Janney signs more wirehouse brokers

MAR 25, 2012
By  AOSTERLAND
Regional brokerage Janney Montgomery Scott LLC of Philadelphia has landed another large team of wirehouse financial advisers. R. Morgan Purvis, Peter Sampson and Kenneth Wiland Sr., as well as two assistants, joined the firm's Aiken, S.C., office from Morgan Stanley Smith Barney LLC, where they managed a combined $380 million. The firm didn't release figures for the advisers' production. The signing comes just weeks after the firm landed Peter Sargent, a Merrill Lynch Wealth Management adviser based in Yardley, Pa. He managed $250 million and had trailing-12-month production of more than $2 million.

RECRUITING PIPELINE

Jerry Lombard, president of Janney's private-client unit, said that his recruiting pipeline is filled with wirehouse advisers, and he expects to sign on more brokers fleeing the large Wall Street firms this year. “In the last four years, 90% of our hires have been from the wirehouses, and recently, we've seen a step-up in the size of hires we're making here,” he said. About 70% of his firm's hires are sourced by branch managers, and the other 30% are advisers who reach out to the firm directly, Mr. Lombard said. Janney occasionally receives referrals from executive recruiters. Mr. Lombard plans to keep Janney focused on the Eastern Seaboard, where the bulk of the firm's 725 advisers practice. The firm manages $54 billion in assets. “We don't want to expand out ahead of our supply lines,” said Mr. Lombard, who has been with the firm since 1984. “We'd rather fill out our existing footprint before we move into new markets.” Mr. Lombard said that Wall Street will continue to be the firm's favorite hunting ground for advisers. “As the wirehouse retention bonuses run off and the calculus of being owned by a bank comes into play, we'll continue to see a lot of movement out of the wirehouses and into the regional and independent brokerage channels,” he said. MSSB spokeswoman Christy Pollack confirmed that the advisers are no longer with the firm. The trio declined to comment about their move. [email protected]

Latest News

SEC bars ex-broker who sold clients phony private equity fund
SEC bars ex-broker who sold clients phony private equity fund

Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.

The key to attracting and retaining the next generation of advisors? Client-focused training
The key to attracting and retaining the next generation of advisors? Client-focused training

From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.

Chuck Roberts, ex-star at Stifel, barred from the securities industry
Chuck Roberts, ex-star at Stifel, barred from the securities industry

"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.

SEC to weigh ‘innovation exception’ tied to crypto, Atkins says
SEC to weigh ‘innovation exception’ tied to crypto, Atkins says

Chair also praised the passage of stablecoin legislation this week.

Brooklyn-based Maridea snaps up former LPL affiliate to expand in the Midwest
Brooklyn-based Maridea snaps up former LPL affiliate to expand in the Midwest

Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.