Terry Hetherington will be stepping back from the day-to-day management of Toronto-based Raymond James Ltd. Private Client Group in October and moving into a new role as vice chairman, the investment dealer announced on Tuesday.
As of Oct. 1, Hetherington will be vice chairman of Raymond James Private Client Group after seven years as executive vice president and head of private client group. As part of the new role, Hetherington will focus on strategic projects, such as product development, bolstering Raymond James’ stance on specific regulatory issues and new lines of business — although no formal decision as yet has been made regarding Hetherington’s next project.
“Terry has done an exceptional job leading our private client business over the past seven years,” said Paul Allison, chairman and CEO of Raymond James in Canada, in a statement. “He will continue to be a key member of or leadership team as vice chairman, private client group, focused on special projects and advisory assignments.”
An industry veteran of 25 years, Hetherington joined Raymond James in 2002. Previously, Hetherington was a regional vice president with Merrill Lynch Canada and also worked as a branch manager with RBC Dominion Securities Inc.
Hetherington’s former management responsibilities will be divided between two current Raymond James executives. Richard Rousseau is now executive vice president, head of wealth management, private client group. Rousseau will be responsible for the growth and development of Raymond James’ Canadian branch network as well as it recruitment efforts. For almost two years, Rousseau has largely been responsible for the company’s growth in Quebec as senior vice president of Raymond James’ private client group. Quebec will remain an area of focus for Rousseau and Raymond James as he takes on his new responsibilities.
Mario Addeo is now executive vice president and head of private client solutions, private client group. As part of his new role, Addeo will be responsible for the firm’s wealth-management solutions, including investment insights, products, services, development and practice-management initiatives. Addeo joined Raymond James in 2009 as senior vice president, head of fixed-income. Most recently, Addeo held the role of senior vice president, national director, private client solutions, where he oversaw a number of Raymond James’ Canadian operations, including fixed-income, wealth management, private investment and insurance and estate planning.