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Stifel’s 7-day hiring spree: 11 advisors, $851M in AUM

Stifel has been on a hiring spree this past week, recruiting 11 advisors managing over $851 million in client assets, according to the firm.

The determined recruiting effort builds on several weeks of new hires that have netted Stifel more than two dozen advisors in September. Stifel executives credit the firm’s corporate culture with attracting talent from competitors.

“We are seeing that advisors are joining us all across the country because we listen to their needs and let them decide how to take care of their clients,” John Pierce, head of recruitment, said in a statement.

Stifel September hires, 2018

The St. Louis-based broker-dealer’s newest hires come at the expense of competitors, especially Wells Fargo, the former employer of six of the departing advisors who managed a total of $539 million in client assets. The new hires also include former independent advisors.

Daniel Riley was the first to depart last week, leaving PNC Investments last Tuesday for Stifel in Pittsburgh, according to FINRA BrokerCheck records. Riley managed $35 million in client assets at his former firm, according to Stifel.

Two days later, Nick Steinbach, who managed $60 million at Wells Fargo, began transitioning his books to the Stifel in Naples, Florida.

Wells Fargo lost five more advisors the following day, according to BrokerCheck records. A team of four managing $287 million in client assets left the wirehouse’s branch in Hickory, North Carolina. The group includes brothers Thomas and Grant Rembert, as well as John Cash and William Mode.

Dynasty, Raymond James and Stifel are among the biggest beneficiaries of recent advisor moves.
September 21

That same day, Larry Jacobs, who managed $192 million in assets at Wells Fargo switched employers in White Plains, New York. This is his first career move, after 25 years at Wells Fargo and predecessor firm A.G. Edwards, according to BrokerCheck.

Following the weekend, Tom LaPorte, Bryan Bertucci and Von Hallauer left Raymond James and joined the trek to Stifel. Together they managed $234 million at their former firm, according to their new employer. They are based in Scottsdale, Arizona.

Sally Harris joined the Stifel Tuesday Sept. 25, coming from LPL Financial, the No. 1 IBD in terms of revenue, where she managed $43 million.

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