Regional financial services firm Janney Montgomery Scott has expanded its private client group leadership with the hiring of Morgan Keegan executive Jim Dornan and promotion of regional manager Ray DiGaetano.
Dornan serves as senior vice president and regional manager after joining Janney on Nov. 14. He comes to the role after about one year at Morgan Keegan, where he led the firm’s Washington-area offices. He joined Morgan Keegan from Morgan Stanley Smith Barney, where he served for more than 20 years in roles including Washington, D.C. complex manager and branch manager council member.
Dornan’s move to Janney was prompted in part by his own due diligence that he had done when he was looking to move from Morgan Stanley Smith Barney, he said in an interview on Monday. It was also influenced by the efforts of Janney Private Client Group President Jerry Lombard and Executive Vice President Bill Jones to keep in touch with him even after he joined Morgan Keegan, he said.
In his new role, Dornan will oversee 30 of Janney’s offices including North Carolina, South Carolina, Georgia, Ohio, Virginia, Washington, D.C., West Virginia, Buffalo, N.Y., and Western Pennsylvania, from west of Lancaster to Williamsport. Dornan will be based in Washington, D.C.
Transitioning from a large wirehouse has changed Dornan’s perspective on the industry, he said. While he used to see having a mega platform as a large strength, Dornan said, new technology has now made it possible for any advisor to run their practice just as well from a regional firm.
That could be an advantage, Dornan said, as Janney looks to hire new advisor talent in his region. One week into his new position at Janney, Dornan said he has already had a high number of inquiries from advisors looking to learn more about Janney and its platform.
“It means that there’s going to be a great opportunity to tell [Janney’s] story,” Dornan said. “I think we have as good a shot as anybody in trying to win that business.”
Janney is not targeting a specific number of hires, Dornan said of his region, and instead plans to focus on finding the right fit for the firm. Dornan said he typically looks for advisors who do not frequently switch firms, have a good reputation, are involved in their communities and have a good mix of business.
Separately, Janney has also named regional manager Ray DiGaetano to serve in the new position of director of branch business development. In that role, DiGaetano will work with private client group administration and branch managers, and will be based out of the firm’s Pittsburgh office.
DiGaetano comes to that role after having served as regional manager for Janney’s western and southern regions since the firm’s 2005 acquisition of Parker/Hunter.