No commissions, no ads, no advice. This Janney Montgomery Scott profile draws only on public records, each linked so you can confirm it yourself.
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Check the SEC adviser record. Open the SEC's IAPD record for Janney Montgomery Scott (CRD #463) and confirm its registration.
Read the filings. Review the Form ADV / Form CRS and any disclosure section linked from the IAPD page.
Confirm the entity. Match CRD #463 / Janney Montgomery Scott so you're reading the right firm.
The short answer: is Janney Montgomery Scott a fiduciary?
Yes. Janney Montgomery Scott is a fiduciary when it acts as your investment adviser, and with $110.1 billion in client assets it is among the larger SEC-registered investment advisers. Publicly, it files with the SEC as Janney Montgomery Scott (CRD #463). As of its latest Form ADV (filed June 30, 2026), the firm reported $110.1 billion in regulatory assets under management (a firm-reported figure). Its Form ADV (Item 5.E) lists how it is paid: a percentage of assets under management, fixed fees, commissions, and other. All of it sits on the public record, and confirming it for yourself takes only a few minutes.
Its Form ADV also reports that the firm itself is registered as a broker-dealer, and brokerage accounts fall under Regulation Best Interest instead. Ask which capacity covers each of your accounts. The firm must tell you.
What "fiduciary" means: a fiduciary is legally bound to place a client's interests above its own. (More on fiduciary duty)
Janney Montgomery Scott at a glance
✅ Verified from public filings, last checked October 5, 2026. Janney Montgomery Scott (SEC CRD #463) is a fiduciary when acting as your adviser, on a fee-based basis, with $110.1 billion in regulatory assets under management. Every figure below links to its primary source.
What | Janney Montgomery Scott | Source |
|---|---|---|
SEC CRD | #463 | |
Registration | Investment adviser and broker-dealer | |
Registered since | March 8, 1971 (SEC) | |
Fiduciary? | Yes, when acting as your adviser | |
Fee model | Fee-based | Form ADV Item 5.E |
How it's paid | A percentage of assets under management, fixed fees, commissions, and other | Form ADV Item 5.E |
Regulatory Assets Under Management | $110.1 billion (Form ADV filed June 30, 2026) | |
Client accounts | 243,808 (187,981 discretionary) | |
Employees | 2,404 (1,614 in advisory roles) | |
Ownership | Parent-owned | |
Disclosures | Form ADV answers Yes to one or more disciplinary questions. Read them on IAPD | |
HQ | Philadelphia, PA |
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Janney Montgomery Scott fees: what you'll pay
Is Janney Montgomery Scott fee-based? Yes. The Janney Montgomery Scott fee question has a clear answer once you see the structure. The firm is fee-based: alongside advisory fees, its Form ADV (Item 5.E) reports commissions among its compensation. Fee-based is a common model. It means cost can arrive from more than one place: advisory fees, commissions, and fund expense ratios underneath.
Fee-based means a firm can be paid two ways: client advisory fees, and commissions on products.
Who owns Janney Montgomery Scott, and what conflicts does it disclose?
Here's who controls Janney Montgomery Scott, drawn straight from its filings. Janney Montgomery Scott is owned by June Purchaser LLC, as listed in Schedule A of its Form ADV. (Form ADV Schedule A)
Its Form ADV Part 2A describes the firm's conflicts of interest, including how it and its advisers are paid.
Janney Montgomery Scott SEC record: disclosures
To check Janney Montgomery Scott's regulatory record, start with the firm's own filings. Janney Montgomery Scott's Form ADV answers Yes to one or more disciplinary-history questions. A disclosure can be a regulatory, civil or criminal matter involving the firm or a related person. Read each item in context on IAPD before drawing conclusions. Whatever Janney Montgomery Scott disclosures exist live on the public record. Read them there, in context, rather than secondhand.
On the record, it has been registered with the SEC since March 8, 1971, makes notice filings in 53 jurisdictions, and reports 2,404 employees, 1,614 of them in investment advisory roles. If you're asking "is Janney Montgomery Scott legit?", start with registration: a public CRD and filings anyone can pull. That confirms it's a real, regulated adviser. Whether it's right for you is a separate question.
Reading Janney Montgomery Scott reviews against the public record
Star ratings and client comments describe what working with a firm felt like. They usually don't show what the firm reports to regulators. Before you weigh Janney Montgomery Scott reviews, check three things this profile takes from the public record. First, how the firm is paid: it reports both advisory fees and commissions, which makes it fee-based. Second, who owns it and what conflicts it discloses. Third, whether its Form ADV reports any disciplinary history. Read reviews alongside the record, not instead of it.
How to verify Janney Montgomery Scott yourself
Here's how to confirm all of it in three steps:
SEC adviser record (IAPD): https://adviserinfo.sec.gov/firm/summary/463.
Form ADV / CRS: linked from the IAPD page.
Confirm the entity: match Janney Montgomery Scott (CRD #463) so you're reading the right firm.
