Janney continues to emphasize its focus on the Southeast with the addition of two former Stephens advisors in Columbia, S.C.
Currently, around 42 of the Philadelphia-based firms 735 advisors are based in the region, and the firm has been looking to take that number higher with help from regional manager Andrew Kistler, who was hired in October of last year from Stifel. So far this year, Janney has brought on six advisors with $5.5 million in production.
The reality is very few people in the Carolinas and Georgia and even into Tennessee really know much about the name, Kistler said in an interview. The opportunity-slash-challenge is getting out there and playing Johnny Appleseed and telling the story.
In South Carolina, the firm picked up W.G. Simms Oliphant Jr. and Christopher Smith from Littlerock, Ark.-based broker-dealer Stephens. The two managed a combined $155 million in client assets and join as senior vice presidents/wealth management.
Oliphant, who is a 17-year industry veteran, began his career at Wachovia in 1994 and spent time at Legg Mason and Citigroup before joining Stephens, according to registration records with the Financial Industry Regulatory Authority. Smith began his career in 1999 at Merrill Lynch before moving to Legg Mason, Citigroup and then Stephens, according to FINRA records.
Kistler said he does not have specific recruiting goals for the remainder of the year but that he seeks teams with at least $2.5 to $3 million in revenue to start an office in markets that can eventually support around $5 million in annual revenue. His coverage area is below Washington D.C. and east of the Mississippi River.
The firm also recently picked up a Morgan Stanley duo who were legacy Legg Mason advisors in Washington D.C.