Stifel Financial has decided to exit the independent brokerage business. AdvisorHub reports that the firm will transfer its Stifel Independent Advisors (SIA) unit to Equitable Advisors, according to a source familiar with the deal.

The SIA division comprises roughly 120 advisors, representing about 5 percent of Stifel's 2,300-member sales force, according to filings with the Securities and Exchange Commission. AdvisorHub reports that details of the arrangement remain unclear, including whether the transaction is structured as an acquisition or as an exclusive recruiting agreement.

Equitable Advisors reportedly is offering select advisors retention packages valued at approximately 35 percent of their trailing 12 month commissions and fees (T-12). According to AdvisorHub, this is a figure lower than the more aggressive offers of 100 basis points made by some independent competitors seeking to expand their footprint.

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.