Merrill Lynch Loses Big FA Team to Janney

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Janney Montgomery Scott has poached a large team of financial advisors from Merrill Lynch in Greenville, Del., Janney says.

The Gansler Group includes financial advisors Steve Gansler, Jr., Colin Burke, Gregory Powell and Michael Johnson, along with account executive Katie Bear, private client associates Mackenzie Johnson and Morgan Scott and financial advisor trainee Kevin Phillips, according to a press release from Janney.

Gansler has been in the financial services industry for close to two decades, Burke for more than 10 years and Powell for more than 35 years, Janney says. Michael Johnson first registered as a broker in 2014, with Merrill Lynch, according to his BrokerCheck profile.

“Since inception, excellent service has been the cornerstone of our model. Our guiding focus is to fully understand each client’s particular needs, concerns and priorities,” Gansler says in the press release. “Janney’s reputation, stability, and responsiveness to client needs is a platform that enables us to best support our clients and continue the growth of our practice.”

Merrill Lynch has lost several financial advisors recently. A team of advisors overseeing $300 million in Ohio reportedly went independent earlier this week.

In May, the wirehouse lost several advisors collectively overseeing at least $2 billion to Raymond James, Stifel Financial, LPL, First Republic Investment Management and RBC Wealth Management, and a veteran Merrill Lynch advisor managing $450 million went independent, partnering with Dynasty Financial Partners.

Janney, meanwhile, has added several advisors in the past few months. In April, Janney nabbed two advisor teams collectively overseeing around $373 million from Raymond James and Stifel as well as two teams collectively managing $278 million from Wells Fargo Advisors and Merrill Lynch.

In March, Janney also picked up several advisors from Merrill Lynch and Wells Fargo.

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