Here are 1-3 brief analogies for Stifel Financial (SF):

• Think of it as a Morgan Stanley for individual investors and mid-sized companies.
• It's like a Goldman Sachs specializing in wealth management and advising growth companies.

• Global Wealth Management: Provides financial planning, investment advisory, and brokerage services to individual investors.
• Investment Banking: Offers merger and acquisition (M&A) advisory, and equity and debt underwriting services to corporate and institutional clients.
• Institutional Sales & Trading: Facilitates the execution of securities transactions (equities, fixed income) and provides proprietary research for institutional investors.
• Asset Management: Manages investment portfolios for institutional and high-net-worth clients through various investment strategies and products.

Stifel Financial (SF) - Major Customers

Stifel Financial primarily sells to individuals through its Global Wealth Management segment, which generates the largest portion of its net revenues. While Stifel also serves corporations, institutional investors, and municipalities through its Institutional Group (which includes investment banking, sales & trading, and research), its core customer base by revenue generation is individual investors.

The categories of individual customers Stifel serves include:

• High-Net-Worth and Ultra-High-Net-Worth Individuals and Families: These clients typically seek comprehensive wealth management services, including personalized investment strategies, advanced financial planning, estate planning, philanthropic advisory, and specialized lending solutions, often with complex financial needs.
• Mass Affluent and Retail Investors: This group consists of individuals who utilize Stifel for brokerage services, retirement planning, mutual funds, annuities, and general investment advice to help them achieve their financial goals.
• Small Business Owners and Entrepreneurs: Individuals who often require integrated wealth management solutions that address both their personal financial goals and the specific needs of their businesses, such as qualified retirement plans, executive compensation plans, and business succession planning.

• Bloomberg L.P.
• London Stock Exchange Group plc (LSEG.L)
• FactSet Research Systems Inc. (FDS)
• Microsoft Corporation (MSFT)
• Amazon.com, Inc. (AMZN)

Ronald J. Kruszewski, Chairman and Chief Executive Officer

Ronald J. Kruszewski is the Chairman of the Board and Chief Executive Officer of Stifel Financial Corp. He joined Stifel as Chief Executive Officer in 1997 and was named Chairman in 2001. Before joining Stifel, Mr. Kruszewski served as Managing Director and Chief Financial Officer of Baird Financial Corporation and Managing Director of Robert W. Baird & Co. Incorporated from 1993 to September 1997. Earlier in his career, he was a Certified Public Accountant and audit supervisor for KPMG. He also worked for Illinois Company Investment as a Senior Vice President and Chief Financial Officer, and this company was later sold to Household Finance. He holds a degree in Accounting and Finance from Indiana University Bloomington.

James M. Marischen, Chief Financial Officer

James M. Marischen was named Chief Financial Officer of Stifel Financial Corp. in August 2018. From 2015 to 2018, he served as the firm's Chief Accounting Officer and Chief Risk Officer. Prior to these roles, Mr. Marischen served as Chief Financial Officer and Executive Vice President of Stifel Bank & Trust from 2008 to 2015. Before joining Stifel in 2008, he worked in public accounting at KPMG LLP. He earned a Bachelor of Science in Accounting and a Master of Accountancy from Truman State University.

James M. Zemlyak, President

James M. Zemlyak is the President of Stifel Financial Corp. and head of Global Wealth Management. He joined the firm in 1999 as Chief Financial Officer and was named Co-President in 2014, serving as CFO until August 2018. He has also served as Chief Operating Officer of Stifel, Nicolaus & Company, Incorporated since August 2002. Prior to joining Stifel, Mr. Zemlyak served as Managing Director and Chief Financial Officer of Baird Financial Corporation from 1997 to 1999 and Senior Vice President and Chief Financial Officer of Robert W. Baird & Co. Incorporated from 1994 to 1999.

David D. Sliney, Chief Operating Officer

David D. Sliney serves as the Chief Operating Officer and Senior Vice President at Stifel Financial Corp. He is responsible for oversight of technology, operations, and platform development. Mr. Sliney joined Stifel in 1992 and has held various positions, including fixed income trader, equity syndicate, and Senior Vice President of Strategic Planning, Technology, and Operations from 2003 to 2018. He holds a Bachelor of Science in Economics from Boston College and an MBA in Finance and Operations from Northwestern University.

Mark P. Fisher, Senior Vice President, General Counsel, and Corporate Secretary

Mark P. Fisher is the General Counsel of Stifel Financial Corp., responsible for the firm's legal, compliance, and internal audit functions. He joined Stifel in 2010 following its acquisition of Thomas Weisel Partners, where he served as General Counsel and Corporate Secretary. Before that, Mr. Fisher was an associate at Sullivan & Cromwell LLP in New York. He earned an A.B. from Stanford University, a Ph.D. in Economics from the University of Chicago, and a J.D. from Harvard Law School.

