Janney hires $200M Merrill team to open new branch
Janney Montgomery Scott has been a hiring streak this year, buffering its advisor ranks and expanding into new locations.
The firm continued that effort this week by opening its seventh new branch office by hiring a $200 million Merrill Lynch team.
Advisors Ronald H. Holmes and Whitney E. Riley joined the regional brokerage in Fredericksburg, Virginia. Also moving with them are Lois Pierson, senior registered private client associate and Brennan Holmes, private client associate.
The wirehouse has lost at least 123 advisors managing $15.7 billion in client assets year-to-date, according to other firms’ hiring announcements.
Six of the top 10 advisor recruits — managing roughly $13.2 billion in client assets — have walked out of the wirehouse so far this year.
The new office is Janney’s fourth in the state. The firm has recruited 51 advisors so far this year, according to a spokeswoman.
“Janney’s recent growth in key marketplaces throughout our footprint is a testament to the firm’s stability, responsiveness to client needs and unprecedented home office support,” Jerry Lombard, president of the Private Client Group, said in a statement.
Like other regional brokerages, Janney has had particular success in attracting wirehouse advisors who say they are put off by the bureaucracy at the larger bank-owned firms. In recent months, Philadelphia-based Janney has hired a $445 million Wells Fargo team and another Merrill Lynch group that oversaw $235 million. The firm has also picked up brokers from rival regional BDs: A father-son team left RBC to join Janney last month.
Many of these advisors have been industry veterans, as are the firm’s two newest additions. Holmes and Riley have 25 and 15 years of experience, respectively. In addition to Merrill Lynch, they have worked at Smith Barney and Legg Mason, according to FINRA BrokerCheck.
A Merrill spokeswoman could not be reached for immediate comment.