August 7, 2013

Janney Recruits Morgan Stanley FA in Delaware

The advisor, who also worked for Wheat First Butcher Singer, is expected to come on board with close to $80 milion in client assets

A Janney Montgomery meeting room at its headquarters.Janney Montgomery Scott says it has recruited a Morgan Stanley (MS) advisor in Greenville, Del.

Vincent Crognale is joining the Philadelphia-based broker-dealer with close to $80 million in client assets, Janney said Thursday. Crognale is an 18-year industry veteran who spent the last 13 years at Morgan Stanley and was with Wheat First Butcher Singer from 1995 to 2000.

“With close to two decades of financial-services experience under his belt, Vince is highly regarded in the industry,” said Regional Manager Tom Simcik, in a statement. “He shares Janney’s exemplary focus on the advisor-client relationship by constantly keeping clients’ needs in the front of our minds. I am confident that his clients will benefit from all that Janney offers.”

Janney, which is based in Philadelphia, is a unit of Penn Mutual Life Insurance Co. In June, the broker-dealer had 741 financial advisors managing more than $58 billion in client AUM.

In late July, Janney recruited two veteran advisors on the East Coast with more than $90 million in client assets; one of them previously worked for Morgan Stanley.

Morgan Stanley says that it had 16,321 advisors as of June 30, an increase of 37 reps from the prior quarter and a decrease of 157 reps from the year-ago period. Total client assets were $1.78 trillion at quarter end versus $1.79 trillion in the earlier quarter and $1.64 trillion last year. Fee-based assets currently represent 35% of total assets, according to the company.

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