Stifel nets $660M advisors in latest recruiting sweep
Stifel's latest recruiting sweep netted the firm five advisors managing more than $660 million in client assets, according to the company.
The St. Louis-based brokerage firm has been on an aggressive hiring push, picking up a number of recruits in recent years. Like other regional BDs, Stifel has benefited from an exodus of wirehouse advisors seeking smaller firms that offer what they see as less bureaucracy and more flexibility.
Advisor Craig Johnson, the largest of the Stifel's new hires and a 42-year industry veteran, joined the firm's Phoenix branch. He had been previously affiliated with UBS where he was responsible for $211 million in client assets, according to his new employer.
Johnson had worked at UBS since moving to the Swiss bank from Wachovia in 2004, according to FINRA BrokerCheck records. He has past work experience at firms such as PaineWebber, E.F. Hutton and Dean Witter.
In Louisville, Kentucky, Stifel hired former Merrill Lynch advisor Patrick Strehl. He oversaw $169 million in assets while at Merrill, according to Stifel. Strehl had worked at the wirehouse since 2004, having previously been registered with Morgan Keegan, according to BrokerCheck records.
In a rare independent-to-employee move, Stifel hired advisor Michael Iannarino. He previously operated Cephas Capital Partners & Advisory, an RIA he founded in 2015, according to the firm's website. Iannarino oversees $80 million in assets, according Stifel.
The regional BD's three hires come from Wells Fargo and Ameriprise.August 9
Stifel is expanding on the West Coast, hiring 13 recruits in California year-to-date.July 30
Advisor Josh Lord, joined Stifel's New York City office from rival regional brokerage Raymond James & Associates. Lord has been in the industry since 1989 and worked at firms such as Smith Barney, PaineWebber and Deutsche Bank. Raymond James bought the German bank's U.S. private client group business in 2016.
Stifel's third wirehouse hire and fifth overall, David Manning, joined the firm from Wells Fargo where he oversaw $140 million, according to his new employer. Manning, a 35-year industry veteran, had been registered with Wells Fargo or predecessor firm A.G. Edwards since 1996, per BrokerCheck records. He operates from Stifel's branch in Shrewsbury, New Jersey.
Manning is the latest loss for Wells Fargo, and one in a series of such advisors to join Stifel. Last week, the firm hired two former Wells Fargo advisors in Port Huron, Michigan. They previously managed $168 million.
A Wells Fargo spokeswoman declined to comment.
Spokeswomen for Raymond James and UBS also declined to comment on the departures.