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Review by Este V.11 months ago
These so-called financial advisors are not here to help you manage your life savings and retirement account. They are greedy low lives and only wants your money. I found this Glassdoor review from a former employee which completely explains their culture and purpose for existing! Its all about greed!
Sourced from SiteJabber
Review by R W.3 years ago
Here is a Wall Street Journal article written in April 2001 which cited an investor's negative experience with Janney Montgomery Scott:
"Wendy White, a former executive secretary and design consultant, says that in December 1999 she opened a brokerage account to manage about $500,000. The money was in a trust for her mother, Marion, now 80 years old and suffering from Alzheimer's disease. The broker, Richard Gluck from the Boca Raton, Fla., office of Janney Montgomery Scott LLC, promised to act conservatively, she says.
Instead, her lawyer, Robert Rex of Boca Raton, says the broker made more than 300 trades, mostly buying and selling technology stocks such as BroadVision Inc., Cisco Systems Inc., Infospace Inc. and Priceline.com Inc. When the portfolio's value started falling, the broker began borrowing against the value of the portfolio to buy more technology stocks on margin, Mr. Rex says.
In one month alone, dozens of trades were made in the account, according to a brokerage statement covering the period Aug. 26 through Sept. 29, 2000. During that month, the account paid $3,321.55 in margin interest and had a margin loan that climbed as high as $422,000, the statement says.
In late February, the trust was worth about $15,000, according to an account statement. Ms. White says she recently sold her house on Amelia Island, near Jacksonville, Fla., to raise cash and moved to Atlanta to look for a job in sales and marketing so she can pay her mother's living and medical expenses. Mr. Rex says the account paid an estimated $94,000 in brokerage charges.
Mr. Gluck declined to comment. A spokesman for Philadelphia-based Janney Montgomery Scott, a subsidiary of Penn Mutual Life Insurance Co., also declined to comment. A letter to Ms. White from Janney Montgomery's compliance department said, "It is our belief that the firm and the financial consultant, conducted themselves properly." The letter added, "It is our understanding that the majority of the investment decisions were made by you with little or no input from Mr. Gluck."
Typical response from Janney!
Nothing has change with these full service brokerage firms.
Greed is their foundation.
The only change is improving their tactics to circumvent the law.
The broker made money but redirect the blame towards the investor.
No matter how rich or poor, how well educated or not about investments the investor may be, there is absolutely no fiduciary responsibility from the broker side. Janney's goal and business model is to seize every opportunity to make money at the expense of the investor!
Sourced from SiteJabber
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