*
WHERE SUCCESS
MEETS SUCCESS
2 0 2 3 A N N U A L R E P O R T
Since 1997, Stifel’s mission has been defined by our innovative “Of Choice” strategy,
which has appeared in each of our Annual Reports. These time-tested guiding principles drive
everything we do and have helped us make Stifel the firm “WHERE SUCCESS MEETS SUCCESS.”
T
OICE
VESTMEN
OF C
H
IN
O
F
F
I
C
R
H
M
O
I
C
E
ADVISOR
OF CHOICE
W H E R E S U C C E S S
M E E T S S U C C E S S
TO OUR
ASSOCIATES:
current and future, our
commitment is to provide an
entrepreneurial environment
that encourages unconfined,
long-term thinking. We seek
to reward hard-working team
players that devote their
energy and attention to client
needs. At work, at home, and
in your communities, we seek
to be your Firm of Choice.
TO OUR
CLIENTS:
individual, institutional,
corporate, and municipal, our
commitment is to listen and
consistently deliver innovative
financial solutions. Putting the
welfare of clients and community
first, we strive to be the Advisor
of Choice in the industry. Pursuit
of excellence and a desire to
exceed clients’ expectations
are the values that empower our
Company to achieve this status.
TO OUR
SHAREHOLDERS:
small and large, our
commitment is to create
value and maximize your
return on investment through
all market cycles. By achieving
the status of Firm of Choice
for our professionals and
Advisor of Choice for our
clients, we are able to deliver
shareholder value as your
Investment of Choice.
ONE
F I N A N C I A L H I G H L I G H TS
OPERATING RESULTS:
in thousands, except per share amounts
2019
2020
2021
2022
2023
Total Revenues
Net Income Available to Common Shareholders
Earnings Per Diluted Share1
Non-GAAP Net Income2
Non-GAAP Earnings Per Diluted Share1,2
$3,514,961
$431,077
$3.66
$479,636
$4.07
$3,817,839
$476,211
$4.16
$522,847
$4.56
$4,783,086
$789,271
$6.66
$839,533
$7.08
$4,592,826
$624,874
$5.32
$675,071
$5.74
$5,159,280
$485,255
$4.28
$531,524
$4.68
FINANCIAL POSITION:
in thousands, except per share amounts
Total Assets
Shareholders’ Equity
Book Value Per Share1
2019
2020
2021
2022
2023
$24,610,255
$3,614,791
$32.24
$26,604,254
$4,238,766
$35.91
$34,049,715
$5,034,959
$41.63
$37,196,124
$5,328,471
$44.08
$37,727,460
$5,294,431
$45.61
1 Per share information adjusted for December 2020 three-for-two stock split.
2 Non-GAAP net income and non-GAAP earnings per diluted share represent GAAP net income and GAAP earnings per diluted share adjusted for acquisition-related
charges other than duplicative expenses.
TOTAL REVENUES
(In millions)
NON-GA AP NET INCOME
(In millions)
2
NON-GA AP EARNINGS
PER DILUTED SHARE
1,2
6,000
5,000
4,000
3,000
2,000
40,000
30,000
20,000
10,000
0
1,000
800
600
400
200
8.00
6.00
4.00
2.00
0
19
20
21
22
23
19
20
21
22
23
19
20
21
22
23
TOTAL ASSETS
(In millions)
SHAREHOLDERS’ EQUIT Y
(In millions)
BOOK VALUE PER SHARE
1
6,000
4,500
3,000
1,500
0
50.00
40.00
30.00
20.00
10.00
19
20
21
22
23
19
20
21
22
23
19
20
21
22
23
1
SHAREHOLDER
L E T T E R
Ronald J. Kruszewski
Chairman of the Board and Chief Executive Officer
The cover of this year’s Annual Report celebrates
Stifel being recognized as the No. 1 employee advisor
firm in the J.D. Power 2023 U.S. Financial Advisor
Satisfaction StudySM. Our top ranking across four
of the six study categories reflects our unwavering
commitment to delivering exceptional service to our
client-facing professionals. Stifel was also named
the 2023 U.S. Mid-Market Equity House of the Year
by International Financing Review, recognizing the
outstanding capital markets achievement of our
institutional business.
