Stifel opens new branch, plucks 3 advisors with $441M from RBC
Stifel Financial opened a new branch and picked up three advisors from RBC that managed $441 million in combined client assets, the firm says.
The brokers joined the regional broker-dealer in Tacoma, Washington. It's Stifel's most recent office opening in the West, after adding three teams to staff newly opened branches in Texas this year.
The firm’s new hires are comprised of advisors Rhonda Smith, Lynn Syler and Mark Gallinatti, who each have more than two decades of experience, according to FINRA BrokerCheck records. Smith and Syler previously worked at Bank of America before joining RBC where they managed $293 million in client assets together.
Gallinattii had $148 million in AUM during his time at RBC.
RBC declined to comment.
Stifel's latest additions reflect a surge in recruiting at regional BDs. Recruiter Rob Blevins attributes the rapid recruitment to firms' culture and updated technology. Many firms are following Ameriprise's lead, he says.
“Everyone’s got to catch up to them,” Blevins said. “They have an independent channel, better technology and deeper pockets.”
While advisors with larger books may still be attracted to the wirehouse model, those with an average client size of $500,000 to $5 million prefer to work at regionals, according to Blevins. Advisors no longer ask him to join wirehouses where they feel like one out of 16,000, he says.
“They don’t see much of a value proposition anymore,” Blevins says.