Last year proved to be a healthy season for advisor recruitment at Janney Montgomery Scott.
The leading full-service broker-dealer and investment banking firm confirmed that it welcomed 27 experienced financial advisors to its private client group in 2024, collectively managing more than $4.3 billion in assets under advisement.
In a statement, Kevin Reed, president of Janney's private client group, hailed the numbers as proof of the firm's continued appeal and recruiting momentum.
“As an independently operated, privately held, and employee-owned firm, we remain focused on offering award-winning resources and a culture that prioritizes advisors and their clients,” Reed said in a statement Wednesday.
In July, KKR announced it had signed a deal to acquire Janney Montgomery Scott. The definitive agreement with Penn Mutual was set to be completed in the fourth quarter of 2024.
Broken down by firm, Janney's recruitment efforts last year touched all corners of the wealth industry. The RIAs, hybrid RIAs, broker-dealers, and wirehouses its new advisors came from include:
The firm also highlighted its new Chicago branch launched in late November, with Ned Kennedy leading as complex director. Tom Galvin was also named Midwest regional director to oversee Janney's growth in key markets.
The 2024 recruitment record builds on Janney’s steady advisor growth in recent years. In 2023, the firm added 27 advisors managing over $3.5 billion in assets. It welcomed 32 advisors in 2022, bringing more than $4 billion in assets. 2021 was a banner year in terms of new advisor count as the firm added 50 advisors – the most since 2018.
“These new additions reflect the strength of our commitment to providing advisors with the tools and support they need to run their business their way, making Janney a top destination for advisors,” Reed said.
Elsewhere in Utah, Raymond James also welcomed another experienced advisor from D.A. Davidson.
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