Wealth management firm enters St. Pete market

Janney Montgomery Scott LLC, a Philadelphia-based wealth management that manages $120 billion in assets, has opened a new office in St. Petersburg – a goal the firm has long eyed. 

Janney Montgomery Scott was able to expand into the city due to its relationship with the Decker, Harth and Swavely financial advisors’ team. 

The Janney Montgomery Scott team is currently operating in a temporary space and plans to open a permanent downtown office, Florida Regional Manager Frank Amigo said, highlighting how St. Petersburg has become a mecca for financial firms. 

“We’ve had a lot of interest in joining the Decker, Harth and Swavely team. Over the past few years, we’ve been looking for the right catalyst to plant a flag in St. Petersburg,” Amigo said. “It’s impossible to not want to be in St. Pete. It’s a critical market.” 

Kevin Reed, president of the firm’s Private Client Group, made similar comments, stating, “Florida is a growth market for Janney. Our new office in St. Petersburg provides a base for future expansion in a growing financial services hub. Janney will invest heavily in the growth of the office and expect to attract talent who desire to work at a firm with a boutique culture but with the resources of a large firm.” 

Amigo said the firm hopes to secure a permanent office space in the next 12 to 24 months, and he expects that the St. Pete branch may become the firm’s largest. 

Jonathan Decker, who became the Senior Resident Director of the local Merrill Lynch office in 2019, will serve as the branch office manager. 

Amigo said Decker will recruit high-quality advisors, for positions in legal compliance and product management roles and home office personnel. 

Decker’s team will be working at both the new St. Pete office and the existing Allentown, Pennsylvania office.