Janney Picks Up $2-Million Wells Fargo Team in Connecticut
Janney Montgomery Scott has recruited a team of three brokers who generated around $2 million in revenue last year at Wells Fargo Advisors in West Hartford, Conn., according to Janney.
Led by Timothy J. Sullivan, the team includes his son Paul, Christopher M. Peters and a client associate. The Sullivans have been brokers for 47 years and 19 years, respectively, and had been with Wells since 2000, according to their BrokerCheck histories. Peters began his brokerage career at Wells in 2007.
Janney said that the team was managing $288 million of customer assets when they left Wells this week, mostly in retirement assets for small businesses, corporations and nonprofits.
The departure comes amid a slew of defections over the past three quarters at Wells. The bank-owned broker as of June 30 had 14,572 advisors, down more than 500 since disclosure of a massive fake account scandal at the bank in September. To fill the gap, Wells has sweetened its offers to new recruits.
In a statement, a Wells Fargo spokeswoman attributed the departures to “recent demographic and regulatory shifts” that “resulted in retirements across the industry.”
“We feel good about our pipeline of experienced recruits and the new trainees that are joining advisor teams, and we continue to invest in new ways to train and mentor new talent,” she wrote.
Philadelphia-based Janney has been making a push into New England. In Connecticut, complex manager George Keith has added 14 advisors in the past year, including the trio who just joined in West Hartford. Keith joined Janney five years ago from Westport Resources Investment Services, according to BrokerCheck.
The Janney surge was halted somewhat earlier this month when Morgan Stanley prevailed in restraining two brokers who left its Mystic office to start a Janney branch from soliciting a book of clients they had inherited from a colleague.