Janney Picks Up 27 Wirehouse Reps: Recruiting Roundup

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 Stanley. Others 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.