Janney, RayJay Hire 20-Year Veterans of Merrill, Morgan Stanley
Janney Montgomery Scott has hired a Merrill broker in Virginia who was managing $300 million in assets and had been with the wirehouse for 23 years, while Raymond James said it has lured a Birmingham, Michigan-based broker who had been at Morgan Stanley for 27 years.
Phillips, who first registered as a broker in 1995 with Salomon Brothers, was not immediately available to comment on his reasons for leaving or for choosing Philadelphia-based Janney, said Michelle Shuman, one of two client associates who moved with him from Merrill.
The RayJay recruit, Renee Hof-Lacey, was managing $115 million for Morgan Stanley clients, including many who are executives at a “large automotive company,” Raymond James said. Hof-Lacey, who moved on August 17, spent all but the first seven months of her brokerage career at Morgan Stanley.
“Having never transferred before, I did not take a move lightly,” she said in a prepared statement about her choice of Raymond James. “In the end, it was about the people, the advisor centered culture, the freedom to truly own and run my practice, and the level of care for clients.”
Hof-Lacey, who moved with a client associate, said she began her financial services career in 1989 at age 18. “Being in this profession for so long, and seeing how companies and the industry have evolved over the decades, I just felt like it was time for me to make a move in the interest of the future of my career, and in pursuit of the best possible support as I continue to serve the needs of my clients,” she said in the prepared statement.
She did not return a request for further comment.
Both Raymond James and Janney have been pitching “advisor-centric” cultures that they say contrasts with wirehouses’ more bureaucratic and controlling environments. They also have been actively recruiting amid the coronavirus pandemic.
Janney last quarter added eight brokers with $860 million in assets, including six in September alone from Wells Fargo, UBS, Merrill, Morgan Stanley and Raymond James, according to a company spokesman.
Year to date, 34 advisors who were managing more than $3.1 billion joined Janney, he said. The firm has around 850 advisors, according to its website.
“We’re extremely proud that talented and experienced financial advisors continue to see the value in Janney’s personalized platform, client-focused culture, and financial stability,” Jerry Lombard, president of Janney’s Private Client Group, said in a statement.
Raymond James as of June 30 had 3,379 brokers in its employee channel—up 5% from a year earlier—and 4,776 independent contractors. The Florida-based firm, whose fiscal year ended yesterday, told branch managers last week that it will not make big changes to 2021 broker compensation plans, despite a cost-cutting campaign that encompassed layoffs of about 500 employees.
Janney, Raymond James and Merrill are members of the Protocol for Broker Recruiting, which allows brokers to take limited client contact information with them when they move to signatory firms.
Morgan Stanley withdrew from the agreement in November 2017, and UBS exited a month later.
In addition to its hiring this week of Phillips in Virginia, Janney said its other recruits last month were:
- Gary McGovern, a former RayJay broker in a Boston suburb who moved solo last week and was managing $121 million in assets;
- Stephen Krakower, another solo advisor who joined last week from Wells Fargo in Saratoga Springs, NY;
- Garrett D. Hofer, who joined from UBS with two client associates on September 17 in Westbrook, CT;
- Paul Townsend, a solo practitioner at Wells Fargo in Battle Creek, MI, who also joined on September 17;
- Luke Dowd, who joined in New York City from Morgan Stanley on September 4.