Janney Montgomery Scott, a wealth management company, has announced that Tony Miller will take on the role of president. Miller, who has been with Janney since 2002, has been serving as interim president since January. His appointment comes as no surprise to Janney employees, who are familiar with his contributions and experience within the Philadelphia-based company.
A Focus on Growth and Strengths
In an interview with Advisor, Miller expressed his plans to prioritize both organic and inorganic growth for Janney. He is determined to maintain the firm’s strengths, particularly its small-firm feel and unique culture, which highly appeal to advisors. Miller believes that Janney holds a competitive and compelling position in the market.
Recruiting Success and Impressive Numbers
Janney, a subsidiary of The Penn Mutual Life Insurance Company, has made significant strides in recruiting wiredhouse advisors in recent years. In fact, in September, the firm managed to bring on board a team of six professionals with over $1.1 billion in clients assets from Merrill Lynch. Currently, Janney boasts a team of around 900 financial advisors, 200 capital markets professionals, and over 2,200 employees. With offices spread across 22 states, the firm has a strong national presence.
Steady Financial Performance
Miller is optimistic about Janney’s financial performance, expecting record-breaking revenue and profits this year. However, he refrained from sharing specific numbers due to Janney’s status as a private company.
Overall, with Tony Miller as president, Janney Montgomery Scott is poised for continued growth and success in the wealth management industry.
Firm’s Growth Strategy and Future Plans
The firm is set on investing further in its technology and software, as well as practice management and business development resources for advisors, according to Miller. He believes that this is the best path for growth and is committed to supporting their advisors in every possible way.
Alongside their recruitment efforts, Janney is also open to exploring acquisition opportunities for both their wealth management and capital markets businesses. They are closely monitoring the independent advisor sector, which is currently experiencing the most rapid growth within the wealth management industry. It is worth noting that Janney advisors are currently employees of the firm, and Miller envisions maintaining this model for the foreseeable future, as it has proven successful.
Miller’s promotion comes in the wake of several leadership changes at Janney in recent years. Jerry Lombard, a long-serving head of Janney Montgomery Scott’s private client group, retired at the end of 2022 and was succeeded by fellow Janney executive Kevin Reed. Additionally, Janney welcomed John Yackel, a former Envestnet executive, as their new head of wealth management in January.
