Stifel Financial Corp. added 46 new advisors with estimated annual production of $36 million while registering only three departures in the second quarter of the year, the St. Louis-based company reported on Tuesday.
Meanwhile, year-to-date the company has recruited 80 financial advisers, chairman and CEO Ron Kruszewski said on the company’s earnings call. He explained that the migration of advisors to his firm spoke to “our investment in our platform and what we’re doing across the digital platform, especially with investments and aggregation and mobile banking…where you see the advisor, in many ways, being marginalized across some of these larger platforms.”
Most of Stifel’s recruits are on the fee-based side of the business, he added.
Like many of its larger peers, the company ended the quarter with record client assets ($305 billion) and record fee-based assets ($104 billion).
Asset management and service fees also registered a record $211 million, up 8% over the first quarter.
Jim Marischen, the company’s CFO, said on the call that the wealth management business posted quarterly net revenue of $532 million, up 7% year over year.