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Janney Lures $400M FA Team from Stifel

By Alex Padalka June 18, 2018

Janney Montgomery Scott has lured a team of financial advisors previously affiliated with Stifel, according to a press release from Janney.

The eight-person team at the Gormley Furlong Wealth Advisory Group in Newtown, Pa., has signed on with Philadelphia-based Janney. Financial advisor Timothy Gormley has been in the industry since 1994 and with Stifel since 2007, according to his BrokerCheck profile.

Gormley’s team also includes financial advisors Paul Furlong, who’s been in the industry for 26 years, Kevin Keane, a 35-year veteran of the industry, and Kathleen Zelenka, a 20-year veteran of the industry, according to Janney’s press release.

“Janney has a long-standing reputation for putting the needs of clients first and the firm’s unique culture make it a great place for us to continue to grow our business,” Gormley says in the press release.

Janney has been nabbing advisors from rivals in recent months. In May, the company picked up a Wells Fargo Advisors representative who managed $157 million. Janney also lured two Wells Fargo advisors collectively managing around $300 million in November. The same month, Janney lured a Merrill Lynch advisor who oversaw $170 million.

Stifel, meanwhile, had a very lucrative May in terms of new hires. Toward the end of the month, the firm announced that it had picked up representatives from Raymond James, Morgan Stanley and Wells Fargo Advisors. Collectively, the new hires were managing more than $1 billion.