What You Need to Know
- The new advisors added more than $3.8 billion in assets under advisement to Janney's Private Client Group.
- Janney picked up advisors from Merrill Lynch, Wells Fargo, Commonwealth, Raymond James and RBC Capital Markets.
- The additions followed Janney’s recruitment of 12 wirehouse advisors with over $2 billion of client assets in Q1.
Wealth manager Janney Montgomery Scott recruited 15 financial advisors in the second quarter of 2021, adding more than $3.8 billion in assets under advisement to its Private Client Group, the firm said.
The additions from Merrill Lynch, Wells Fargo, Commonwealth Financial, Raymond James and RBC Capital Markets come on the heels of Janney’s recruitment of 12 wirehouse financial advisors with over $2 billion of client assets in the first quarter and more than 43 advisors with more than $4 billion in assets in 2020.
In the first half of the year, Janney added a total of 27 financial advisors who collectively manage more than $5.8 billion in assets. The firm had more than $124 billion in total AUA as of June 30.
The company had about 1,140 employees performing investment advisory functions, according to its most recent Form ADV, filed with the Securities and Exchange Commission on June 25. Janney also had about 1,579 registered representatives of a broker-dealer and about 1,219 registered investment advisor representatives, it said.
Janney plans to continue its “recruiting momentum throughout the rest of the year,” according to Jerry Lombard, president of the firm’s Private Client Group.