Stifel come to Northeast

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Aug 3, 2006 9:49 pm

Any thought's?  They're looking to open offices in the Mid-Atlantic area and have approached me.  Pro's/con's?

Aug 4, 2006 1:27 am

A no-name firm.  Who the heck are they? I do remember them recommending SIRI about 50% (higher) ago.  Perhaps they have much to offer via the independant channel, but I've never come accross them with regard to prospects/clients.


Gruntal?  How is Joey B. doing?  I STILL remember the "Nasdaq 7000" predictions.  Another false profit.

Aug 4, 2006 5:46 am

Stifel is a midsize regional firm located in St. Louis.  They are now on their third (or perhaps fourth) team of senior managers.  They have something like sixty or seventy branches located in small towns in MO, AR, OK, KS out there.


Scott McCuaig who is one of the two top guys is a great guy, comes from the Robert W Baird organization in Milwaukee.


The company, Stifel, is quite old but it seems to be always for sale.  It is thought that the revolving door at the top is because those who own the majority of the stock--which if I recall is a family, but not named Stifel or Nicholaus--have not been happy with the attempts to turn it into a highly desireable addition to a larger B/D or a bank.


The move East is clearly an attempt to do that--dress it up--and if you join them, and if the new team succeeds, you should expect to be involved in an acquisition sometime down the road.


I believe they own an independent channel--perhaps named Centenial Securities.  If so, and I'm pretty sure it is, there is another school of thought that would have them attempting to become another Ray Jay which was once almost identical in size and reputation in Florida as Stifel is in their geographic market.


I tend to believe that the indy channel is already saturated and that what will happen in a consolidation within those ranks, rather than an expansion.  When the reps are keeping huge portions of the gross there is not enough left over to maintain a viable business unless you truly do make it up on quantity.


That market seems to be well served by ING, RJFS, and LPL.  One day ING may own all of it.


If Stifel's idea is to grow into a super regional with a strong indy channel I wouldn't bet on it.  The market is poised for a protracted bear and getting new offices off the ground in an unfamiliar geography seems like insanity.

Aug 4, 2006 8:18 am
NASD Newbie:

Scott McCuaig who is one of the two top guys is a great guy, comes from the Robert W Baird organization in Milwaukee.



I'm surprised that you would say that.  I don't think that he likes you at all.

Aug 4, 2006 8:22 am

There was an article in one of the trade magazines about them last month I believe it was financial advisor magazine do a search it was a good article

Aug 4, 2006 12:56 pm

They were featured in the July issue of On Wall Street




Gateway to the East

Aug 4, 2006 2:18 pm
NASD Newbie:

Stifel is a midsize regional firm located in St. Louis.  They are now on their third (or perhaps fourth) team of senior managers.  They have something like sixty or seventy branches located in small towns in MO, AR, OK, KS out there.


Scott McCuaig who is one of the two top guys is a great guy, comes from the Robert W Baird organization in Milwaukee.


The company, Stifel, is quite old but it seems to be always for sale.  It is thought that the revolving door at the top is because those who own the majority of the stock--which if I recall is a family, but not named Stifel or Nicholaus--have not been happy with the attempts to turn it into a highly desireable addition to a larger B/D or a bank.


The move East is clearly an attempt to do that--dress it up--and if you join them, and if the new team succeeds, you should expect to be involved in an acquisition sometime down the road.


I believe they own an independent channel--perhaps named Centenial Securities.  If so, and I'm pretty sure it is, there is another school of thought that would have them attempting to become another Ray Jay which was once almost identical in size and reputation in Florida as Stifel is in their geographic market.


I tend to believe that the indy channel is already saturated and that what will happen in a consolidation within those ranks, rather than an expansion.  When the reps are keeping huge portions of the gross there is not enough left over to maintain a viable business unless you truly do make it up on quantity.


That market seems to be well served by ING, RJFS, and LPL.  One day ING may own all of it.


