Janney
Press Release
October 31, 2018 3:30 p.m.
PHILADELPHIA, PA – October 29, 2018 – Janney Montgomery Scott LLC (“Janney”), a leading full-service wealth management, financial services, and investment banking firm headquartered in Philadelphia, PA, announced that it has further expanded its presence in Florida with the opening of a new office in Amelia Island, the firm’s ninth branch office in the state.
“Our new Amelia Island office reinforces our intention to have a strong presence in Florida and throughout the Southeast region,” said Jerry Lombard, President of the firm’s Private Client Group. “This new location allows us to expand our presence in a key marketplace, while providing better access and a greater level of service for our growing client base in the region.”
Leading the new office is Steven J. Nicklas, a 24-year industry veteran who joined Janney in April 2018 as Vice President/Investments. Mr. Nicklas previously managed offices on Amelia Island during his tenures at UBS and Morgan Stanley.
“I am delighted to be opening Janney’s new office in Amelia Island,” said Steven J. Nicklas, Branch Office Manager. “Amelia Island has been my home for more than 25 years and I look forward to introducing Janney’s fantastic culture to the community and our clients in the area.”
Amelia Island represents the sixth new location opened by Janney in 2018, following Battle Creek, Michigan; Columbus Grandview, Ohio; Florence, South Carolina; Lewes, Delaware and Riverhead, New York.
Janney and the Nassau County Chamber of Commerce will celebrate the opening of the new office with an open house and ribbon cutting ceremony on Thursday, November 1 at 5 PM. The event, which is open to the public, will be held at the office’s new location on 961687 Gateway Blvd., Suite 101-L, Fernandina Beach, FL 32034. For event details and registration, visit: https://advisor.janney.com/stevennicklas/events/.
About Janney Montgomery Scott
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 New York Stock Exchange (NYSE), Financial Industry Regulatory Authority (FINRA) and Securities Investor Protection Corporation (SIPC). Additional company information is available at www.janney.com.
Where accounts established by a person’s last will and testament (trusts) are concerned there has been a big change in the law. It relates to “Duty of Loyalty.” You can read about this on Wikipedia – under United States Trust Law. A conflict of interest occurs when an account manager buys a product from himself and earns a commission. When this occurs the compensation paid to the account manager is no longer based purely on account performance. The account manager can then collect a very nice pile of money no matter what happens to the value of the account.
For hundreds of years conflicts of interest were prohibited by law. Now that law has changed. This change in the law was presumably achieved by the efforts of bank lobbyists coming form the same group of lobbyists that succeeded in having Bill Clinton repeal “Glass-Steagall” which set the path for “Taxpayer bailout of extremely wealthy private bankers for their failed private business program” This program was presented to the public as the “Troubled Asset Relief Program (TARP)”
Now conflicts of interest are legal but certain qualifications must be met. One way to do it is to have an authorization in the governing document (trust agreement,) Unfortunately it seems that these authorizations and what they are all about are not always pointed out to elderly / vulnerable clients who do estate planning. It is possible for these authorizations to occur without the knowledge of the client. One should be very careful when an elderly family member uses the services of an attorney that is recommended by a bank or other financial institution.
The commission paid on annuities and insurance policies can be quiet substantial. Nevertheless, let’s hope Janney will be a firm that strives to ensure that conflicts of interest are avoided. If so they could become quite successful. Being forthwith and explaining things completely is a good business tactic. That type of firm is needed and we are living in the age of instant information.
https://en.wikipedia.org/wiki/United_States_trust_law