Janney Montgomery Scott said Tuesday that it recruited a team of three Wells Fargo advisors with some $2 million in yearly fees and commissions and $288 million of client assets.
The announcement comes on the heels of The New York Times report on Friday that an attorney working with Wells Fargo shared private information, including Social Security numbers, and compensation details tied to more than 50,000 clients and advisors.
According to FINRA BrokerCheck, the group — led by Timothy J. Sullivan — registered with Janney last Thursday. However, the advisor’s records also indicate that he was with Wells Fargo Clearing Services through Monday, after spending seven years with the firm.
On Monday, as the news of Wells Fargo’s latest fiasco spread across the financial industry, one recruiter said he had received “three calls from larger teams indicating this was their last straw,” explained Danny Sarch, head of Leitner Sarch Consultants, in an interview. “And there are still some folks out there who are not yet aware of it.”
Sullivan, his son Paul E. Sullivan, and Christopher Peters are moving to Janney’s West Hartford, Connecticut, office.
They are collectively known as the Sullivan Investment Group, which includes Janice Kycia, a private client assistant.
“Tim, Paul and Chris’ long and accomplished careers are proof of their commitment to exceeding the expectations of their clients,” said George Keith, complex manager for Janney, in a statement. “With the industry knowledge and client service philosophy they’ve demonstrated, they are tremendous additions to the Janney team.”
Tim started in the business in 1970, while Paul entered the field in 1998. Peters became an advisor with Wells Fargo in 2007.
The team specializes in retirement plan services for small businesses, corporations, and nonprofit organizations. All three advisors are active in the community.