In Wells Fargo’s talent drain, Janney nabs $177M team
Janney Montgomery Scott has lured an advisory team overseeing $177 million in client assets from Wells Fargo Advisors, as the wirehouse’s exits mount.
The MD Wealth Management Group is made up of advisors Bradley Dickens and Jason Minor, as well as client associate Deidre Ramer. Combined, the team has more than 45 years of industry experience. The group joins the firm’s office in Franklin, Tennessee, the first branch office in the greater Nashville area, according to the firm.
This year alone, the Philadelphia-based firm added an advisor with $220 million in client assets from Merrill Lynch in February and an advisor managing $157 million from Wells Fargo in May. The firm added 65 advisors in 2017, marking its biggest recruiting year since 2009, according to a spokeswoman.
Janney’s Franklin branch office opened in August 2017 with the addition of six industry professionals. In May, the five-person Glasgow Wealth Management Group joined the office. With the addition of the MD Wealth Management Group, the office staffs nine advisors and six client associates and support staff.
“The size, stability and expertise of the firm played a key role in our decision,” says Dickens, adding that the firm is large enough to have the necessary resources, but small enough to have individual attention.
Wells Fargo declined to comment on the move. The wirehouse has lost at least 123 advisors managing $15.7 billion in client assets year-to-date, according to hiring announcements compiled by On Wall Street.
The firm’s latest earnings statement showed a loss of 258 advisors year-over-year. The San Francisco-based firm has suffered heightened scrutiny following well-publicized scandals in its banking segment, including the unauthorized opening of millions of customer accounts. Wells Fargo recently said it was reviewing sales practices within its wealth management business.
Dickens began his career with Merrill Lynch before moving to Wells in 2000, per FINRA BrokerCheck records. Minor started out in the industry at Prudential before moving to Wells in 2003, per BrokerCheck.