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Janney Montgomery Scott is opening a Houston office, seeded by a team of financial advisors from rival Raymond James. The Edward Fitzpatrick Group, led by Sean Fitzpatrick and James "Jim" Edwards, spent about 23 years at Raymond James and managed $3.3 billion in client assets. Advisor Lance Murphy, who oversaw more than $200 million at the firm, is also joining. "Leadership is accessible, people took the time to understand our business, and that level of partnership was important to us," Fitzpatrick said. Philadelphia-based Janney has about 900 advisors and nearly $200 billion in assets. Raymond James has about 8,900 advisors and $1.92 trillion. The office extends Janney's push into Texas, which began in 2025 with a Dallas office. In August, it also added a Wells Fargo team in Chicago.

Janney adds $3.5B houston-based team from Raymond James. Janney furthers its expansion into Texas by adding a team of Houston-based advisors departing Raymond James. Alex Ortolani, Senior Reporter, Wealth Management October 16, 2026 Want a quick summary? Janney Montgomery Scott is opening a new Houston office, seeded by financial advisors previously with competitor Raymond James. The Edward Fitzpatrick Group, led by managing directors and investment leads Sean Fitzpatrick and James "Jim" Edwards, had been with Raymond James for about 23 years, during which it had amassed $3.3 billion in client assets under management, according to BrokerCheck and the announcement. The team also includes Financial Advisor Christin Simon and Vice President of Investments and Senior Registered Private Client Associate Allison Spinelli. Financial Advisor Lance Murphy will also be leaving Raymond James to join the team; he had been overseeing more than $200 million in client assets at the firm. "After carefully evaluating the platforms, cultures and capabilities available to us, Janney stood out for the combination of personal attention and sophisticated resources," Fitzpatrick said in a statement. "Leadership is accessible, people took the time to understand our business, and that level of partnership was important to us as we considered what would be best for our team and our clients over the long term." The team will be with a much smaller parent in terms of advisor headcount and assets than Raymond James. Janney reports about 900 financial advisors with nearly $200 billion in assets under advisement. Raymond James most recently reported that it has about 8,900 advisors overseeing $1.92 trillion. The Houston location will build on Philadelphia-based Janney's push into Texas, which began in 2025 with the opening of a Dallas office. "Texas presents tremendous opportunity for Janney, and opening an office in Houston with this group of experienced advisors gives us an outstanding foundation in the market," Frank Amigo, Gulf regional director for Janney, said in a statement. "They bring deep experience, strong client relationships and established practices that align extremely well with Janney." Texas is not the only state Janney is seeking to expand into. In August, it announced a Wells Fargo team had joined in Chicago, another region that Janney said it is targeting for recruitment. Senior Reporter, Wealth Management Alex Ortolani is a New York-based senior reporter with Wealth Management with a focus on deals, moves and trends in the registered investment advisor space. In addition to financial and business reporting, he has worked in media relations and corporate communications for tech firms and Fortune 500 companies.