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Wells Fargo loses $116M advisor to Stifel

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Stifel hired an advisor from Wells Fargo who managed more than $116 million in client assets, a spokesman for the regional brokerage firm said.

It's the latest wirehouse hire for Stifel.

David Safarian joined Stifel’s Frontenac branch in Missouri after spending nine years at Wells Fargo. He began his career in 2000 at Edward Jones and also worked for four years at Morgan Stanley, according to FINRA BrokerCheck records.

“We are very excited to have an advisor of David’s caliber and work ethic join Stifel,” Scott Carothers, branch manager, said in a statement. “David will be a terrific addition to our Frontenac branch and the Stifel family.”

A spokeswoman from Wells Fargo declined to comment.

Stifel is one of several regional firms that have been expanding advisor headcount as wirehouses pull back from hiring large numbers of brokers.

Among the wirehosues, Wells Fargo has emerged as a main recruiting source for Stifel. Since June, the St. Louis-based firm has poached six Wells Fargo advisors, including a $140-million father-son team. The regional firm also nabbed a Wells Fargo complex manager to serve as a regional director in St. Louis and oversee its expansion in the middle of the country.

Stifel’s other recent recruits include David Hatcher from FSC Securities, Mark Cissel from Morgan Stanley, and a $342-million team from Oppenheimer.

In the past month, wirehouses lost 11 teams with over $3.5 billion, according to hiring announcements compiled by On Wall Street.

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