Why Stifel Hasn't Seen Seen Advisor Growth Rates Like This For Over a Decade
Stifel Financial’s particularly successful poaching of financial advisors from its bigger rivals in recent months has led to the largest increase in the company’s advisor ranks over the past decade, according to the company’s latest quarterly earnings report.
The company added 31 new new advisors in the third quarter, which was Stifel’s highest quarterly increase in 10 years excluding acquisitions, Ronald Kruszewski, Stifel’s chairman and CEO, says in a statement.
He attributes the growth to the firm’s “continued focus on recruiting.” The firm now has 2,298 advisors, a 1.4% increase over the previous quarter and a 2% increase over the year prior, according to the report.
Stifel also reached a new record in client assets of $289.1 billion, a 4.1% increase over the previous quarter and a 9.2% increase over the year prior, according to the earnings report.
Fee-based assets in Stifel’s private client group rose to $71.5 billion, up 5.4% over the second quarter and 16% higher than the year prior, the company says.
The firm also had record revenue of $158.8 million in its global wealth management division, driven by growth in net interest income and fee-based revenue, Stifel says.