/2023, time) $662,631 MV . |
| Outstanding unearned performance RSUs (as of 9/30/2024) | 5,602 (12/15/2021); 8,568 (12/15/2022); 9,740 (12/15/2023) . |
| Stock ownership guidelines | Executive Officers: 3x annual salary; compliance tested annually; all NEOs have reached or exceeded requirements . |
| Pledging/Hedging | Prohibited for directors and executive officers under Insider Trading Policy (no pledging, short sales, hedging, margin accounts) . |
| Retirement eligibility status | Curtis is retirement eligible; upon retirement, unvested RSUs immediately vest, with share delivery per original schedule and contingent on restrictive covenants . |
Notes:
- Market values above use $122.46 per share closing price on 9/30/2024 .
- “Time” vs “Performance” vesting is per footnotes (4)/(5) in Outstanding Equity Awards: time awards vest 3–5 years; performance awards cliff vest at year 3 subject to metrics .
Employment Terms
| Provision | Detail |
|---|---|
| Employment agreement | None; executives employed “at will” . |
| Severance multiples | None; no special severance arrangements; potential payments reflect equity awards only . |
| Change-in-control | “Double-trigger” required for RSU acceleration (CoC + qualifying termination) . |
| Clawbacks | Robust recoupment policy for restatements, inaccurate performance measures, misconduct causing material harm; NYSE-compliant Dodd-Frank clawback for erroneously awarded incentive comp . |
| Non-compete/Non-solicit | Restrictive covenants embedded in RSU awards; delivery contingent on ongoing compliance post-retirement . |
| Potential Payments upon Termination (as of 9/30/2024; equity only) | Voluntary (No Good Reason) | Good Reason/Involuntary (No Cause) | Retirement | Death/Disability | Change in Control | Qualified Termination Following CoC |
|---|---|---|---|---|---|---|
| Share Awards ($) | $5,907,348 | $11,459,562 | $5,907,348 | $11,459,562 | — | $11,459,562 |
| Salary/Bonus/Welfare Benefits | — across scenarios . |
Performance & Track Record
- FY2024 PCG performance under Curtis: net revenues $9.5B (+9% YoY), pre-tax income $1.8B (+1% YoY), AUA $1.5T (+25% YoY), domestic net new assets ~$61B (5.5% of beginning assets), substantial advisor recruiting and RCS channel leadership .
- FY2023 PCG performance: net revenues $8.65B (+12% YoY) and pre-tax income $1.76B (+71% YoY); AUA $1.2T (+16% YoY); domestic net new assets $73B (7.7% growth) .
- RSU performance design ties vesting to multi-year Adjusted ROE plus rTSR vs peers (Ameriprise, BNY Mellon, Schwab, Franklin, Invesco, Jefferies, LPL, Northern Trust, State Street, Stifel, T. Rowe Price), aligning outcomes with shareholder returns and capital efficiency .
Compensation Structure Analysis
- Mix and leverage: For FY2024, Curtis’s total annual direct compensation $5.6M comprised of $500k salary, $3.2M cash bonus, and $1.9M equity (split between performance RSUs, time RSU bonus, and management RSUs), evidencing high variable/at-risk pay and equity deferral .
- Performance metrics: PRSUs vest on 3-year average Adjusted ROE with +/-20% rTSR modifier; management RSUs vest over 3–5 years, supporting retention and long-term alignment .
- Policy rigor: Double-trigger CoC vesting; no employment agreement; robust clawback; no pledging/hedging; limited perquisites—all investor-friendly features .
- Execution outcomes: 2021 PRSUs vested at 169.5% of target (ROE 18.7% and rTSR 113% modifier), indicating strong historic capital efficiency and relative performance .
Equity Ownership & Alignment (Detail)
| Category | Units | Market Value (as applicable) |
|---|---|---|
| Beneficially owned shares | 170,419 | — |
| RSUs subject to vesting count included in beneficial ownership | 3,112 | — |
| RSUs vested in FY2024 (shares; value realized) | 15,188; $1,632,681 | $1,632,681 |
| Unvested time-based RSUs (selected grants) | 1,500 (2019); 3,000 (2020); 6,321 (2021); 5,411 + 5,411 (2023) | $183,690; $367,380; $774,070; $662,631; $662,631 (all at $122.46 price) |
| Unearned PRSUs (selected grants) | 5,602 (2021); 8,568 (2022); 9,740 (2023) | See vesting scale; MV shown in table by grant year |
Compliance:
- Meets/exceeds 3x salary stock ownership guideline for executive officers; annual testing and 100% net share retention until compliant .
