April 4 (Reuters) - Janney Montgomery Scott LLC has expanded its adviser footprint in Connecticut with a veteran hire from top U.S. brokerage Morgan Stanley Wealth Management.
Adviser Jonathan Fairbanks, who has worked in the advising industry for roughly three decades, moved to Janney on Thursday from Morgan Stanley, where he managed more than $100 million in client assets.
“A lot of financial advisers from the big firms are looking for a more intimate environment,” said Janney’s private client group president, Jerry Lombard, in an interview.
Last year, roughly 80 percent of Philadelphia-based Janney’s veteran adviser hires came from the top four U.S. brokerages, Lombard said. He expects Janney will add roughly 60 veteran advisers in 2013.
“The pace of hires was slower in the first quarter than we would have liked to see,” Lombard said, “but April will probably exceed” the hiring activity from the first three months of 2013, he said.
Fairbanks joined Janney’s private client group as a first vice president, based out of the firm’s West Hartford office, where George Keith is complex manager. He spent eight years at Morgan Stanley Wealth Management and its predecessor firms.
Morgan Stanley Wealth Management, the largest U.S. brokerage by client assets and adviser headcount, was formed out of the merger of Morgan Stanley’s wealth unit and Citigroup’s Smith Barney in 2009. Morgan Stanley has a majority stake in the brokerage business.
Morgan Stanley did not immediately comment on Fairbank’s departure.
Fairbanks had also previously been an adviser with A.G. Edwards & Sons, and with Kidder, Peabody & Co for more than a decade each.
He is among the latest veteran adviser hires for Janney, which also added teams from Bank of America Corp’s Merrill Lynch and UBS AG’s Wealth Management Americas in North Carolina in February.
Janney, which is owned by the Penn Mutual Life Insurance Co , has roughly 750 advisers in its private client group, primarily based on the East Coast.