According to CEO Ron Kruszewski, Stifel Financial has reaffirmed its commitment to the employee channel as the cornerstone of its wealth management division.

Despite having refocused on its independent brokerage channel three years ago, the company's leadership emphasizes that there is no specific drive to prioritize the growth of the independent channel relative to the employee channel. According to AdvisorHub, Kruszewski acknowledged the independent channel's value as a viable alternative to the employee segment but underscored that the company has tailored its operations to the employee model over the last 25 years.

Stifel's independent brokerage unit received renewed attention in March 2021 when the company revamped and rebranded the unit to attract veteran teams departing from employee firms. Kruszewski has consistently viewed independent brokerage as less profitable for Stifel.

Despite this, Stifel recognizes recruiting as a significant driver of the firm's growth. The company notes that around half of its net new assets result from hiring efforts, with the remaining half originating from its existing sales force. The strategic emphasis on the employee channel aligns with Stifel's long-term vision and profitability goals.

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