Janney Montgomery Scott is still on a recruiting tear.

The Philadelphia-based firm recently lured Matthew Loitz from Wells Fargo, to their ranks. Loitz will join Janney in its Glastonbury, Connecticut branch. He previously managed $157 million in client assets.

“Matt joins a growing number of recent hires that were drawn to Janney for its stability, responsiveness to client needs, and unparalleled home office support,” says George Keith, complex manager at Janney.

Recruiters at Janney and other regional firms have benefited from an exodus of brokers from wirehouse firms. Meanwhile, Wells Fargo has suffered additional headcount losses, as the company grapples with various scandals.

Matthew Loitz left Wells Fargo to join Janney Montgomery Scott in its Glastonbury, Connecticut branch.

Wells Fargo is still a member of the Broker Protocol, meaning its financial advisors are allowed to move between firms and take their clients’ contact information with them. For financial advisors coming from firms that have left the protocol, Janney works with legal counsel to make sure that advisors making the move don’t encounter legal problems.

Janney has picked up its recruiting efforts in recent years and shows no sign of slowing. In 2017, the firm added 65 advisors, the largest recruiting number since 2009. In the first few months of 2018, the firm is on pace to match recruiting numbers from last year.

Loitz brings more than 20 years of experience to the firm. He started his career with Hartford Equity Sales Company, quickly moved to Allmerica Investments and spent six years at Advest before moving to Wells Fargo Clearing Services, where he worked for 12 years according to FINRA BrokerCheck.

Private client associate Nancy Leardi will join him in the move to Janney. The move will be a short one – the Wells Fargo and Janney offices in Glastonbury are in the same building.

Carmen Reinicke

Carmen Reinicke is a reporter for Financial Planning, On Wall Street and Bank Investment Consultant.