Merrill Lynch Loses Another FA Team to This Quickly-Growing Competitor
Wealth managers Ronald Holmes and Whitney Riley, along with senior registered private client associate Lois Pierson and private client associate Brennan Holmes, join Janney’s new office in Fredericksburg, Va., as Holmes Riley Wealth Advisors, according to a press release from Janney.
The team previously oversaw close to $200 million at Merrill Lynch, Janney says. The new office is Janney’s fourth branch in the state and seventh new office in 2018, according to the press release.
“Janney’s recent growth in key marketplaces throughout our footprint is a testament to the firm’s stability, responsiveness to client needs and unprecedented home office support,” Jerry Lombard, president of Janney’s private client group, says in the press release.
This is at least the second Merrill Lynch team to jump ship to Janney in recent months. In August, Janney lured several Merrill Lynch advisors in Ohio and Pennsylvania who collectively oversaw $470 million.
And since July, Janney has added at least three Wells Fargo Advisors teams collectively overseeing more than $700 million.
Merrill Lynch, meanwhile, has lost several advisors to rivals in recent months. In November alone, the wirehouse lost advisors to Ameriprise, rival Stifel Financial and a small wealth management and tax advice firm, and several advisors left Merrill Lynch to form independent practices.