A conversation with Jerry Lombard, President, Private Client Group, Janney Montgomery Scott
Jerry Lombard, President of Janney’s Private Client Group talks about the regional firm’s exponential growth over recent years, how their unique balance of freedom and flexibility makes the employee model an attractive alternative for advisors looking beyond the wirehouses but see independence as a bridge too far and much more.
Podcast: Play in new window | Download (Duration: 48:02 — 66.0MB) | Embed
Subscribe: Apple Podcasts | Google Podcasts | Spotify | Amazon Music | Pandora | iHeartRadio | Stitcher | Podchaser | TuneIn | Deezer | Anghami | RSS
About this episode…
The notion of independence means different things to different advisors. For some, it’s about building their own RIA firm brick-by-brick, while others look to create their own independent business with turnkey support from a broker dealer.
But independence is not just a destination for “breakaways.” Independence has come to represent a mindset – the desire for greater freedom and flexibility – “acting” like a business owner without actually taking on the task of being one.
And it’s that very desire that even some of the industry’s oldest firms are looking to fulfill. For example, Janney Montgomery Scott has roots dating back to 1832. The firm even once held the second-oldest seat on the New York Stock Exchange.
Yet it’s their Private Client Group that’s making waves in the wealth management industry.
The Janney as we know it today is a privately-held firm – an independent subsidiary of Penn Mutual Life Insurance – that’s become an attractive landing spot for top advisors who are looking for a more flexible approach to serving clients.
So much so that, as of this recording, the firm has amassed $135B in assets under advisement and has a footprint across 21 states served by over 850 advisors.
It’s a business that has grown exponentially over nearly two decades, sparked by the leadership of the Private Client Group President Jerry Lombard—the guest on this episode.
Jerry joined the firm in 1983 as a Financial Advisor trainee at its Philadelphia headquarters branch. This top-producing advisor worked his way up the corporate ladder to become the President of the Private Client Group, working to grow the firm’s fee-based business.
In this episode, Jerry shares the Janney story and unique value proposition with Mindy Diamond, including:
- The firm’s ability to remain relevant in a landscape replete with options—and how their roots dating back to 1832 help to define Janney’s culture.
- Their recent recruiting tear—and what it is about Janney that advisors find so attractive.
- The role of Penn Mutual—and what benefits they bring to the table.
- The firm’s competition, including other regional and boutique firms—and why advisors might choose Janney over independence.
Plus, Jerry offers specific examples of top teams who recently joined the firm and the success they’re seeing—and much more.
Firms like Janney have been the recipient of so much great talent because they are answering a common call from advisors. That is, “Just give us the tools and control we need to serve our clients free of conflict and without being tied to a big firm agenda.” And based on the firm’s growth, Janney is hearing the call loud and clear.
It’s an episode that provides an insider’s perspective of another viable option in a growing landscape.
The Gears of Change: How Evolving Expectations of 3 Key Stakeholders is Driving More Advisor Movement Than Ever Before
Financial advisors are seeking greener pastures that offer the ability to achieve something better for themselves and their clients. Read ->
If Not Another Wirehouse, Then What?
Advisors considering change want something more than what they have at their current firm. The good news is that there’s plenty to choose from. But that’s the bad news, too. Read ->
Independence for the “Not That Entrepreneurial” Advisor
Regional firms may be the answer for advisors seeking to minimize bureaucracy and gain greater control over their business. Read ->
Jerome F. Lombard, Jr
Executive Vice President, President, Private Client Group
Jerome (Jerry) Lombard is President of the Private Client Group at Janney and is a member of the firm’s Executive Committee. As President of the Private Client Group, Jerry is responsible for all functions of Janney’s branch offices, Financial Advisors, Branch Managers, and their support teams. He is a board member of Janney Capital Management and Janney Trust Company.
Jerry has nearly 40 years of experience at Janney, having joined the firm in 1983 as a Financial Advisor trainee in its Philadelphia headquarters branch. In 1986, he was named Vice President of Investments—one of the firm’s youngest advisors to achieve that title. He continued to build his practice, becoming one of the firm’s top producers.
In 1992, Jerry was given responsibility for the firm’s Money Management Services unit and was named First Vice President. As he built Janney’s advisory services platform over the next decade, it achieved the fastest growth of any of Janney’s business units, growing from less than $1 million in revenue to over $500 million today and representing the majority of PCG division revenue. In 2004, he was named President of the Private Client Group.
Today, he is active in numerous charitable activities and serves on the board of the Philadelphia Sports Congress and the Pennsylvania Advisory Board of the Devereux Foundation. He is a member of LaSalle Rowing Stewards board, which supports the men’s and women’s rowing programs at the university. Jerry previously served as Chair of the SIFMA Private Client Services committee and on the board of The Pennsylvania Trust Company.
Also available on your favorite podcast app and other media sites