Janney Montgomery Scott has its eye on the Southeast.
The Philadelphia based firm has added a 30-year industry veteran, Andrew Kistler, III, as regional manager and recruited a former Morgan Stanley Smith Barney team, the Palmetto Advisory Group, to its Columbia and Hilton Head, S.C., offices. The moves are a part of a broader effort to capture market share in a region where the firm has "only had limited presence," according to Jerry Lombard, president of Janney's private client group.
"The addition of Andrew and expansion in our Southeast region, along with the addition of the Palmetto Advisor Group, demonstrates how we are concentrating our efforts within existing markets that we believe present an opportunity for growth," Lombard said.
Kistler, who reached out to Lombard in the spring of this year, was formerly with Stifel Nicolaus and prior to that spent nearly 20 years with The Robinson-Humphrey Company/Smith Barney. In his new role, he will oversee seven offices in Georgia and the Carolinas that were formerly under regional manager Jim Dornan's watch (Dornan will continue to be responsible for around 30 other offices in the region). Lombard says that he has high expectations that Andy will be able to help build out the firm's presence there.
"I'd be disappointed if we're not opening in two or three new markets in each calendar year moving forward as well as expanding in our exiting offices down that way," Lombard said in a phone interview.
In addition, Kistler will oversee the firm's other new addition: the Palmetto Advisory Group, led by senior vice presidents E.H. "Chip" Stanley and Geddings Crawford, both of which were with Morgan Stanley Smith Barney, which has sense been renamed to Morgan Stanley Wealth Management.
Other team members joining the firm include Linda Fraser, vice president; Geoffrey Forsyth, Financial Advisor; Carlee McKeown, senior registered private client assistant; and Henry Batts, private client assistant. They found their way to Janney through a recruiting team.
Including that team, 10 of Janney's 28 hires so far this year have been in the Southeast. The firm also recently opened a new office in Aiken, S.C., back in march and All told, the new addition brings the total number of advisors in the Southeast to approximately 40 spread among six offices.