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Merrill Lynch Loses Another FA Team to This Quickly-Growing Competitor

By Alex Padalka December 5, 2018

Janney Montgomery Scott has poached another team of financial advisors from wirehouse Merrill Lynch, according to Janney.

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.

Janney has also nabbed advisors from several other rivals in recent months. In November, it snatched advisors from UBS and JPMorgan.

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.