Louis Diamond Quoted
By Michael Thrasher
Janney Montgomery Scott, the regional broker/dealer based in Philadelphia that manages $80 billion in clients assets, hired 19 advisors and added another $3.1 billion in assets in the second quarter, keeping pace with its record growth at this time last year.
In the second quarter, the firm most new advisors came from was Wells Fargo, followed by Merrill Lynch, neither which is surprising, since Janney is often a place so-called wirehouse brokers leave to join. Louis Diamond, executive vice president and senior consultant at Diamond Consultants, a financial advisor recruiting firm, said Janney proves to be a good fit for advisors who want greater independence but don’t want to build their own firm.