What Janney Montgomery Scott does and who it serves
On its Form ADV, Janney Montgomery Scott reports providing financial planning, portfolio management for individuals, small businesses and institutions, pension consulting, selection of other advisers, and educational seminars.
It reports providing financial planning to about 16,000 clients in its last fiscal year (Form ADV Item 5.H), a count the form keeps separate from the client totals below.
Its Form ADV (Item 5.D) breaks its clients down by type, about 243,808 in all:
Client type | Clients | Assets managed |
|---|---|---|
Individuals | 139,021 | $21.06 billion |
High-net-worth individuals | 100,743 | $76.46 billion |
Pension and profit-sharing plans | 664 | $7.04 billion |
Charities | 1,810 | $2.13 billion |
State or municipal government entities | 145 | $717.3 million |
Corporations or other businesses | 1,425 | $2.70 billion |
It reports 243,808 client accounts, 187,981 discretionary (the firm can trade without seeking your approval first) and 55,827 non-discretionary (Item 5.F). Its main office is in Philadelphia, PA.
It reports that it or a related person has custody of certain client assets, which brings extra safeguards such as surprise examinations. The specifics are in its Form ADV.
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The hard part isn't checking the firm. It's seeing your whole financial life.
Confirming Janney Montgomery Scott is registered takes a few minutes. An advisor is limited by what they can see. An old IRA, a spouse's portfolio and fees buried below a standard statement often sit outside that view. This is where Truthifi comes in.
How Truthifi can help
Truthifi links your accounts read-only and shows what you own, how it's allocated, how it's performing and where the risk sits, including single-stock exposure, returns next to a benchmark, a fee breakdown of the fees on each account, by type, and your Truthifi Score. You can share the accounts you choose with your advisor at Janney Montgomery Scott.
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Ask AI about your Janney Montgomery Scott accounts
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Try it with Truthifi: start for free at app.truthifi.com and run a Monitoring Checkup (limits apply).
No commissions, no ads, no advice: Truthifi is not an investment adviser and doesn't give investment, tax or legal advice. Its access to your bank and brokerage accounts is read-only. Start free (limits apply). Monitoring Checkup is free. Link up to 10 connections. Plans and limits are on the pricing page → truthifi.com.
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FAQ
Is Janney Montgomery Scott a fiduciary? Yes, when acting as your adviser. Its Form ADV reports that it is also a broker-dealer, and brokerage accounts fall under Regulation Best Interest instead. Ask which capacity covers each of your accounts.
Is Janney Montgomery Scott fee-only? No, it's fee-based. Its Form ADV (Item 5.E) reports commissions among its compensation, alongside advisory fees. The fee schedule and conflicts are in its Form ADV Part 2A.
Who owns Janney Montgomery Scott? Janney Montgomery Scott is owned by June Purchaser LLC, as listed in Schedule A of its Form ADV.
Does Janney Montgomery Scott have complaints or disclosures? Yes. Its Form ADV answers Yes to one or more disciplinary-history questions. Read each item on IAPD, in context. A disclosure is not by itself proof of current wrongdoing.
Is Janney Montgomery Scott legit? Janney Montgomery Scott is registered with the SEC (CRD #463) and its filings are public on the SEC's IAPD site, which confirms it is a real, regulated firm. Registration doesn't tell you whether it's the right fit or what you'll pay, so read the fee and conflict sections of its Form ADV.
Can AI help me check whether I'm getting good value? Yes. Start free (limits apply): Monitoring Checkup is free and lets you link up to 10 connections. You can also connect an AI assistant you already use (such as Claude). On Monitoring or Monitoring Plus+ you can ask it, in plain English, about the fees on each of your accounts. Truthifi is not an investment adviser and doesn't give investment, tax or legal advice.
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About this profile
Truthifi built this profile from the firm's own SEC filings (Form ADV and, where filed, Form CRS). Every page is reviewed by the Truthifi Team before publishing. The Truthifi advisor fact packs are an ongoing series checking U.S. investment advisers against their public filings, one firm at a time.
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A note on sources. The facts on this page come from publicly available documents, Janney Montgomery Scott's SEC and FINRA filings, each linked inline so you can verify it yourself (SEC data current as of October 5, 2026). This is general information, not financial or legal advice, and Truthifi is not affiliated with Janney Montgomery Scott. Regulatory records change, so always confirm against the official sources linked above. Spot something that should be corrected? Email us at support@truthifi.com.
Disclaimer: This article is for educational purposes only and does not constitute financial, tax, or legal advice. It should not be construed as a personalized recommendation regarding any investment, financial advisor, or financial product. All calculations use hypothetical scenarios and historical return assumptions; actual results will vary. Past performance does not guarantee future results. Consult a qualified financial professional for guidance specific to your situation. Truthifi is an investment monitoring platform — not a financial advisor, broker-dealer, or tax professional. Truthifi does not manage assets, recommend investments, sell financial products, or provide personalized financial advice. Truthifi earns no revenue from advisor referrals, product commissions, or AUM fees. Statistics and data cited reflect publicly available sources current as of the article’s publication date. Sources are linked throughout.