- Insider Trading Policy forbids pledging/hedging; late one-time Form 4 in FY2024 due to administrative oversight reported by company (vestings of PRSUs) .
Employment Terms (Expanded)
- At-will employment; no severance multiples or guarantees; potential payouts driven solely by equity terms and retirement eligibility provisions .
- Retirement eligibility accelerates vesting but maintains delivery schedule and requires adherence to restrictive covenants, mitigating immediate selling pressure but still creating scheduled delivery windows .
Education & Qualifications
- MBA, University of Michigan (Ross School of Business); BA in economics and English, Denison University .
- FINRA Board Chair and Industry Governor; leadership across wealth management, advisor platforms, and bank governance .
Multi-Year Compensation (SCT)
| Component ($) | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Salary | $450,000 | $500,000 | $500,000 |
| Bonus (cash) | $2,950,116 | $3,100,084 | $3,200,098 |
| Stock Awards (grant-date fair value) | $1,199,920 | $6,649,884 | $1,799,916 |
| All Other Compensation | $18,109 | $142,364 | $214,513 |
| Total | $4,618,145 | $10,392,332 | $5,714,527 |
All Other Compensation detail (FY2024): ESOP $5,775; Profit Sharing $16,220; 401(k) match $1,000; Deferred Comp Plan contribution $33,000; Deferred Comp gain $120,848; Commissions $1,759; Perquisites $35,911 (incl. $26,254 company-paid commercial airfare) .
Compensation Mechanics (FY2024 Annual Direct Compensation)
| Component | Amount ($) |
|---|---|
| Salary | $500,000 |
| Cash Bonus | $3,200,098 |
| Time-Vesting Stock Bonus Awards | $649,979 |
| Performance-Vesting Stock Bonus Awards | $649,979 |
| Time-Vesting Management RSUs | $599,944 |
| Total | $5,600,000 |
Risk Indicators & Red Flags
- No employment agreement; no tax gross-ups; double-trigger CoC; no pledging/hedging; no option repricing—low governance risk .
- Section 16(a) filing: one late Form 4 due to company oversight (PRSUs vesting) in FY2024; administrative in nature .
- Equity-heavy compensation and retirement eligibility can create periodic sale/disposition windows upon delivery, but policy requires net share retention until ownership guideline met, and clawbacks mitigate conduct risk .
Compensation Peer Group (rTSR)
Ameriprise Financial, Bank of New York Mellon, Charles Schwab, Franklin Resources, Invesco, Jefferies Financial Group, LPL Financial, Northern Trust, State Street, Stifel Financial, T. Rowe Price Group; used for rTSR percentile adjustment on PRSUs .
Say-on-Pay & Shareholder Feedback
Board recommends “FOR” advisory approval of NEO compensation; annual say-on-pay cadence; Board/Committee to consider significant negative votes and adjust as appropriate .
Investment Implications
- Alignment: High variable/equity-linked pay with performance RSU vesting on Adjusted ROE and rTSR aligns Curtis’s incentives with sustained profitability and shareholder returns; double-trigger CoC and robust clawbacks further investor-friendly .
- Execution: PCG growth and record financial performance under Curtis support bonus outcomes and signal operational execution capability; prior PRSU vesting at 169.5% indicates strong capital efficiency vs targets .
- Retention/Pressure: Multi-year vesting and retirement eligibility terms create retention hooks; scheduled deliveries and policy-driven net share retention lower immediate selling pressure, but periodic tax-related sales may occur (15,188 shares vested in FY2024) .
- Governance: No pledging/hedging, no guaranteed severance, and transparent peer-based rTSR framework reduce governance risk and pay inflation concerns; continued FINRA leadership enhances regulatory insight and industry positioning .