Janney opens new office with $200M advisor

Janney continues its Southeast expansion, recruiting a veteran advisor who managed $200 million in client assets to open its eighth office in Florida.

Advisor Fady Maghak has joined the new Miami branch from Raymond James, where he generated $1.3 million in annual revenue, according to Janney. The opening brings Janney's reach to a total of 116 offices and is the third addition in the southeast region in the past three months, the firm reports.

Janney opened a new Tennessee office in August, welcoming four veteran advisors with $330 million in client assets. In June, a $185-million two-man team joined Janney to set up an office in Goldsboro, North Carolina.

“Our growth throughout Florida and the southeastern region is a testament to Janney’s stability, responsiveness to client needs, and unprecedented home office support,” says Florida regional manager Michael Levin in a statement.

Maghak has over 29 years of industry experience and began his career at Pruco Securities, per BrokerCheck records. He has taught at Florida State University, Florida Gulf Coast University and Barry University for their CFP programs.

Maghak cites Janney’s boutique size, which he says will allow his team to serve clients efficiently, as the main reason for making the move.

Raymond James confirmed Maghak’s departure but declined to comment further.

Janney is rapidly expanding amid weakening wirehouse recruiting. The regional broker-dealer has added more than three dozen financial advisors this year alone. Three-quarters of new recruits in the 12 months ended in August have joined from wirehouses, the firm says.

Janney is aiming for a 7.5% increase in commission revenue for 2018, according to Jerry Lombard, president of the firm’s private client group.

The Philadelphia-headquartered firm, with a footprint ranging from Maine to Florida, manages $76 billion in client assets.