New role for Miller as Janney announces major leadership change

Janney Montgomery Scott LLC has cemented its senior leadership with the appointment of a new chief executive officer and a key appointment to its board of managers.

The $150 billion AUA wealth management and investment banking firm’s long-serving president and CEO Tim Scheve stepped down in June 2023 after 17 years and Tony Miller was appointed interim president, becoming permanent president in October 2023.

Miller has now been appointed to the CEO role and will continue to be president. He has served as Janney’s chief administrative officer for a decade under Scheve. But his tenure at the firm began in 2002 and progressing through the ranks with roles including director of internal audit, treasurer, and chief financial officer, giving him broad experience leading operations, technology, finance, and corporate services divisions.

“It’s an honor to now serve as Janney’s CEO and President,” said Tony Miller. “The future is bright at Janney, as evidenced by four consecutive years of record revenue—a testament to our commitment to delivering personalized advice and exceptional client service. At the core of our success are our talented employees, who are all now proud owners of the firm.”

The firm hailed 2024 as a strong year for recruitment with 27 experienced financial advisors joining its private client group, collectively managing more than $4.3 billion in assets under advisement. Lat summer, global investment firm KKR announced the signing of a definitive agreement to acquire Janney Montgomery Scott LLC from The Penn Mutual Life Insurance Company. 

Janney’s executive leadership team also includes Brett Riggi, CFA, who was appointed last year as chief operating officer and senior vice president, having joined from UBS where he was head of trading, advisory, wealth planning, and performance reporting technology for the US wealth management division.

Tim Scheve returns

There’s also a new role for former CEO Tim Scheve who is joining Janney’s board of managers as an independent board director.

Scheve’s experience beyond Janney includes 23 years at Legg Mason, which was acquired by Franklin Templeton, almost a decade as a director at ICI Mutual Insurance Company, and a senior consultant role at Price Waterhouse in the early 1980s.

He is currently senior advisor to Accenture's North American Capital Markets Group and is on the board of directors at Smarsh. Until recently he was serving a second term on FINRA’s board of governors and defended the regulator’s enforcement performance as stats revealed activity had fallen to an all-time low.

“I’m delighted that Tim has joined Janney’s Board of Managers,” Miller said. “His historical perspectives and strategic insights will be invaluable as we move forward.”

Scheve shared his views on leadership with InvestmentNews back in 2016, citing patience as a key attribute.