Steward Hires Janney Manager in NJ, Merrill Nabs New Orleans Manager from UBS
Steward Partners, a Washington, DC-based independent brokerage affiliate of Raymond James Financial, has hired a veteran from Janney Montgomery Scott to oversee its expansion in New York, Connecticut and New Jersey.
Drumm, a 24-year industry veteran, will be based in Paramus, NJ. Prior to joining Janney in 2011, he worked for more than a decade at Morgan Stanley and its Smith Barney predecessor, and had a strong record attracting wirehouse advisors to Janney, according to a source at a regional rival.
Drumm did not immediately return a request for comment sent through social media.
At Washington D.C.-based Steward, which has around 130 brokers in 24 offices, Drumm replaces Tim Sheridan, who left in February in a reorganization that also led to the departure of Steward’s New England divisional director Jim Connors. (Neither are currently registered as Finra reps, according to their BrokerCheck records.)
Drumm’s shift is the latest indicator of the crumbling of business-style boundaries among traditional regional, wirehouse and independent brokerage firms for both managers and advisors. Chip Anderson, a complex manager at Minneapolis-based RBC Wealth Management-U.S., last week returned to Morgan Stanley to help run its Atlanta-area offices.
The moves reflect a continual need for middle-management talent at a time when many veterans are retiring or feeling challenged by changing performance metrics based less on hiring skills than on improving retention numbers and productivity among growing compliance strictures, according to insiders and recruiters.
Wirehouses are also stepping up competition among themselves for managers. Merrill Lynch Wealth Management—whose top executive Andy Sieg retreated almost three years ago from hiring experienced advisors—has recruited Sara Mayeux to oversee 11 Louisiana and Mississippi offices as its New Orleans market manager.
She had most recently been a branch manager in Palm Beach, Fla., at UBS, where she had worked for all but about two years of her 21-year career,including stints at UBS’s PaineWebber predecessor. Mayeux, who announced her move in late June but transferred her registration to Merrill in March, did not return requests for comment about her new posting.
Janney, an 850-broker firm owned by Penn Mutual Life Insurance Co, has not announced a replacement for Drumm to run its New York City complex.