Stifel nets wirehouse advisers with over $800M
Stifel picked up two wirehouse teams managing more than $800 million, a spokesman confirmed.
The advisers are opening Stifel's new office in Southfield, a suburb of Detroit, marking the latest new hires for the fast-growing firm.
St. Louis-based Stifel has been on a recruiting push this year, picking up a number of wirehouse teams recently. Earlier this month, the firm said it hired a team that oversaw $250 million in client assets at Wells Fargo Advisors. And last month, it named a UBS adviser, Ed Hecker, as branch manager of its office in Melbourne, Florida.
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For the third quarter, Stifel reported having 2,280 advisers, up from 2,223 from the year-ago period.
James Zemlyak, president of Stifel, said that the new recruits represent the firm's second major hire in Michigan since August, boosting the firm's foothold in that market.
"Stifel’s focus on delivering for our clients and our advisors makes us truly unique in our industry. Talented wirehouse advisers who get to know us and learn about our compelling story are increasingly making us their firm of choice," Zemlyak said in a statement.
In the larger of the two moves, a team that oversaw about $600 million in client assets left Wells Fargo Advisors. The group consists of Michael Anderson, Alvin Spencer, Richard Williams, and Chris Armour as well as client service associates Melissa Russell and Carol Reschke.
Anderson joined Wells Fargo in 2008 from UBS, according to FINRA BrokerCheck records. He started his career at Merrill in 2000.
A Wells Fargo spokeswoman confirmed the team's departure but declined to comment further.
Spencer will also serve as branch manager for Stifel's new office. Like Anderson, Spencer started his career at Merrill in 1993. He joined UBS in 2002 and moved to Wells in 2007.
Williams and Armour began their advisory careers at Wells in 2010, per BrokerCheck.
In the second move, Stifel picked up two Merrill Lynch advisers who oversaw $200 million in client assets. Jeff Tutor had been with the wirehouse since 2009. He previously worked at UBS. Natasha Sparks started her career at Merrill in 2013, per BrokerCheck.
Lillian Misleh, registered client service associate, also made the move to Stifel with the team.
A Merrill Lynch spokeswoman was not immediately available for comment.