Janney Montgomery Scott can thank the landmark Dodd-Frank reform legislation for getting $250 million of client assets as Peter H. Sargent joins the firm after a 20-year career at Merrill Lynch.
A top producer leaving a wirehouse with a nine-figure book of business might be expected to set up his or her own firm. So, why didn’t Sargent take the registered investment adviser path? Sargent says he read the entire 208-page report that was required by Dodd Frank Section 913 – the Study on Investment Advisors and Broker Dealers. “I also spoke to RIAs and to people who own family offices in order to observe the current and pending regulatory impact,” he says. “My conclusion was that large RIAs and brokerage firms will converge in how they operate and what they do for clients.”
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