With this momentum, we’re setting our sights on a
transformative era for the firm, initially to double our
size by attaining $10 billion in annual revenue and
managing $1 trillion in client assets. Considering our
historic growth, we view these as modest goals and
merely milestones as we build the premier wealth
management firm and middle-market investment bank.
2023 marked Stifel’s third-highest year ever in
net revenues, at $4.35 billion, a testament to the
strength and diversification of our business model in
a challenging market environment. The results were
essentially in line with 2022 despite a significant
industry-wide slowdown in investment banking activity.
Stifel generated return on average tangible equity of
19% in 2023, and net earnings were $532 million on a
non-GAAP basis, or $4.68 per share. In addition, we
increased our book value by 4% and our tangible
book value by 2%.
With respect to capital deployment, we returned
approximately $650 million to shareholders
2
through the repurchase of 7.2 million shares totaling
approximately $440 million and approximately $210
million in common and preferred dividends.
Underscoring our confidence in executing our long-
term plan, our Board authorized a 17% increase in
our annual dividend on common shares from $1.44
to $1.68 per share. Stifel is a growth company, and
we will continue to reinvest in our business, as it has
been instrumental in our long history of consistent
profitable growth.
Turning to Global Wealth Management, this
segment reported record net revenues of $3.0 billion
for the year ended December 31, 2023, compared
with $2.8 billion in 2022. Pre-tax income was $1.2
billion compared with $1.1 billion in 2022. In the
year, we recruited 171 financial advisors, including 76
experienced employee advisors and nine experienced
independent advisors, with total trailing 12-month
production of approximately $70 million. Net interest
income was up 24% from the prior year, primarily
driven by higher interest rates. Noteworthy is the fact
that net interest is up more than 760% since 2015 as
our strategy to grow our balance sheet, coupled with
a prudent interest and credit philosophy, has enabled
Stifel to benefit on the increase in short-term rates
over the past two years, and provide stability to
our profitability.
202 3 R ES U LTS
(in thousands, except per share amounts)
TOTAL FIRM
Total Revenues
Non-GAAP Net Income
Non-GAAP EPS
2023
%
$5,159,280
531,524
4.68
GLOBAL WEALTH MANAGEMENT
Net Revenues
Contribution
AUM
$3,049,962
1,215,822
444,318,000
INSTITUTIONAL GROUP
Equity Net Revenues
$709,286
Fixed Income Net Revenues
517,031
Net Revenues
Contribution
1,226,317
2,100
INSTITUTIONAL TRADING
12
(21)
(19)
8
14
14
(24)
(14)
(20)
(99)
Equity
Fixed Income
Total
INVESTMENT BANKING
Equity
Fixed Income
Total
Capital Raising
Advisory
$201,413
308,393
509,806
0
(17)
(11)
$514,310
216,945
731,255
265,667
465,588
(31)
(4)
(25)
3
(35)
Switching to the Institutional Group, market
uncertainty led to an extremely difficult year across
the industry. Our institutional businesses reported
net revenues of $1.2 billion for the year ended
December 31, 2023, compared with $1.5 billion in
2022 and over $2.2 billion in 2021. Despite the
significant decline in market activity and, as a result,
our decline in revenue, this business essentially
broke even on a pre-tax basis. Again, to illustrate
the relative time periods, our institutional business
contributed pre-tax income of approximately $559
million in 2021 and $254 million in 2022. With debt
and equity markets largely challenged for much of the
year, investment banking revenues decreased 25%
from the prior year. Equity transactional revenues
were relatively flat year over year, while Fixed Income
transactional revenues decreased 17% from the
previous year. Yet, we believe that market activity is
poised to rebound, maybe significantly, and we
are well positioned to benefit.
