Janney Scores Biggest Recruiting Triumph in Three Years
Philadelphia-based brokerage Janney Montgomery Scott picked up its largest recruits in three years on Thursday from Merrill Lynch in Mystic, Conn., the regional firm said.
Known as Seaport Wealth Management, the five-advisor team that oversaw around $800 million in client assets at Merrill and have $4.5 million in trailing-12 production, is comprised of Ken Griffen, Paul Vaida, Royden Grimm, Barry Saluk, and Jared Bloxsom, Janney said.
The hires are the second big Merrill team that Janney has captured for its expansion north into New England, said a spokesman for The Penn Mutual Life Insurance Co. subsidiary.
In October 2013, Janney recruited Merrill’s Capital Wealth Group team of four advisors known as the Capital Wealth Group, who had managed $900 million in assets in West Hartford, Conn. for Merrill.
George Keith, Janney’s Connecticut complex manager, did not return a call for comment.
Janney, which has around 750 brokers concentrated mostly along the east coast has been stepping up its recruiting. In May it promoted Jeff Smith, a branch manager in Washington D.C., to oversee national recruiting with a goal of hiring 50 advisors this year.
Smith declined to comment on the new hires.
The Seaport Group advisors have been with Merrill for at least eight years, according to their BrokerCheck records. Vaida and Griffen, the two senior members, joined Merrill together with Bloxom from Advest in 2005. Merrill purchased the Connecticut regional from AXA SA that year for $400 million.
Grimm joined Merrill in 2007 from UBS, and Saluk from Smith Barney in 2008.
A spokeswoman for Merrill Lynch confirmed the move but declined comment.
I’m in the same town, and the local newspaper article quoted one of the brokers saying Janney best fit their needs…..and the needs of their clients. In that order. LOL! Could the move possibly have something to do with the possibility that after coming to Merrill from UBS, Advest, and Smith Barney eight to ten years ago, and perhaps getting big checks to do so, they can now move again and get more big checks from Janney? I doubt there’s a correlation. Maybe Janney has better culture than Merrill, or better stationery. Just thinking out loud here…..
Top 2 real reasons to take a check:
Divorce finalized and need to reload.
Wasn’t prudent with their spending.
What they tell clients:
We are able to provide better service to you without management pressure.