If Stifel's idea is to grow into a super regional with a strong indy channel I wouldn't bet on it.  The market is poised for a protracted bear and getting new offices off the ground in an unfamiliar geography seems like insanity.



hey NASD newbie (a.k.a. pathetic dinosaur)


did you read the Article above and THEN post your response?


                    


                    


                   


                    

Aug 4, 2006 2:22 pm

ING may own all of it?  That's pretty funny!!

Their back office service SUCKS from what I've heard from many folks....

Aug 4, 2006 3:13 pm
joedabrkr:

ING may own all of it?  That's pretty funny!!

Their back office service SUCKS from what I've heard from many folks....


The outfit that bought LPL is not going to want to  hold it--those guys bought it because they got a good deal for it with an eye to reselling it.


Don't be surprised if ING doesn't buy it--they buy almost every indy firm that offers itself up.


Their back office is stressed because of the merger of so many different systems, but that is a problem that will solve itself eventually.


Tom James is getting along in years and may well be interested in being acquired--if the entire firm is bought by a Euorpean bank selling the RJFS division to ING would be a logical idea.


I know so much more about how the pieces fit together than you do, you should shut up and listen.

Aug 4, 2006 3:22 pm

Didn't Texas Pacific buy LPL? Don't they always pay themselves a huge dividend at companys' expense before they take them public?

Aug 4, 2006 3:38 pm
joedabrkr:

ING may own all of it?  That's pretty funny!!

Their back office service SUCKS from what I've heard from many folks....


Sucks is an understatement.

Aug 4, 2006 5:45 pm
no idea:

Didn't Texas Pacific buy LPL? Don't they always pay themselves a huge dividend at companys' expense before they take them public?


They were one of the two acquirers, but although a majority of the equity was sold, a majority of the voting rights were not, so I don't see them being capable of paying themselves without the assent of the remaining shareholders.  The IPO is most likely coming in 2008 from what we were told at this week's national sales conference.

Aug 4, 2006 5:56 pm
NASD Newbie:

[quote=joedabrkr]ING may own all of it?  That's pretty funny!!

Their back office service SUCKS from what I've heard from many folks....
[/quote]


The outfit that bought LPL is not going to want to  hold it--those guys bought it because they got a good deal for it with an eye to reselling it.


Don't be surprised if ING doesn't buy it--they buy almost every indy firm that offers itself up.


Their back office is stressed because of the merger of so many different systems, but that is a problem that will solve itself eventually.


Tom James is getting along in years and may well be interested in being acquired--if the entire firm is bought by a Euorpean bank selling the RJFS division to ING would be a logical idea.


I know so much more about how the pieces fit together than you do, you should shut up and listen.



Newbie you share some pretty interesting observations now and then, but you are so farking bombastic and post so much other drivel that it's hard to take your comments seriously enough to be able to separate the wheat from the chaff!

"That outfit that bought LPL" are actually TWO LBO firms, one of them being Texas Pacific Group.  They've claimed they are long-term strategic owners.  (Of course, they can say anything they want, kind of like when washed-out middle managers claim to have "retired" from "important positions".)

If they did decide to "re-sell" the firm, it would have to be with the approval of LPL management.  From what I understand they still have a majority on the board.

If ING DID buy LPL, in your scenario, they'd be well-served to leave the back-office systems alone, since LPL's are head and shoulders above the others.  Too-the part I don't expect you to understand given your wire-house bureaucrat background-they would have to be VERY careful in the "takeover process" with what they changed, because every single one of LPL's 8000 advisors are under contracts which acknowledge that the ADVISER owns the client base, and can be terminated on 30 days notice.

Isn't Raymond James already publicly traded?  So while Tom James might lead an effort to sell the company ultimately it would have to be satisfactory to a majority of the shareholders.

So ING is the sole buyer and 800 lb gorilla out there?  What about AIG?

You silly old man you keep shuffling chess pieces around on that little board in your head and thinking you have it all figured out!!!