Raymond James Financial chairman and CEO Paul Reilly saw his total compensation increase by 7% in the 2019 fiscal year. That’s sharply lower than the double-digit percentage pay raises he received in recent years and the lowest since his getting a 0.2% nudge in pay in 2014.

In the previous 2017 and 2018 fiscal years, Reilly received double-digit pay raises. The most recent time Reilly received a single-digit pay raise was in fiscal year 2016, when he got a bump of 8% after a much larger increase of 38% in fiscal year 2015. As is the norm, Reilly’s CEO pay has been linked to the firm’s overall performance.

In a proxy statement filed with the SEC, Raymond James revealed Reilly took home $13.35 million in salary and other bonuses and incentives for the fiscal year ending in September, up from $12.45 million in 2018.

“The firm’s solid performance in fiscal 2019 was driven by record annual net revenues for all four of our core segment(s) and record pre-tax income in our Private Client Group segment, Asset Management segment and Raymond James Bank,” the filing states.

The firm also credits the contribution of Reilly’s “strong leadership” for a year of record overall revenue and “solid” performance versus its peers.

Reilly is also credited for steering the firm in surpassing financial advisor recruiting and retention targets, his role in the continuing progress in compliance and supervision functions, grooming leaders “for strong succession planning,” and executing leadership changes and diversity initiatives.

Reilly received $500,000 in base salary in the latest fiscal year.

The rest were bonuses and incentives — $5.85 million in cash, $2.35 million in time-vesting restricted stock units (RSUs), $3.52 million in RSUs linked to the company’s performance and $1.01 million in time-vested RSUs offered as a retention award.

Meanwhile, Scott Curtis, president of the firm’s Private Client Group, received total pay of $3.29 million for fiscal year 2019.

Curtis received a $300,000 base salary. His bonus and incentives included $2.1 million in cash, $218,764 in time-vesting RSUs, $218,673 in RSUs linked to the company’s performance and $440,750 in time-vested RSUs offered as a retention award.

Raymond James’ Private Client Group is the investment advisory and brokerage business segment that operates through a branch network of financial advisors — employees, independent contractors and others — affiliated with the firm. It also includes the custodial trading and research businesses. As of September 30, 2019, assets under administration for the private client group were $798.4 billion, accounting for most of the net revenues of Raymond James.