Janney Montgomery Scott has grabbed a five-person financial advisory team from Raymond James in an effort to kick-start its recruiting campaign and expand its footprint into the Midwest.

The Buikema, Oursler, Morse Financial Team, which previously managed $200 million in client assets, is based in Battle Creek, Michigan, and brings more than 110 combined years of industry experience, according to Janney.

The regional broker-dealer is gearing up for another big recruiting year in 2018, following strong numbers in prior years. The firm added 65 advisors in 2017, marking its biggest recruiting push since 2009, according to a spokeswoman.

The Buikema, Oursler, Morse team marks Janney’s first branch office in Michigan, an important first step for the firm, says Janney’s Private Client Group President Jerry Lombard.

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“Our expansion into Michigan reflects Janney’s continued commitment to further growth in this region and growing appeal to talented advisor teams,” says Lombard.

Smaller regional BDs like Janney have been actively recruiting in strong numbers, mostly poaching wirehouse advisors that are often fed up with bureaucracy at the largest firms. Smaller regional firms have aggressive recruited advisors as the three of the four largest firms have scaled back hiring efforts in recent years (Morgan Stanley and UBS also left the Broker Protocol late last year).

In 2016, advisors managing more than $70 billion in client assets joined RIAs, IBDs or regional brokerages, while wirehouses added approximately $17 billion in client assets over the same period, according to hiring announcements.

Janney alone nabbed 416 advisors since 2007, expanding its roster to approximately 800 advisors serving 53,000 clients, according to its latest Form ADV filed in September. The Philadelphia-based firm has a footprint spanning Florida to Ohio to Maine, and manages $27.3 billion in client assets, according to the Form ADV.

A Raymond James spokeswoman declined to comment.

The Buikema, Oursler, Morse financial team consists of senior vice presidents Matthew Buikema and Mike Oursler, associate vice president Travis Morse, and client associates Renee Giles and Angela Kenney.

Buikema started his career in 1983 with First of Michigan and moved to Prudential in 1991 before moving to Raymond James in 2001, according to FINRA BrokerCheck records.

Oursler’s expertise includes estate and insurance planning. He began his career with State Farm in 1999 and moved to Raymond James in 2004.

Travis Morse began his career with Raymond James in 2005, while Renee Giles began her career with the firm in 2012.

The Battle Creek branch is Janney’s second new location in 2018. The first office was opened in Columbus, Ohio, in January.

Sean Allocca

Sean Allocca is an associate editor of Financial Planning, On Wall Street and Bank Investment Consultant.