PHILADELPHIA – Janney Montgomery Scott LLC, a leading full-service wealth management, financial services, and investment banking firm, has announced Kevin Reed will assume leadership of the firm’s Private Client Group, effective January 1, 2023. He will succeed Jerry Lombard, who will retire at the end of 2022 after 18 years of leading Janney’s Private Client Group.
Kevin currently serves as Head of Wealth Management, and after the planned succession period, he will lead the Private Client Group which has more than 850 Financial Advisors and their teams who collectively advise on $125 billion in client assets. He will also oversee organic growth and advisor retention and recruitment.
“Kevin has been an influential member of our leadership team for the last eight years and has been instrumental in the growth of our wealth management platform that supports our client and advisor experience. His commitment to the firm’s client-driven and advisor-centric culture along with his passion for exceeding client expectations make him the ideal leader for our advisors and their teams as we continue to grow the firm,” said Tim Scheve, CEO and President.
“We are immensely grateful for Jerry’s leadership and contributions throughout his impactful career at Janney. Thanks to his efforts, our culture and business platform are second to none in the industry, and we are well positioned for future growth and success as we help clients achieve their financial goals,” Tim continued.
Kevin joined Janney in 2007 and has been the Head of Wealth Management since 2014, where he leads a team of professionals who support an exceptional client experience by providing Janney's Financial Advisors with a comprehensive, goals-based wealth management platform.
“I’m honored for the opportunity to lead Janney’s Private Client Group. As a boutique wealth manager, we offer clients and advisors an excellent value proposition today. Our size, ownership structure, and ability to respond quickly to evolving business needs puts us in a highly desirable and competitive position. I’m looking forward to building upon a strong foundation set by Jerry and his leadership team,” said Kevin.
Jerry joined Janney in 1983 as a Financial Advisor trainee. In 1992, he took responsibility for the firm’s Money Management Services, which subsequently evolved into the firm’s Wealth Management platform. In 2004, he was named President of the Private Client Group.
Under Jerry’s leadership, the Private Client Group has achieved considerable growth and success. Since 2004, client assets increased 276% from $33.2 billion to $125 billion, while total revenue increased 263%. In addition, Janney has been an industry leader in attracting Financial Advisors with more than 450 Financial Advisors joining the firm over the last 10 years.
“I’ve always deeply respected the important work of our advisors and branch office teams, and I’m proud that Janney is recognized as a firm that provides a culture that attracts and retains some of the best advisors in the industry. It’s been a privilege to lead Janney’s Private Client Group, and I’m confident the firm, our advisors, and our clients will continue to achieve success under Kevin’s leadership as we continue to make a positive impact in the communities we serve,” said Jerry.
About Janney Montgomery Scott LLC
Janney provides advice to individual, corporate, and institutional clients. Our expertise includes guidance about asset management, corporate and public finance, equity and fixed income investing, equity research, institutional equity and fixed income sales and trading, investment strategy, financial planning, mergers and acquisitions, public and private capital raising, portfolio management, retirement and income planning, and wealth management. Janney is an independently operated subsidiary of The Penn Mutual Life Insurance Company and is a member of the Financial Industry Regulatory Authority, New York Stock Exchange, and Securities Investor Protection Corporation. Additional company information is available at www.janney.com.