Janney Montgomery Scott is a fee-based firm with more than $36.6 million in assets under management (AUM). The Philadelphia-based financial advisor has more nearly 1,100 advisors managing fewer than 135,500 clients.
Janney Montgomery Scott LLC Background
The independent financial services firm was established in 1832. Janney Scott functions as a subsidiary of The Penn Mutual Life Insurance Company, and the firm also has membership with the Financial Industry Regulatory Authority (FINRA) and Securities Investor Protection Corporation (SIPC).
Timothy C. Scheve is the firm’s president and CEO.
Janney Montgomery Scott LLC Client Types and Minimum Account Sizes
Janney Scott accepts a range of clients, including individuals and high-net-worth individuals, families, trusts, estates, corporate and non-corporate entities, pension plans, retirement plans, profit sharing plans and government entities.
The firm requires different minimum initial investment amounts for its various advisory programs. These amounts range from $5,000 to $150,000, depending on the program.
Services Offered by Janney Montgomery Scott LLC
The firm offers an array of services, including:
- Portfolio management
- Financial planning
- Pension consulting
- Selection of other advisors
- Educational seminars/workshops
Janney Montgomery Scott LLC Investment Philosophy
The firm touts on its website that in its wealth management approach it implements strategic financial plans that utilize various financial products and services. Janney Scott also says its mission is to be the highest standard of success in financial relationships.
Advisors generally employ long-term investment strategies, and the firm invests in mutual funds, exchange-traded funds (ETFs), annuities, managed account programs and individual securities.
Fees Under Janney Montgomery Scott LLC
On the firm’s brochure, the firm specifies a maximum flat fee of 2.00% for all of its advisory programs. Janney Scott also offers 12 fee-based wrap fee programs. The firm’s advisory fees are typically billed quarterly in advance.
What to Watch Out For
The firm can earn additional compensation from certain mutual funds and investment programs. This can create a conflict of interest if advisors become incentivized to recommend products that don’t serve each client’s best interest. However, the firm’s fiduciary duty prevents any potential conflicts.
While Janney Scott has about 29 disclosures total, the firm has more than 10 disclosures listed on its Form ADV in the past 10 years. One of the firm’s recent disclosures was in July 2016 when the U.S. Securities and Exchange Commission (SEC) found that the firm had failed to reasonably supervise a financial advisor during her time of employment. The SEC alleged that this led to a fraudulent scheme enacted by the former employee.
Opening an Account With Janney Montgomery Scott LLC
You’ll have a number of options for opening an account with the firm. You can either visit the firm’s office, or you can set up an appointment with an advisor by contacting them at (215) 665-6000. You can also reach out through the firm’s contact page.
Tips for Investing
- Investing can be an unpredictable process, but it helps to determine how much you’re willing to spend, as well as your time horizons. Our investment calculator can give you a better idea of how much your investments can earn you over time.
- If you’re looking for professional assistance, SmartAsset’s free financial advisor matching service connects you with up to three local advisors within minutes.
All information was accurate as of the writing of this article.