Stifel To Refocus Century Securities Subsidiary

Rhea-AI Summary

Stifel Financial Corp. (NYSE: SF) has announced a rebranding of its subsidiary, Century Security Associates, Inc., to Stifel Independent Advisors. Alex David has been appointed as President and CEO of the newly named independent contractor broker-dealer. This strategic shift aims to enhance Stifel's appeal to independent advisors, capitalizing on its longstanding experience in the independent advisory sector. David, previously at Wells Fargo Advisors, brings over 13 years of industry expertise, focusing on financial advisor recruitment and development.

Positive

• Rebranding aims to attract independent advisors, potentially increasing client base.
• Alex David's extensive experience in the advisory sector expected to drive growth.

Negative

• None.

Announces Rebranding to Stifel Independent Advisors, Names Alex David President and CEO

ST. LOUIS, March 16, 2021 (GLOBE NEWSWIRE) -- Stifel Financial Corp. (NYSE: SF) today announced plans to rebrand its Century Security Associates, Inc. subsidiary to Stifel Independent Advisors and has hired industry veteran Alex David to serve as President and CEO of the independent contractor broker-dealer.

“While Stifel has proven to be a compelling and attractive option for traditional advisors, we have surveyed the competitive landscape, and it’s clear we are just as compelling an option for independent advisors,” said Ron Kruszewski, Chairman and CEO of Stifel.  “Through our long established independent subsidiary, Stifel has served independent advisors for 30 years. We already offer the products, services, technology, and support to help independent advisors better serve their clients and grow their careers.  Until now, we simply have not emphasized this channel. This is about to change. With the addition of Alex David and the plans to rebrand our independent channel as ‘Stifel Independent Advisors,’ we expect to see significant growth as we become the premier destination for advisors seeking to go independent.”

“We’re excited to welcome Alex to the Stifel family,” added Jim Zemlyak, Co-President of Stifel. “As we refocus on our independent channel, we believe we will greatly benefit not only from his outstanding management and recruiting background, but also from his extensive experience in developing diversity and inclusion programs as a senior leader of the firm.”

David joins Stifel after spending 13 years at Wells Fargo Advisors, where he was Head of Branch Development and Marketing for the firm’s independent brokerage arm, Wells Fargo Advisors Financial Network (FiNet).   In this role, he guided FiNet’s business development and market strategy and led a team responsible for recruiting, consulting, coaching, and managing independent financial advisors.   Prior to that, as Managing Director from 2008-2014, he helped bring in more than $55 billion in assets through recruiting and M&A activity.

Earlier in his career, David was as an institutional wholesaler with Lord Abbett, Federated Investors, and OppenheimerFunds. He has worked on a number of financial services industry initiatives in Washington, D.C., including representing Wells Fargo on Capitol Hill regarding the tax status of 1099 independent contractors.   He holds doctorates in economics and marketing and a master’s degree in international economics from the Lubin School of Business at Pace University.

“I could not be more excited about the opportunity to make Stifel Independent Advisors the premier destination for the industry’s best financial advisors,” said David. “We believe we will attract and retain advisors that value the breadth and depth of a well-capitalized full-service platform combined with true flexibility of an independent offering.”

Stifel Company Information

Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri, that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel’s broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated, including its Eaton Partners business division; Keefe, Bruyette & Woods, Inc.; Miller Buckfire & Co., LLC; and Century Securities Associates, Inc.; and in the United Kingdom and Europe through Stifel Nicolaus Europe Limited. The Company’s broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities. Stifel Bank and Stifel Bank & Trust offer a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. and Stifel Trust Company Delaware, N.A. offer trust and related services. To learn more about Stifel, please visit the Company’s website at www.stifel.com.

For further information,
Neil Shapiro, (212) 271-3447
shapiron@stifel.com

Joel Jeffrey, (212) 271-3610
investorrelations@stifel.com        

FAQ

What is the stock symbol for Stifel Financial Corp?

The stock symbol for Stifel Financial Corp is SF.

Who is Alex David in relation to Stifel Financial Corp?

Alex David has been named President and CEO of Stifel Independent Advisors.

What changes are being made to Stifel's subsidiary?

Stifel is rebranding Century Security Associates, Inc. to Stifel Independent Advisors.

When was the rebranding of Century Security Associates announced?

The rebranding was announced on March 16, 2021.

What is the purpose of the rebranding to Stifel Independent Advisors?

The rebranding aims to enhance Stifel's appeal to independent financial advisors.