Janney seems to be executing its own Merrill Lynch ‘blitzkrieg’ at the moment, following in the footsteps of Stifel, First Republic, and Rockefeller over the past couple of years. The firm has landed three large teams from Merrill in the past few months, and last week landed the biggest of the bunch.
Merrill Lynch mainstays claiming $1.35 billion in client assets in Towson, Maryland, bolted Merrill on Friday for Janney; a release stated from Janney on Friday. Andrew Meredith and Kevin Lindung jumped after having spent their entire 23-year careers with the BofA division. The team includes client associate Scott Kelly, claims $3 million in annual revenue per a source at Janney.
Janney has been a comfortable landing spot for longer tenured wirehouse teams in the past few years. While Janney hasn’t executed a large scale ‘re-positioning’ ala Stifel, they have been successful in pushing a deal that can stretch up to 250%, with upfront payments up to 180%. Those numbers, associated with an ‘old school’ culture, free of bank interference, continues to resonate in a ‘steady as she goes’ recruiting philosophy for Janney.
Meanwhile, Merrill did a bang up job (lol) hiring a single Citi Private Banker in San Francisco. Nobody can figure out how much business he does or what kind of assets he manages. He’s currently on garden leave, so we won’t get any of those answers any time soon.
But, you know, Merrill did tell us that they’d be announcing some new recruiting wins that would prove itself to be the clear winner in the ‘HNW and UHNW advisor platform of choice’ space. As far as we can tell, this is the second recruit announcement of the year for Merrill.
**for reference – 37 total advisors (based on media reports) of scale have left Merrill so far in 2021. Good job guys, good job.