One Stifel. We have described 2024 as
a transition year, as markets begin to
normalize and we position ourselves
for the next era of profitable growth at
Stifel. Over the past 27 years, Stifel has
gone from a small regional brokerage
with a little over $100 million in annual
revenue and a market capitalization of
$50 million, into a premier global wealth
management firm and middle-market
investment bank with approximately
$5 billion of revenue and $8 billion in
market capitalization. Now, it’s time to
aim even higher.
For Stifel to
be its best,
we must think
of all our
offerings and
capabilities,
across all our
brands, as one.
stronger for the individual cultures, traditions,
and integrity of our client-facing brands,
including KBW, 1919 Investment Counsel,
Eaton Partners, and Miller Buckfire – yet
we must avoid the creation of bureaucratic
silos. We are all part of one firm. Stifel has
one stock. We pay one dividend, we report
results as one business, and we have tried
to ensure that everyone has ownership in
that one company – Stifel. When we talk to
clients, we must talk about the full firm and
all its capabilities, because our success is
measured as a whole.
To achieve this next level of growth, we have
developed a vision for “One Stifel.” For Stifel
to be its best, we must think of all our offerings and
capabilities, across all our brands, as one. A client may
get a loan from one brand; it may engage another for
restructuring services, funding local infrastructure, or
taking a road show abroad. Without question, Stifel is
“One Stifel” joins “Where Success Meets
Success” as mantras, reflecting Stifel’s growth
into a singular hub for success-minded people.
When successful entrepreneurs seek out a place
that reflects their own drive and values – as clients,
associates, or investors – they will feel at home at
Stifel. They will experience it as a consistent network
for success, across all our brands and offerings.
3
S H A R E H O L D E R
L E T T E R
Our foundational “Of Choice” business plan remains
unchanged, as it has for the 27 years since I joined
Stifel as CEO. As always, the thought process behind
that plan starts with our clients. How can we best meet
the needs of a diverse and growing set of investors,
companies, and institutions? The answer is simple,
but not easy: attract the best people to work with us.
To become the Advisor of Choice for clients, we need
to be the Firm of Choice for associates. If we achieve
that, the stock price will take care of itself, and we will
naturally be an Investment of Choice for investors. This
simple, self-reinforcing cycle was the foundation of our
“Of Choice” business plan from the beginning, and it
has remained the core of our philosophy and culture
ever since.
As evidenced by our remarkable growth, Stifel is not
a place that risks either complacency or bureaucracy
or accepts the status quo. Much of our success can
be attributed to two main factors: the quality of
our people and our willingness to adapt, constantly
thinking like a growth company even though our
history dates to 1890. Opportunities will always
exist here for colleagues who want to grow, learn,
and lead – and for newcomers who provide fresh
perspective.
We are One Stifel, Of Choice, and Where Success
Meets Success.
4
Reflecting on the economy for a moment, the
Federal Reserve finds itself in a precarious position,
navigating the tightrope between controlling inflation
and preventing recession. Not an easy task. The
Fed’s unprecedented series of rate hikes in 2022 was
successful at slowing the inflation that reached 40-year
highs. However, like a petulant child that wants an extra
serving of ice cream, the market has numerous reasons
to justify the Fed to begin a cycle of rate reductions,
chief among them a desire to achieve a soft economic
landing. However, like a diligent and thoughtful parent,
the Fed should recognize that reducing rates now, like
that extra scoop of ice cream, is both unnecessary and
risky for the economy. We believe that inflation will
prove sticky and cutting rates too soon may reignite
inflationary pressures, undoing the progress made
so far. Simply, ensuring that inflation is at or near the
Fed’s stated target of 2% is more important than trying
to ensure a soft landing. The Fed has plenty of rate
flexibility if the economy slows significantly and, in our
opinion, should not attempt preemptive rate cuts at the
risk of invigorating inflation.
