Janney interim chief to take reins as CEO turns into chairman

Philadelphia, the place Janney Montgomery Scott is headquartered.

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Regional brokerage Janney Montgomery Scott intensified its ongoing govt shakeup with extra management adjustments, as longtime CEO and President Timothy Scheve stepped again to grow to be chairman of the agency. 

However in Janney’s case, the extra issues change, the extra they keep the identical, it appears. By deciding on an insider with expertise in know-how and operations, the agency is signaling that it plans to proceed delivering the identical advisor-centered tradition that it is touted in recruiting, whereas nonetheless investing in tech upgrades to compete with bigger brokerages and wirehouses. 

Timothy Scheve, outgoing CEO of Janney, has transitioned to chairman of the agency.


Anthony “Tony” Miller, Janney’s interim president.


Scheve’s anticipated successor, the agency’s longtime chief administrative officer, Anthony “Tony” Miller, is now interim president. Miller’s first day on the job was Jan. 11, in response to an organization spokesperson. Scheve and Miller declined to be interviewed.

“Tony has been named interim president as a part of a governance course of. We aren’t conducting a search presently and no different candidates are being thought-about,” an organization spokesperson stated in an electronic mail, including that Scheve is just not retiring however as a substitute will probably be serving to with a deliberate succession. 

Outgoing CEO Scheve has been with the agency since 2007 and came to visit from asset administration agency Legg Mason. Underneath his management, the agency added 44 workplace areas and elevated income by 127%, ending 2022 with a document $980.8 million, the corporate stated in an emailed press launch. 

Scheve additionally greater than doubled the agency’s complete belongings underneath administration in its advisor unit, Personal Shopper Group, from $49.3 billion to $120.8 billion. Over his tenure, the common monetary advisor’s AUM ballooned from $57.9 million to $142.1 million, as the corporate more and more constructed out companies for a extra prosperous shopper base

Scheve stated in a press release that Miller “routinely influenced our progress methods. His a few years of trade expertise and confirmed management will make sure the agency continues to fulfill the wants of our purchasers.”

Miller, who’s an authorized public accountant, started his profession in accounting at Ernst and Younger. He spent greater than 20 years at Janney, becoming a member of in 2002 because the director of inside audit, changing into company controller in 2004 and transferring as much as grow to be treasurer and chief monetary officer. In 2012, he grew to become the chief administrative officer — a job usually thought-about equal to that of COO, within the company tree — overseeing finance, operations, and IT. 

In an indication of his plans because the agency’s incoming chief, Miller stated throughout a podcast interview with AdvisorHub final summer time that he was prioritizing investing in advisor-client relationships and that Janney’s worth proposition lay in providing advisors extra of a voice and better pay as a share of income in comparison with at a wirehouse, however extra help than at an unbiased agency. Janney, primarily based in Philadelphia, is owned by The Penn Mutual Life Insurance coverage Firm. 

“The associated fee barrier to nice know-how will get smaller and smaller yearly,” Miller stated within the podcast, responding to a query about persuading wirehouse advisors that they’ll nonetheless have entry to high quality tech platforms in the event that they depart for a regional brokerage. 

He added that “we’re not making an attempt to show [into] a multinational agency … It is simply organizationally a lot less complicated. And so it will get simpler to innovate and to modernize the platform.” 

Talking concerning the relative unwillingness of regional corporations to legally pursue departing advisors who take books of enterprise to rivals, Miller stated that, “We spend our time not making an attempt to legally shield the enterprise,” all whereas creating “an surroundings the place individuals do not need to depart.”

Mark Elzweig, trade recruiting marketing consultant, stated in an electronic mail that “retaining the present management workforce in place will allow the agency to construct upon its accomplishments over the previous few years.”