Stifel hires $581M advisors but loses key exec
Stifel scooped up advisors managing $581 million in client assets even as it lost a key executive: the firm’s head recruiter.
The blow comes as the regional BD pursues an aggressive recruiting strategy, snapping up talent from its larger wirehouse rivals. The firm has touted its capabilities, lighter bureaucracy and corporate environment to new hires — factors that have helped lure in top talent.
Stifel’s headcount stood at 2,222 as of Dec. 31, up 70 advisors from the 2,152 brokers the firm counted a year ago, according to company earnings reports. The company has also opened a slew of new locations to house the growing advisor force.
But last week Stifel cut ties with John Pierce, the head of recruiting, who had implemented new hiring processes when he joined the firm in 2016. A company spokesman confirmed his departure but declined further comment. Reached for comment, Pierce confirmed he is currently on garden leave until May and declined further comment.
He had previously worked at Ameriprise and Merrill Lynch, according to his LinkedIn profile.
Financial Advisor IQ first reported Pierce’s departure.
Of Stifel’s latest advisor hires, the biggest is Marie Steinman. She joined from Merrill Lynch in Los Angeles and was previously responsible for $232 million in client assets, according to her new employer.
Steinman had been with Merrill Lynch since 2013, having previously worked at UBS, according to FINRA BrokerCheck records.
In nearby Newport Beach, Stifel hired former Morgan Stanley advisor Mike Reimer. He was previously responsible for $200 million in client assets, according to Stifel. Reimer started his career at Morgan Stanley in 1986.
Finally, Stifel added Lamar Morris to its recently opened Sugar Land, Texas office. Branch Manager Bart Reese previously worked with Morris at Merrill.
“I have known and worked with Lamar for nearly two decades, and we are excited to have him join us here at Stifel,” Reese said in a statement. “Like our team, Lamar came to Stifel after careful consideration of what he desired in terms of culture.”
Morris was responsible for $149 million in client assets. He had been with Merrill since beginning his advisory career in 1997.
Spokeswomen for both Merrill and Morgan were unavailable for immediate comment.