Stifel Financial

The firm's bottom line took a one-time hit from legal expenses even as it recruited advisors and added to its assets.

In the second quarter of 2023, Stifel's profits were down from last year — except for its Global Wealth Management unit, which saw record growth.

J.D. Power's latest study used a different scaling method that brought down scores across the industry among 15 major firms examined in the firm's annual poll.

Despite an earnings miss, the regional wealth firm said it was well-positioned to grow and retain customer cash, and made a pitch for advisors at less stable firms to hop aboard.

Stifel Independent Advisors grew its advisor headcount 12% and AUM over 70% last year. Its CEO says firms have a major blind spot when supporting independent advisor growth.

The firm is undervalued by the stock market when compared to "two high-quality peers" in Raymond James and Morgan Stanley, its CEO said.

Despite a 21% fall in profits, the Saint Louis-based brokerage pulled in new advisors in both employee and independent channels as its wealth revenue continues to climb.

At 88 years old, Stephen Straus still went to work to serve clients every day “not because he had to, but because he wanted to,” the company’s CEO said.

In J.D. Power's annual survey, a significant portion of wirehouse and independent representatives said they're considering a move to another firm.

The headwind from equity volatility offset much of the increased business, but CEO Ron Kruszewski is bullish about rising interest rates.