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Janney poaches $219M worth of advisors

Three advisors bolted from their old firms in November to join Janney Montgomery Scott.

Two of them hailed from wirehouses: Edward Reames joined the regional broker-dealer in Florence, South Carolina from and David Tudi arrived in its New Castle, Pennsylvania office from Wells Fargo.

John Beloin made the move to Janney’s office in Mystic, Connecticut from Webster Investments.

Combined, the new recruits managed a combined $219 million in client assets.

Janney has recruited 43 financial advisors year-to-date 2019, bringing aboard more than $3.7 billion in client assets.

Industrywide, more than 400 advisors joined regional BDs in 2019, according to hiring announcements and BrokerCheck data analyzed by On Wall Street. (The data does not include all hires.)

Reames joined Janney with 32 years of industry experience, including a decade at Hillard Lyons and nine years First Union, which is now Wells Fargo. He specializes in financial planning for high-net-worth individuals, foundations and businesses, according to Janney.

Tudi spent the entirety of his first three years in the industry at Morgan Stanley.

More than half of regional BD hires last year came from the Wells Fargo, fueling a hiring surge at regional and independent firms.

These firms scored big with advisors managing $1 billion or more.
July 9

A spokeswoman for Wells Fargo declined comment on the moves. A spokesman from Morgan Stanely did not reply to requests for comment on the moves.

Beloin has 21 years of experience to his name, beginning his career at Fidelity, from which he moved to Webster Investments — which clears through LPL Financial — where he stayed for eight years.

A spokesman for LPL did not reply to requests for comment on the move.

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