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Janney Picks Up $1.35B Team From Merrill

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What You Need to Know

  • The founders of Meredith Lindung Wealth Management were with Merrill Lynch since 1998.
  • The addition follows a busy first quarter of recruitment for Janney, which added 12 reps from wirehouses in Q1.
  • The broker-dealer now has $115 billion in assets under administration and 850 financial advisors.

Janney Montgomery Scott has added a brokerage team managing $1.35 billion that was previously associated with Merrill Lynch.

Meredith Lindung Wealth Management is based in Towson, Maryland, and is led by Andrew Meredith and Kevin Lindung, each an executive vice president of wealth management who had been with Merrill since 1998, according to the Financial Industry Regulatory Authority’s BrokerCheck website.

The addition of Meredith Lindung follows a busy first quarter of recruitment efforts for broker-dealer Janney. On April 6, the company announced it added 12 advisors in Q1, adding more than $2 billion in assets under advisement to its Private Client Group. They were all wirehouse reps.

Janney also expanded its presence in Richmond, Virginia, with the opening of a second office, it said April 8. The office will include members of the Strange Wealth Advisory Group and the Lindbloom Group, the BD noted at the time.

Janney has $115 billion in assets under administration and 850 financial advisors, a company spokesman said Monday.

More Meredith Lindung Details

In addition to his 23 years of industry experience, Meredith has an entrepreneurial background that includes a software startup launched in the 1990s. He has earned the certified financial planner designation.

More on this topic

Lindung has a passion for working directly with families to help them create and implement personalized financial plans, and manage customized portfolios so they can achieve their financial goals, according to Janney. He has also earned the CFP designation.

They are joined by Scott Kelly, senior registered private client associate, who had been with Merrill since 2017.

Merrill did not immediately respond to a request for comment Monday about losing the team.

“Janney’s boutique size and financial stability provide the necessary resources and flexibility to grow our practice and meet changing client demographics and needs,” Meredith said in a statement. Janney’s “emphasis on unmatched client service aligns seamlessly with our values, so we can continue to meet and exceed client expectations.”

The team will leverage Janney’s “client-focused platform to help grow their practice,” Bob Steinke, regional manager and senior vice president, said in the announcement. “They bring [a] highly personalized wealth management approach to help clients achieve their financial goals.”