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Stifel Financial Corp. (SF) operates as a diversified financial services company offering a range of products and services, primarily in wealth management, investment banking, and institutional services.

Main Products and Services with Addressable Market Sizes:

• Global Wealth Management: Stifel's Global Wealth Management segment provides financial advisory, investment advisory, asset management, and banking and lending services to individual investors.
  • Market Size: As of November 30, 2024, Stifel reported total client assets under management (AUM) of $514 billion globally. This figure represents Stifel's managed assets and not the total addressable market. The global wealth management market size was approximately $297.4 trillion in 2023.
• Investment Banking: Stifel offers comprehensive investment banking services including mergers and acquisitions (M&A) advisory, equity and debt capital raising, and public offerings.
  • Market Size: Stifel's Investment Banking revenues totaled $973 million in 2024. The global investment banking market size was estimated at $121.2 billion in 2023.
• Institutional Equities: This segment includes equity sales and trading, and equity research, with a strong focus on U.S. small and mid-cap companies, and a global presence across the U.S., UK, Europe, and Canada.
  • Market Size: Stifel's institutional sales and trading businesses posted revenues of $608 million in 2024, which includes both equities and fixed income. For context, in 2021, Stifel's global equity trading team executed over 7.3 billion shares in the U.S., over 1.8 billion shares in Canada, and over $41 billion in value in the UK/Europe. The global equity market capitalization was approximately $111.4 trillion in 2023.
• Fixed Income: Stifel's Fixed Income Capital Markets provides services including sales and trading, research, and public finance across North America, Europe, and Asia. Its Public Finance department is a significant underwriter of municipal bonds in the U.S.
  • Market Size: Stifel's Fixed Income transactional revenue was $393 million in 2024. Stifel handles approximately 15% of negotiated municipal bond issues in the United States. The U.S. municipal bond market had an outstanding volume of approximately $4.0 trillion in 2023.

Stifel Financial (SF) Expected Drivers of Future Revenue Growth

• Expansion of Wealth Management Franchise: Stifel anticipates significant growth within its Wealth Management segment, aiming to increase client assets towards a target of $1 trillion. This growth is fueled by the continuous recruitment of financial advisors, with 100 advisors recruited in 2024 alone, and organic growth from net new assets, alongside market appreciation. The company's focus on its core employee-channel advisory business is expected to strengthen this segment.
• Increased Investment Banking Activity: The Institutional Group is projected to be a major contributor to revenue growth, benefiting from increased investment banking activity. This includes higher capital raising revenues in both equity and fixed income, as well as growth in advisory services, such as M&A. Stifel reported a 66% increase in investment banking revenue in Q3 2024, with capital raising more than doubling and advisory revenue increasing 41%. Strong investment banking pipelines are also noted.
• Growth in Net Interest Income (NII): Stifel expects continued growth in net interest income, driven by balance sheet expansion and increasing client cash levels, particularly in sweep deposits. NII showed signs of bottoming out and increased by 4% in Q3 2024, reaching the high end of guidance. The company forecasts balance sheet growth of $3 billion to $4 billion in 2025.
• Favorable Market Conditions and Operational Efficiencies: Stifel anticipates further revenue growth and operational improvements as market conditions continue to normalize. The company is positioned to capitalize on these improving conditions, which are expected to enhance profitability and leverage its business model. Analysts also expect profit margins to climb due to anticipated benefits from adviser team additions and new productivity tools.
• Strategic Acquisitions: Stifel has a historical track record of growth through acquisitions, primarily adding brokerage operations. While the recent acquisition of Stifel Independent Advisors by Equitable suggests a focus on the employee-channel, this ongoing strategy of targeted acquisitions or divestitures can further strengthen its core businesses and contribute to revenue growth in the long term.

Share Repurchases

• Stifel Financial repurchased $144.097 million in shares in 2024.
• In 2022, the company's annual share buybacks totaled $105.831 million.
• During Q3 2025, Stifel repurchased $31.2 million of its common stock, and as of Q2 2025, approximately 8.2 million shares remained under its repurchase authorization.

Share Issuance

• Stifel Financial issued a $5,000 stock grant to approximately 4,200 employees in February 2022.

Outbound Investments

• In June 2025, Stifel Financial completed the acquisition of Bryan Garnier, a European investment bank specializing in the technology and healthcare sectors.
• During Q2 2025, Stifel completed the acquisition of B. Riley, which added approximately $90 million to goodwill and intangible assets.
• The company's net acquisitions/divestitures were -$112 million in 2023 and -$144 million in 2021.

Capital Expenditures

• Capital expenditures for Stifel Financial were -$66.04 million in the last 12 months (as of October 2025).