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Stifel taps ex-Wells Fargo Advisors boss for board

Amid energetic recruitment of wirehouse brokers, Stifel named a former head of Wells Fargo Advisors and a technology executive to its board of directors.

The wirehouse's former CEO Danny Ludeman joined the board effective Tuesday, Stifel said. He had worked at the wirehouse from 1999 until his retirement in 2014 when Mary Mack took over his role (she now oversees consumer banking at Wells Fargo). Ludeman currently serves as CEO of Concordance Academy of Leadership, which helps individuals re-integrate into society from prison.

Also joining Stifel’s board is Adam Berlew, executive director of Americas Marketing for Google Cloud. Berlew has past executive experience at Brocade Communications and Dell, according to Stifel.

“We are excited to welcome Danny and Adam to our Board as each has built a highly successful career in industries that are vital to Stifel’s long-term success: wealth management and technology,” Ronald Kruszewski, chairman and CEO of Stifel, said in a statement.

Seniors choosing between traditional and Roth IRAs must account for their current and future tax rates.
February 20
Dan Davis serves as Director, IoT and Emerging Markets for Insurance. Dan has been with LexisNexis Risk Solutions since 2016, where he leads the creation of the value proposition, strategy and positioning for the LexisNexis IoT platform across Life, Home and Commercial. His insurance experience includes leadership roles in claims, business development and strategic technology initiatives in the P&C market. Dan has also served LexisNexis through strategic partnership management in the emerging markets and software platform space. Dan has a bachelor’s degree in Business from Louisiana State University.
February 20
David Fanger is a senior vice president in the financial institutions group at Moody's Investors Service.
February 20

Stifel’s stepped up recruiting efforts have boosted its headcount, assets and revenue. The St. Louis-based firm recently reported it has 2,193 financial advisors, up from 2,118 for the year-ago period. Stifel has also opened a slew of new locations. Total branches rose to 413 from 398.

That hiring streak has continued into the third quarter. Last week, the company revealed three new recruits who collectively managed $243 million in client assets.

Kevin Bay was an independent advisor at his own firm, Kevin Bay Investments, where he had $128 million in AUM before joining Stifel. He now operates from the regional broker-dealer’s branch in Brookfield, Wisconsin.

Steven Schwary, a former Wells Fargo advisor and 26-year industry veteran, joined Stifel in Brevard, North Carolina. He previously managed $40 million in client assets at the wirehouse, according to his new employer.

Nick Bearden, the third recruit, came from Edward Jones where he managed $75 million in client assets, according to Stifel. He has 12 years of experience, according to FINRA BrokerCheck records.

A spokeswoman and spokesman for Wells Fargo and Edward Jones, respectively, declined to comment.

Stifel reported net revenues of $800 million, up 3.9% from $742 million.

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