April 18 Philadelphia-based brokerage Janney Montgomery Scott has strengthened its adviser base in Florida, hiring a veteran adviser from Morgan Keegan to open its newest office in Sarasota.
Adviser Barry Havener joined Janney on April 12 from Morgan Keegan, the brokerage purchased by Raymond James Financial Inc in early April. Havener managed $83 million in client assets at his old firm, where he had been for the past four years. He started his career more than two decades ago.
Havener is the 13th experienced adviser to join Janney since the start of the year, the firm said. Many of the latest hires have come from top U.S. brokerages, including Morgan Stanley Smith Barney, Bank of America's Merrill Lynch and Wells Fargo Advisors.
"We are focused on the most successful segment of financial advisers in the markets we serve, and that has become a differentiator," said Janney's private client group president, Jerry Lombard. "We expect there's going to be an acceleration of moves out of the wirehouses to the regionals primarily."
Lombard expects to add up to 50 experienced advisers in 2012.
Havener, who joined Janney as a senior vice president of investments, was accompanied by registered private client assistants Donna Smothermon and Becky Havener. The three, who previously worked together at Morgan Keegan, have formed the Havener Financial Group of Janney Montgomery Scott.
Janney also hired 25-year industry veteran Douglas Torretta to be branch manager of the new Sarasota office. Torretta, who now serves as a vice president of the firm's Private Client Group, previously worked at Morgan Stanley Smith Barney, and most recently at JHS Capital Advisors.
He now reports to regional manager and senior vice president Michael Levin.
Janney has roughly 725 advisers managing $54 billion in client assets across the United States. The firm's primary geographical presence is in the Northeast, but it has also expanded into the South.