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Janney Montgomery Scott Review

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Janney Montgomery Scott, LLC

Janney Montgomery Scott, LLC has an unusually long history, as the firm has been around since the 1830s. Its advisors have also received numerous industry awards and titles, including Barron's Top 1,200 Advisors by State, the Financial Times' Top 400 Advisors, Forbes America's Top Women Advisors and more.

Janney Montgomery Scott is a fee-based firm with more than $50 billion in assets under management (AUM). The Philadelphia-based financial advisor firm has around 1,100 advisors managing more than 140,000 clients. The firm specializes in individual portfolio management and financial planning, though it also works with businesses and retirement plans.

Janney Montgomery Scott Background

Janney Montgomery Scott has a long history in the financial services industry. In fact, the firm can trace its history all the way back to 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.

The team of advisors at Janney holds a wide range of advisory certifications. These include chartered retirement planning counselor (CRPC), certified financial planner (CFP), accredited investment fiduciary (AIF) and more.

Janney Montgomery Scott Client Types and Minimum Account Sizes

Janney Montgomery Scott accepts a range of clients, including non-high-net-worth and high-net-worth individuals, families, trusts, estates, corporate and non-corporate entities, retirement plans, charitable organizations, insurance companies 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 and services rendered.

Services Offered by Janney Montgomery Scott

Janney Montgomery Scott offers an array of services, including:

  • Portfolio management
    • Asset allocation planning
    • Investment policy development
    • Portfolio analysis
    • Portfolio rebalances
    • Performance monitoring
  • Financial planning
    • Investment planning
    • Estate planning
    • Retirement planning
    • College fund planning
    • Wealth management
    • Asset protection
    • Charitable gift planning
    • Business planning
    • Budgeting
  • Pension consulting
    • Investment advice
    • Periodic plan statements
  • Selection of outside advisors or managers

Janney Montgomery Scott Investment Philosophy

Janney Montgomery Scott touts on its website that, as part of 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.

When it comes to specific investment decisions, the firm's advisors generally employ long-term investment strategies. This is done as opposed to short-term investing, which tends to focus on taking advantage of riskier market movements. The firm invests in mutual funds, exchange-traded funds (ETFs), annuities, managed account programs and individual stock and bonds. The composition of your portfolio will depend on your risk tolerance, time horizon, financial goals and more.

Fees Under Janney Montgomery Scott

In Janney Montgomery Scott’s Form ADV, the firm specifies a maximum flat fee of 2.00% for all of its advisory programs. For context, a recent study by RIA in a Box shows the average annual advisory fee is 0.95% of AUM.

Janney Scott also offers 11 fee-based wrap fee programs. These differ from standard fee schedules in that they combine all advisory, transactional and custodial fees into a single rate.

The firm’s advisory fees are typically billed quarterly in advance. Here's a breakdown of about how much you can expect to pay at this firm if you were charged the maximum 2.00% fee rate:

*Estimated investment management fees do not include brokerage, custodial, third-party manager or other fees, which can vary in amount.
Estimated Investment Management Fees at Janney Montgomery Scott*
Your Assets Janney Montgomery Scott Fee Amount
$500K $10,000
$1MM $20,000
$5MM $100,000
$10MM $200,000

What to Watch Out For

Janney Montgomery Scott has over 30 total disclosures to its name. One of its recent disclosures was in March 2019 when the firm voluntarily self-reported to the SEC that certain customers who were eligible to purchase mutual fund shares without 12b-1 fees did not receive the less expensive fund share class. In response to this, the firm agreed to a cease-and-desist order, a censure and a disgorgement of $215,761.17, plus $25,465.87 in interest.

Janney Montgomery Scott can earn additional compensation from certain mutual funds and investment programs. This can create a potential 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 legally requires it to act in your best interest.

Opening an Account With Janney Montgomery Scott 

There are a number of options for opening an account with Janney Montgomery Scott. You can either find an advisor through the firm's online tool or you can set up an appointment with an advisor by contacting them at (215) 665-6000.

All information is accurate as of the writing of this article.

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 with your investments, consider working with a financial advisor. SmartAsset’s free financial advisor matching tool connects you with up to three local advisors within minutes.

How Many Years $1 Million Lasts in Retirement

SmartAsset's interactive map highlights places where $1 million will last the longest in retirement. Zoom between states and the national map to see the top spots in each region. Also, scroll over any city to learn about the cost of living in retirement for that location.

Least
Most
Rank City Housing Expenses Food Expenses Healthcare Expenses Utilities Expenses Transportation Expenses

Methodology To determine how long a $1 million nest egg would cover retirement costs in cities across America, we analyzed data on average expenditures for seniors, cost of living and investment returns.

First, we looked at data from the Bureau of Labor Statistics (BLS) on the average annual expenditures of seniors. We then applied cost of living data from the Council for Community and Economic Research to adjust those national average spending levels based on the costs of each expense category (housing, food, healthcare, utilities, transportation and other) in each city. Using this data, SmartAsset calculated the average cost of living for retirees in the largest U.S. cities.

We assumed the $1 million would grow at a real return (interest minus inflation) of 2%. This reflects the typical return on a conservative investment portfolio. Then, we divided $1 million by the sum of each of those annual numbers to determine how long $1 million would cover retirement expenses in each of the cities in our study. Cities where $1 million lasted the longest ranked the highest in the study.

Sources: Bureau of Labor Statistics (BLS), Council for Community and Economic Research