Stifel Financial reported that it completed the sale of its independent brokerage unit during the first quarter, generating nearly $50 million in revenue, according to the company's earnings report. As previously reported by AdvisorHub, Equitable Advisors agreed to acquire the unit, which included approximately 110 advisors overseeing $9 billion in client assets. The divested business represented a small portion of Stifel's overall platform, accounting for about 5 percent of its advisor headcount and less than 2 percent of total client assets.
The firm's broader wealth management division continued to expand, as reported by AdvisorHub. Stifel reported a 2 percent year-over-year increase in income to $330 million, alongside a 10 percent rise in revenue to $932 million. Total client assets reached $539 trillion, reflecting an 11 percent increase. Fee-based assets also grew meaningfully, rising 16 percent to $219.9 billion, including $4.2 billion tied to the independent unit prior to its sale.
AdvisorHub reports that Stifel also emphasized its ongoing recruiting efforts. Over the past year, the firm added advisors with combined production of $80 million, though leadership acknowledged challenges in a competitive hiring environment where transition packages have reached elevated levels.
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