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Updated September 23, 2026. Quick answer: Janney Montgomery Scott is registered with the SEC as both a broker-dealer and an investment adviser. Per its own current fee brochure, a $500,000 account would run up to $10,000 a year (the published maximum, which the firm says is negotiable) under its published fee schedule; the minimum to open an account is $100,000 for Adviser’s Program. Already a client and thinking about leaving? Budget $125.00 for a full transfer, $15.00 for a partial transfer. Is it a fiduciary? Yes, when it is acting as your investment adviser; when the same representative acts as your broker-dealer instead, the applicable standard is best-interest, not fiduciary, and its own Form CRS states representatives can earn commissions in that capacity.
Janney Montgomery Scott at a glance
| Fact | What Janney Montgomery Scott’s own pages say |
|---|---|
| Legal entity | Janney Montgomery Scott LLC |
| Registration | Janney Montgomery Scott LLC is registered with the Securities and Exchange Commission (“SEC”) as both a broker-dealer and an investment adviser. |
| Fee on a $500,000 account | Up to $10,000 a year (the published maximum, which the firm says is negotiable), per its own current brochure |
| Minimum to open an account | $100,000 for Adviser’s Program |
| Cost to leave (exit fee) | $125.00 for a full transfer, $15.00 for a partial transfer |
What Janney Montgomery Scott’s own fee schedule charges
“Janney offers Clients a choice between two primary advisory fee structures: a flat fee schedule and a tiered fee schedule, each based on a percentage of assets under management and subject to negotiation. … Flat Fee Schedule: Program Type All Advisory Programs, Maximum FA Fee Up to 2.00%. Tiered Fee Schedule (Household-Based): Advisory Household Assets First $500,000 / next $500,000 / next $1,000,000 / next $3,000,000 / next $5,000,000 / next $15,000,000 / over $25,000,000, Maximum FA Fee Up to 2.00% [applies uniformly across every tier].”
Janney’s own published table sets the identical ‘Up to 2.00%’ maximum FA fee for every tier of its household-based schedule and for its flat-fee schedule alike – there is no declining marginal rate published, only a single individually-negotiated ceiling that happens to be presented in a tiered-looking table. Because the rate does not actually vary by bracket, this is treated as a ceiling fee_type at 2.00%, and dollar_at = balance x 0.02 at each balance.
| Account balance | Annual fee |
|---|---|
| $250,000 | $5,000 |
| $500,000 | $10,000 |
| $1,000,000 | $20,000 |
| $2,000,000 | $40,000 |
See the full breakdown, including how the figure is calculated, on Janney Montgomery Scott’s own fee page.
Is Janney Montgomery Scott a fiduciary?
Janney Montgomery Scott LLC is registered with the Securities and Exchange Commission (“SEC”) as both a broker-dealer and an investment adviser.
“When we provide you with a recommendation as your broker-dealer or act as your investment adviser, we have to act in your best interest and not put our interest ahead of yours.”
For brokerage services, the primary costs you will incur are transaction-based commissions for securities trades.
Full detail, including the exact registration type and source: Janney Montgomery Scott’s fiduciary status, explained.
The minimum to open an account
“The minimum initial investment for accounts in the Adviser’s Program is $100,000, which may be waived in Janney’s sole discretion.”
$100,000 for Adviser’s Program. See the full minimum-investment breakdown, including what that minimum would cost per year, on Janney Montgomery Scott’s minimum investment page.
What it costs to leave
Janney is one of the few firms in this series that prices a partial move separately from a full one: a full account transfer is $125, an outgoing partial transfer only $15.
Full mechanics, sources, and the ACATS transfer process: how to leave Janney Montgomery Scott.
What we would compare it against
Before you decide, run the numbers against another firm using the financial advisor fee comparison, or price the dollar cost of any percentage fee over time with the Financial Advisor Fee Calculator and the Fee Drag Calculator.
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- Janney Montgomery Scott LLC Managed Account (Wrap Fee) Program Disclosure Brochure (June 30, 2026): https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1050308
- Janney Montgomery Scott LLC Client Relationship Summary (Form CRS) (Effective July 1, 2026): https://reports.adviserinfo.sec.gov/crs/crs_463.pdf
- SEC Investment Adviser Public Disclosure, Janney Montgomery Scott LLC (CRD #463): https://adviserinfo.sec.gov/firm/summary/463
- Janney Montgomery Scott LLC, SEC Form ADV filing: https://reports.adviserinfo.sec.gov/reports/ADV/463/PDF/463.pdf
Methodology. This page was built September 23, 2026, drawing directly on Janney Montgomery Scott’s own current fee brochure and Form CRS, both linked above, plus this site’s own already-published fiduciary, minimum-investment, and (where one exists) how-to-leave pages for the same firm, each independently sourced when it was built. Any distinction we could not independently confirm this session is named as an honest gap rather than presented as verified. Nothing here is personalized financial, tax, legal, or investment advice, and it is not a substitute for reading Janney Montgomery Scott’s own Form ADV Part 2A and Form CRS. We have not used Janney Montgomery Scott as a client. Janney Montgomery Scott did not pay for, review, or influence this content. See our Editorial Policy, Corrections, Affiliate Disclosure, and Disclaimer.
Comparing firms? See all 182 advisor firm reviews in one table, with each firm’s type and its fee on a $500,000 account.