Modernizing Legacy Wealth Firms with John Yackel

Jack Sharry: Hello everyone, and welcome. Thank you for joining us for this week’s edition of WealthTech on Deck. I pay close attention to people and firms that are shaking things up—especially when those people and firms have been around a long time. For today’s discussion, we’re speaking with an old friend in the business, John Yackel. John is Executive Vice President and Head of Wealth Management at Janney Montgomery Scott, a firm that traces its roots back to 1832. John is a member of Janney’s executive committee and, along with his colleagues, is bringing fresh thinking and modern operating approaches to this venerable firm. Many of you know John from his days at Envestnet, where he served as Executive Managing Director of Strategic Initiatives. Since John joined Janney over three years ago, I’ve noticed a lot of smart work happening across the firm. John, welcome to WealthTech on Deck. It’s great to have you here.

John Yackel: Thanks very much, Jack. It’s great seeing you, and thanks for having me.

Jack Sharry: Let’s start with your career journey. You’ve sat in a lot of chairs over the years, and each step has led you here. Walk us through that evolution.

John Yackel: The journey is now entering its 34th year, which is humbling. I started my career at SEI and spent about 15 years there in various roles. Those were formative years, especially seeing wealth technology and asset management converge in the early 1990s. In 2007, I left SEI to join Fortigent, which was born out of Lydian Private Bank. We focused on high-net-worth investors and family offices. The business grew, and we eventually sold it to LPL. Instead of moving there, I took an opportunity at Prudential, where we grew the wealth management business and ultimately sold it to Envestnet. At Envestnet, I spent a decade leading business development and strategic initiatives. That’s where you and I crossed paths quite a bit. Later, I co-founded TruCendent, focused on collaborative infrastructure among advisors, CPAs, and attorneys, integrated into the financial planning ecosystem. I joined Janney in December of 2022, and it’s been one of the most rewarding—and challenging—roles of my career. Having spent decades selling into firms like Janney, it’s been eye-opening to sit on the leadership team and actually drive strategy from the inside.

Jack Sharry: I remember when I heard you were joining Janney. It surprised me—in a good way. Janney has always been a solid, steady firm, but suddenly I kept seeing innovation after innovation. Talk about how that came together.

John Yackel: Janney is 193 years old, and many people don’t fully understand the strength of the brand. About a year ago, we changed our ownership structure. Every advisor and employee became an owner, with KKR making an investment alongside Penn Mutual. That fundamentally changed the mindset. When I arrived, we took a hard look at everything—our people, our technology, and how all of it connects to the advisor experience. In just three years, we’ve rebuilt our CRM, financial planning tools, data aggregation, client portals, and advisory platforms. We’re also rolling out a new mobile app. The guiding principle has been making it easier for advisors to do business and meeting them where they work. Flexibility and ease of use are paramount.

Jack Sharry: You’ve also been expanding geographically. I’ve seen Janney pop up in new markets.

John Yackel: That’s right. Historically, Janney operated primarily east of the Mississippi. We’re now expanding into Texas and key markets like Chicago. But we’re not chasing deals—we’re focused on cultural fit and supported independence. We’re a full-service firm, predominantly advisory, with broker-dealer capabilities. Advisors get independence, but with infrastructure and support. And because we’re small enough to listen, we can make the experience personal. That’s a big part of our secret sauce.

Jack Sharry: You mentioned supported independence and brand earlier. How do those ideas come together?

John Yackel: I actually had my first investment account at Janney as a teenager, so the brand is personal to me. There’s a renewed sense of purpose here to tell that story. We recently partnered with the Philadelphia Eagles as their official wealth management partner. That’s expanded our visibility and allowed us to engage more deeply in the communities we serve. You’ll see more branding initiatives like that. But ultimately, recruiting today isn’t about having a slightly better product. The playing field has leveled. The differentiator is how purposefully you integrate tools, support advisors, and stay client-centric.

Jack Sharry: What else should our audience know that we haven’t covered?

John Yackel: We invest where advisors tell us it matters most. Practice management, succession planning, teaming, and organic growth are huge priorities. We spend a lot of time unlocking advisor capacity—freeing them from tasks that distract from client relationships and growth. We call it “design by whine.” Advisors tell us what frustrates them, and we build solutions around those pain points. Listening leads to better productivity and better recruiting. Last year was one of our strongest recruiting years ever, and we’re on pace to exceed that. Advisors tell us they value the freedom, the support, and the personalized attention. Integration and unification—ideas I learned from Jud Bergman at Envestnet—matter more now than ever when you’re actually in the seat.

Jack Sharry: Before we wrap up, what do you do outside of work that people might find interesting or surprising?

John Yackel: Beyond fishing and boating, my biggest passion is supporting veterans. I serve on the board of the Veterans Multi-Service Center in Philadelphia, which supports veterans with housing, food, counseling, and employment. We’ve combined that work with Janney initiatives and our Eagles partnership—visiting VA hospitals, spending time with veterans, and supporting our internal military affinity group. It’s deeply meaningful work and a small way to give back to those who’ve served.

Jack Sharry: John, thank you for sharing that—and for everything you’re doing at Janney. This has been a great conversation. To our listeners, thanks for tuning in. If you enjoyed the episode, please rate, review, subscribe, and share WealthTech on Deck. Visit wealthtechondeck.com for all episodes, blogs, and curated industry content.