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Year to date, Janney Montgomery Scott has welcomed 33 Financial Advisors with nearly $2.5 billion in assets, most of whom left wirehouse firms. 

Janney recruited 27 advisors from the wirehouses in the first half of 2019: 13 from Bank of America Merrill Lynch; 11 from Wells Fargo; and 3 from Morgan StanleyOthers joined it from Stifel, 2; Raymond James, 1; Hilliard Lyons, 1; Edward Jones, 1; and BB&T/S&S, 1.

The firm added 19 financial advisors who work with more than $1.3 billion in total client assets in the second quarter of 2019. It had more than $90 billion in assets under advisement as of June 30. 

“Our ability to continually attract leading financial advisors is a testament to the benefits of our personalized platform, client-focused culture, and financial stability,” according to  Private Client Group President Jerry Lombard. “We’re pleased to welcome our new team members and look forward to supporting them and their clients.” 

Morgan Stanley Departures

A team has left Morgan Stanley to form its own RIA, QP Wealth Management of Eatontown N.J., which uses Purshe Kaplan Sterling Investments as its broker-dealer. It worked with TruClarity on the transition and related practice management support. 

The team includes advisors James Lloyd, Thomas Leidner and Lisa Heerwagen, as well as Whitney Struble, director of client services, and earlier worked with a total of $215 million in assets.

Its members all worked for Morgan Stanley for the past seven to nine years, according to FINRA BrokerCheck. Lloyd has 28 years in the business, Heerwagen has 12, Leidner 10 and Whitney eight. 

“Aligning with TruClarity has allowed us to turn our dream of owning our own independent wealth management firm into a reality as a team,” said Lloyd, in a statement.

“With their core service model focusing on serving UHNW clients and their expertise in alternative investments, we knew it was important for TruClarity to guide them in building out a customized infrastructure to support this,” according to TruClarity President & COO Shad Besikof. 

“Now, in the independent space, QP has access to a wider range of private investment vehicles that had not been available to them in the captive wirehouse world,” Besikof explained.

Other News

Signature Estate & Investment Advisors says Christopher Maryanopolis will become COO of Signature Investment Advisors, which is affiliated with the broker-dealer Royal Alliance Associates

“SEIA’s rapid growth is attributed to the exceptional team we have curated over the years. Chris is an excellent addition – his extensive background as a leader in the financial services industry will undoubtedly strengthen our business,” said SEIA CEO Brian Holmes.

Prior to joining SEIA,  Maryanopolis was president of Signator Investors (2007-2018); Signator was bought by Advisor Group from John Hancock last year and then merged into Royal Alliance. He has been in the financial-services industry for 30-plus years.

“SEIA has built its reputation on bringing the best wealth management services to its clients, and I am honored to be joining the team,” the COO explained in a statement.