Merrill loses $1B AUM team to Janney

Janney Montgomery Scott is opening a new office on the East Coast with a four-person team recruited from Merrill.

Warren-Fantano Wealth Management is joining Janney at a new office in Middletown, Delaware, as well as at an existing office in Lewes, Delaware. The team had previously managed roughly $1 billion in client assets at Merrill.

The Warren-Fantano Wealth Management team is led by the financial advisors Peni Warren and Chris Fantano and also includes private client associates Crystal Van Lenten and Catherine Huffman. Warren started her career at Merrill in 1983, and Fantano joined the firm in 2013 after starting his career at Wells Fargo four years before.

Warren said in a statement that Janney's "boutique size and collaborative culture give us the flexibility to run our practice, while providing the resources that allows us to continue delivering the service and advice our clients have come to expect."

In an earnings call in January, Merrill executives said Merrill and other wealth management divisions within Bank of America saw a historically low rate of loss for experienced advisors last year. Like many firms, Merrill has ceased providing periodic updates on exact advisor headcount, but Merrill has confirmed the number is roughly 18,000.

Janney was acquired by the private equity giant KKR in 2024 for an undisclosed amount from its former owner, Penn Mutual Life Insurance. The Philadelphia-based firm has more than 900 advisors and $150 billion in assets under management.