Regional brokerage Janney Montgomery Scott LLC of Philadelphia has landed another large team of wirehouse financial advisers.
R. Morgan Purvis, Peter Sampson and Kenneth Wiland Sr., as well as two assistants, joined the firm's Aiken, S.C., office from Morgan Stanley Smith Barney LLC, where they managed a combined $380 million. The firm didn't release figures for the advisers' production.
The signing comes just weeks after the firm landed Peter Sargent, a Merrill Lynch Wealth Management adviser based in Yardley, Pa. He managed $250 million and had trailing-12-month production of more than $2 million.
RECRUITING PIPELINE
Jerry Lombard, president of Janney's private-client unit, said that his recruiting pipeline is filled with wirehouse advisers, and he expects to sign on more brokers fleeing the large Wall Street firms this year.
“In the last four years, 90% of our hires have been from the wirehouses, and recently, we've seen a step-up in the size of hires we're making here,” he said.
About 70% of his firm's hires are sourced by branch managers, and the other 30% are advisers who reach out to the firm directly, Mr. Lombard said.
Janney occasionally receives referrals from executive recruiters.
Mr. Lombard plans to keep Janney focused on the Eastern Seaboard, where the bulk of the firm's 725 advisers practice. The firm manages $54 billion in assets.
“We don't want to expand out ahead of our supply lines,” said Mr. Lombard, who has been with the firm since 1984. “We'd rather fill out our existing footprint before we move into new markets.”
Mr. Lombard said that Wall Street will continue to be the firm's favorite hunting ground for advisers.
“As the wirehouse retention bonuses run off and the calculus of being owned by a bank comes into play, we'll continue to see a lot of movement out of the wirehouses and into the regional and independent brokerage channels,” he said.
MSSB spokeswoman Christy Pollack confirmed that the advisers are no longer with the firm.
The trio declined to comment about their move.
aosterland@investmentnews.com
