Janney lands team that oversaw $2B
Already on a hot recruiting streak, Janney Montgomery Scott landed one of its biggest hires of the year: a team that advised on nearly $2 billion in assets.
Glasgow Wealth Management Group joined the firm in Franklin, Tennessee. The team ― comprised of Steven Glasgow, Stephen Evans, Jordan Sibler, Danielle Garofolo, and Frank Moore ― was previously affiliated with independent advisory firm Avondale Partners. The team works with retail and institutional investors, having advised on $1.8 billion in institutional assets and over $163 million in assets for retail clients, according to Janney.
Glasgow, an industry veteran of 27 years, also has past work experience at Morgan Stanley and Paine Webber.
“We decided to make the move to Janney because it proved to be the firm that aligned best with our needs, and the needs of our clients," Glasgow said in a statement.
Avondale Partners could not be reached for immediate comment.
Janney has been aggressively courting advisor talent. Last year, Janney hired 65 brokers, many coming from larger wirehouse competitors. And that streak has slowed in 2018. During the first quarter of 2018, the Philadelphia-based brokerage firm pulled in 11 new advisors managing over $1 billion.
Indeed, Janney's Franklin branch office, where the Glasgow team is based, opened in August when the company hired four veteran advisors from Wells Fargo. That team managed $330 million.
President Jerry Lombard attributes the firm's recruiting success to technology investments, a new director of recruiting and other efforts. Jeff Smith, a complex manager at the company, was appointed director of recruiting in 2016.
"We took what was a good result from a hiring standpoint and put a supercharger on it," Lombard told On Wall Street in April.
The regional firm has approximately 800 advisors.