Janney adds 10 advisors managing $1.4B

Philadelphia-based Janney Montgomery Scott added three teams from Wells Fargo and Merrill Lynch across two states managing $1.4 billion in client assets, the firm said on Monday.

“These are top teams and impressive hires,” recruiter Mark Elzweig, president of Mark Elzweig Company, says in an email to Financial Planning. “Many wirehouse advisors are attracted to the ease of access and feeling of connection afforded by a smaller national firm. Janney and other regionals are serious prospects for a number of high-end teams.”

So far this year, 37 advisors have joined Janney, which has more than $124 billion in assets under advisement as of June 30, 2021, the firm says in a statement.

From Wells Fargo in Philadelphia
Four financial advisors managing $560 million joined Janney from Wells Fargo in Philadelphia: George MacKenzie, senior vice president of wealth management; first vice presidents of wealth management Paul LoFurno and Robert Cappelli; and David Grahn, vice president of wealth management.

LoFurno is returning to his former firm. With 35 years of experience, he has worked at Wells Fargo Clearing Services since 1999, according to BrokerCheck. He is also still registered with Wells Fargo. He worked at First Union Capital Markets in 1998, and at Janney for 11 years prior to that.

Cappelli has 15 years of experience and worked at Wells Fargo since 2007, according to BrokerCheck. In 2006, he worked at Morgan Stanley.

They are joined by Jeanne Willits, senior registered private client associate.

From Wells Fargo in Ponte Vedra, Fla.
Also from Wells Fargo, the Graves Tidwell Wealth Advisory Group, managing more than $250 million, joined Janney in Ponte Vedra, Florida.

The team is led by advisors Michael Graves, senior vice president of wealth management, and Jeffrey Tidwell, executive vice president of wealth management.

Graves worked at Wells Fargo between 2013 and 2021. Before then, he worked at UBS from 2009 to 2013, according to BrokerCheck.

Tidwell has 23 years of experience in the industry and worked for Wells Fargo from 2009-2021, according to BrokerCheck. Previously, he worked at Merrill Lynch for six years.

A spokesperson for Wells Fargo did not comment.

From Merrill Lynch in Kingston, Pa.
The Butera Jordan Bender Hendricks Group, managing more than $575 million, joined Janney. The team is composed of ex-Merrill Lynch advisors Peter Butera, Steven Jordan, Brad Bender and Mandie Hendricks.

They were joined by Marcyanna Horvath and Tracy Smithnosky, private client associates.

The team offers a “combination of experience, process and client commitment that helps forge successful, long-lasting relationships,” said Richard Kearney, branch office manager, in a separate statement.

Butera has 34 years of experience, according to BrokerCheck. He worked at Merrill Lynch from 1987 to 2021.

“My guiding focus for the last 34 years has been to provide clients with excellent service and to help them achieve their long-term goals," says Butera in a statement to Financial Planning. "Janney offers everything we need to best meet the needs of our clients, including a complete focus on the client, autonomy to manage our practice, and the stability and strength of a large firm, but within a boutique culture."

Jordan has 20 years of experience and had been registered at Merrill Lynch from 2000 to 2021, according to BrokerCheck.

Bender previously worked at Merrill Lynch for 13 years, according to BrokerCheck.

Hendricks worked at Merrill Lynch from 2012-2021 and has nine years of industry experience, according to BrokerCheck.

A spokesperson for Merrill Lynch did not comment.