will offer overlay services for a unified managed account through Janney Montgomery Scott LLC
, the companies announced on Tuesday.
As the overlay manager, Placemark will manage the separate account portfolios and be responsible for tax management and rebalancing. Placemark is utilizing the CheckFree APL platform.
"We wanted to offer our clients a fee-based program with better diversification and greater product flexibility than available in our existing programs," stated JR Castle
, director of distribution within Wealth Management Services at Janney. "We believe the new UMA program will be a cornerstone in growing Janney’s fee-based program," stated Castle.
Janney counts 900 advisors in its ranks. The brokerage is a subsidiary of Penn Mutual Life Insurance Company.
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