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Mindy Diamond Podcast: How Jenny Montgomery Scott Built a $135B Firm

The notion of independence means different things to different advisors. For some, it’s about building their own RIA firm brick-by-brick, while others want to build their own independent business with turnkey support from a broker dealer.

But freedom isn’t just a destination for “breakaways.” Freedom has come to represent a mindset—the desire for more freedom and flexibility—to “act” like a business owner without actually committing to the act of being one.

And it’s the same wish that even some of the industry’s oldest firms want to fulfill. For example, Jenny Montgomery Scott’s roots date back to 1832. The firm also once held the second-oldest seat on the New York Stock Exchange.

Yet it is his private client group that is making waves in the wealth management industry.

Janney, as we know it today, is a privately owned firm — an independent subsidiary of Penn Mutual Life Insurance — that has become an attractive landing spot for top advisors seeking a more flexible approach to serving clients. Looking for.

So much so, as of this recording, the firm has accumulated $135B in assets under advice and has a footprint in 21 states served by more than 850 advisors.

It’s a business that has grown rapidly over nearly two decades, led by this episode’s guest president, Jerry Lombard.

Jerry joined the firm in 1983 as a financial advisory trainee at its Philadelphia headquarters. This top-producing consultant worked his way up the corporate ladder to become president of the private client group, working to grow the firm’s fee-based business.

In this episode, Jerry shares Jenny’s story and unique value proposition with Mindy Diamond, including:

  • The firm’s ability to remain relevant in a landscape full of choices—and how their roots, dating back to 1832—help define Jenny’s culture.
  • His recent recruit tears up—and what is it about Jeannie that mentors find so appealing.
  • The Role of Penn Mutual—and What Benefits They Bring to the Table.
  • The firm’s competition—including other regional and boutique firms—and why consultants may choose Jenny over independence.

Plus, Jerry offers specific examples of the top teams that have recently joined the firm and the success they’re seeing—and much more.

Firms like Janney have gained such great talent because they are answering a common call from advisors. that is, “Just give us the tools and control we need to serve our customers free of conflict and without being tied down by a larger firm agenda.” And based on the growth of the firm, Janney is hearing the call loud and clear.

It’s an episode that provides an insider’s view of another viable option in a growing landscape.

Download the transcript of this episode…

Hear more episodes of Mindy Diamond on Freedom, A Podcast for Financial Advisors Considering Change,

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