Stifel strikes again: Advisors with $838M join the regional BD
From Oregon to Florida, Stifel Financial is picking fresh talent.
The firm's newest additions — a quintet of advisors — collectively managed $838 million in client assets and came from competitors Wells Fargo Advisors, Raymond James & Associates, Janney Montgomery Scott and Umpqua Investments.
Just last week, Stifel snatched six advisors from Wells Fargo who managed over $671 million assets. In 2019 so far, the regional broker-dealer added three new branches in Texas, including one from Merrill Lynch managing over $1 billion in assets.
Stifel expects to outpace last year’s head count growth, specifically by looking to hire from the wirehouses and other regional broker-dealers, says John Pierce, head of recruitment.
Joining advisors are attracted to the transition packages Stifel offers and its competitively priced grid, he says.
He adds that Stifel Bank, which provides a range of traditional banking services, also attracts advisors over to the firm. “The bank is there for the clients and advisors if they need them,” Pierce says.
In recruiting advisors, Stifel leans on branch managers making connections in their local community. If interested, potential recruits visit the St. Louis headquarters to test the culture and make sure it’s a good fit.
“We want entrepreneurs,” Pierce says.
The recruits include a 37-year industry veteran who co-managed $240 million in client assets.June 14
The regional BD opened its third new location in Texas this year.June 7
Advisor headcount reached 2,160 advisors for the first quarter, up a net 43 from the year-ago period.May 1
Jason Yaeger left Umpqua, where he’d spent 17 of his 20 years in the industry. He previously managed $350 million in client assets and joined Stifel’s office in Medford, Oregon.
Erik Melville, who’d been at Raymond James for 11 years out of a 16-year career and managed $154 million in assets, has joined Stifel’s office in Fort Pierce, Florida.
Stifel gained two advisors from Janney — Eric Jacobs and Mark Siver — who had $234 million in AUM together. Jacobs and Siver have 31 and 32 years of experience, respectively, according to FINRA’s BrokerCheck. They joined Stifel’s office in Garden City, New York.
Former Wells Fargo advisor Christopher Patterson joined Stifel’s office in Geneva, Illinois. He managed $100 million in assets and has 22 years of experience, according to BrokerCheck.
A spokesman and spokeswoman for Janney and Wells Fargo, respectively, declined to comment. Representatives for Umpqua Investments and Raymond James did not respond to requests for comment.