Merrill Lynch has lost another advisor to a smaller regional player.
Janney Montgomery Scott, the Philadelphia-based regional broker-dealer, announced Thursday that Andrew Aubrey will be joining the firm from Merrill Lynch. In his new role as first vice president and wealth manager, Aubrey will work out of Janney’s West Hartford, Connecticut office. He manages over $220 million in client assets, according to Janney.
The addition falls in line with a trend of wealth advisors leaving wirehouses for independent and regional brokerage firms, usually for greater freedom or flexibility, and in some cases, higher pay. Smaller firms like Janney have been actively recruiting in strong numbers over the last decade: Janney alone has added 416 advisors to its ranks since 2007.
Janney 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 year since 2009, according to a spokeswoman.
Aubrey brings over 20 years of experience as a certified financial planner to the firm. He was formerly with Merrill Lynch and Bank of America, according to FINRA Broker Check.
“We’re thrilled that Andrew has found that Janney will provide him with the best opportunity to help his clients with their long-term wealth management goals,” George Keith, complex manager of Janney’s Connecticut branches, said in a statement.
Merrill Lynch could not be reached for comment.