July 24, 2013

Janney Recruits Ex-Morgan Stanley, Raymond James FAs

The two advisors come on board in Florida and New Jersey with about $90 million in client assets

Meeting room in Janney Montgomery headquarters in Philadelphia. Meeting room in Janney Montgomery headquarters in Philadelphia.

Janney Montgomery Scott said Tuesday that it recruited two veteran advisors with more than $90 million in client assets.

Ex-Morgan Stanley (MS) financial advisor David Seigerman moved to Janney’s Bedminster, N.J., branch as a first vice president of investments. Seigerman has been in the business for 14 years and spent the past four with Morgan Stanley, where he had about $68 million in client assets under management and $860,000 in yearly fees and commissions. He also was with Citigroup and Morgan Stanley Dean Whitter.

“David’s hiring is yet another example that experienced and successful advisors look to Janney as a top destination in the industry,” said Larry Ennis, branch manager of the Bedminster office, in a press release. “The depth and breadth of knowledge and insight he brings to our team will be instrumental as we continue to focus on growth within the region and provide clients superior service in convenient locations.”

Joining Janney in Boca Raton, Fla., is Steven Sapirstein, formerly with Raymond James’ (RJF) employee channel. Sapirstein, a 20-year industry veteran, comes on board as both an advisor and assistant branch manager. He is now leading Janney’s efforts to grow its presence in South Florida and brings with him close to $24 million in client assets.

“Like many other professionals in the industry, Steven found the firm to be his destination of choice because of our open architecture and client-centric philosophy,” said Regional Manager Michael Levin, in a statement. “We look forward to welcoming Steven to our team and anticipate that his wealth of experience and fresh perspective will be instrumental as our regional footprint continues to grow.”

Sapirstein started his career in 1990 at Merrill Lynch and then worked with Painewebber (1993-1999), where he was a branch manager for five years. After leaving Painewebber, he joined Citigroup and then worked with Morgan Stanley, before his time with Raymond James. 

Janney, which is based in Philadelphia, is a unit of Penn Mutual Life Insurance Co. As of last month, Janney had 741 financial advisors managing more than $58 billion in client AUM.

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