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Janney Nabs Reps from Wells Fargo and Merrill Lynch

November 29, 2017

Janney Montgomery Scott has scooped up several reps from Merrill Lynch and Wells Fargo Advisors who collectively managed $465 million, according to FA magazine.

John Chase, who managed over $125 million while with Wells Fargo, joins Janney’s Columbia, S.C., office, the publication writes. He has been with the industry since 2002 and with Wells Fargo Clearing Services since 2008, according to his BrokerCheck profile. David Robb, who oversaw around $170 million at Wells Fargo, joins Janney’s Philadelphia office, FA magazine writes. He has been in the industry since 1985 and with Wells Fargo Clearing Services since 2003, according to his BrokerCheck profile.

Wells Fargo reps have been jumping ship since last fall, when the company’s banking unit was slammed with fines over the opening of millions of bogus accounts. But Wells Fargo Advisors was able to reverse the drain in the most recent quarter, adding 37 advisors, although its advisor ranks were still off 3.5% at the end of September compared to the year prior.

Also joining Janney’s Philadelphia office, meanwhile, is Reginald Wilkes, who previously managed over $170 million at Merrill Lynch, according to FA magazine. He started his career at the wirehouse in 1988 and left it after 10 years, only to return in 2008, according to his BrokerCheck profile.

LPL affiliates merge

Separately, two California advice firms affiliated with LPL Financial have merged to form a practice with $875 million in client brokerage and advice assets, according to a press release from the two companies.

Hillis Financial Services, founded in 2001 by financial advisor John (Jack) Hillis, has three additional advisors and serves individuals, executives and business owners out of San Jose, according to the press release. CalBay Investments, founded by Mike Allard more than 25 years ago, serves individuals, families and businesses out of offices in Danville and Santa Clara, the companies say.

“Mike and I have known each other for 40 years and we share a passion for client service with the belief that we have an obligation to serve our clients’ best interests at all times,” Hillis says.

By Alex Padalka
  • To read the FA Magazine article cited in this story, click here.