Jeff Smith, a legacy Legg Mason advisor with more than two decades of experience, will be taking over as branch manager at Janney Montgomery Scott's office in Washington, D.C.
According to Jerry Lombard, president of Janney's Private Client Group, that office is undergoing some reorganization as it looks to grow into a larger complex structure in and around the nation's capital.
"We're making some changes in that branch, and we brought Jeff in not just to be the branch manager, but to build out a complex in the D.C. market," Lombard said. "I think we can be in the suburbs of D.C., I think we can be further in the beltway markets around Northern Virginia, and I wouldn't even put being in Annapolis out of the picture."
The Philadelphia-based firm currently has just the one office with 14 financial advisors serving the D.C. marketplace including Thomas Graham, who recently joined the firm in May. Lombard expects to add about three more advisors for the rest of the year to accommodate growth. Smith will assist with that as a non-producing manager focused primarily on coaching, supervision and recruiting.
Previously, Smith oversaw two legacy Smith Barney/Legg Mason offices in Alexandria, Va. According to Lombard, he moved in order to manage a larger market and reunite with an old friend, James Dornan, whom Smith had worked with at one point at Morgan Stanley. Dornan will be Smith's regional manager at Janney.
There are a couple reasons for Smith's move, Lombard explained. "One, it was the opportunity to take over as branch/complex manager in a major market. He was previously in Alexandria which is, you know, not quite Washington D.C.," Lombard said. "The other thing is he got to reunite with a guy he worked closely with, that being Jim Dornan."
According to Lombard, a there has been an inflow of advisors from wirehouses such as Morgan Stanley Smith Barney, and, "Smith saw the opportunity to ride that wave."
Mason Braswell writes for On Wall Street.