There’s no question that artificial intelligence (AI)
is going to disrupt a wide range of industries. We
are enthusiastic about AI’s potential to improve how we
serve clients and operate as a firm. Just as personal
computers revolutionized the way professionals worked
in the early 1980s, AI will be a massive lever for those
who know how to use it. With its ability to analyze vast
amounts of data and make intelligent decisions,
AI can automate routine tasks, freeing up valuable time
for individuals to focus on more complex and creative
endeavors. AI-powered tools, such as virtual assistants
and chatbots, can handle administrative and repetitive
tasks, allowing individuals to prioritize strategic thinking
and problem-solving.
What will this mean for workers and businesses? As
an extremely powerful productivity tool, AI will allow,
for illustration, two weeks of historical productivity to
be accomplished in one. A debate exists as to whether
this should lead to a shorter workweek, or whether it
will simply replace human labor. The fact is that, in a
competitive environment, the entrepreneurs who use
these tools to the fullest will simply out-compete those
who use them to scale back the time spent at work.
As for replacing human labor, well, I don’t believe
many jobs will be lost directly to AI, but they may
be lost to someone who knows how to use AI to
enhance their productivity. AI excels at specific tasks
and data analysis, but it currently lacks the general
intelligence, creativity, adaptability, and especially
the emotional quotient that defines human cognition.
While advancements in AI are undeniably impressive,
achieving human-level intelligence by the end of 2025,
as some predict, remains highly speculative, not least
because the level of human intelligence is a moving
target. Our own ability rises with the availability of
new tools and techniques, including AI-based ones.
I’m still betting on people using the technology over
the technology alone. Time will tell.
The world order is in flux. From ongoing conflict in
the Middle East and the heartbreaking war in Ukraine,
to the rise of terrorism and heightened geopolitical
tensions, particularly with China, the year has shown
that the world is increasingly fraught.
In the sweep of history, the relative peace and
economic prosperity experienced since 1945 is
unprecedented. The world order over the last 80
years, defined by the emergence of global trade and
democracy, has been catalyzed by the United States’
trade policies and undergirded by its promise of
security and stability. This arrangement has, without
a doubt, been a net benefit to the United States.
The collapse of the Soviet Union – more an economic
phenomenon than a military one – left the United
States as the dominant economic power and owner
of the reserve currency of the world.
Today, several factors challenge this world order as
it has existed for nearly eight decades. First is the
emergence of China as a major economic and military
rival. While the Soviet Union was, and Russia still is,
a military rival, it never matched the U.S. in economic
terms. China, with potential allies including Russia
and Iran, would like nothing more than to undermine
the U.S.-led world order in all dimensions. Second,
to me, is the diminished resolve of the U.S. to provide
security to our allies, or to thwart aggression. Look no
further than the current debate surrounding economic
aid to Ukraine. To back away from our traditional role
defending freedom and free trade invites Chinese
aggression, potentially against Taiwan. Again, our way
of life and economic prosperity is rooted in the post-
World War II world order. We must protect this position.
Amid these uncertainties, we must not lose sight
of the tremendous success story of the free market
system. Free markets, underpinned by transparency,
competition, legal frameworks, and individual initiative,
have demonstrably lifted millions out of poverty and
fueled innovation across the globe. They empower
individuals to pursue their aspirations and create a
better life for themselves and their families. While not
without its imperfections, the free market system has
proven to be the most effective engine of economic
growth and human progress in history. As we navigate
this evolving world order, Stifel remains committed to
upholding the principles of free markets and advocating
for policies that promote global economic collaboration
and opportunity.
Looking forward, while challenges and uncertainty
are omnipresent, these same factors are the seeds of
opportunity. Stifel is well positioned to continue to
grow and exploit opportunity wherever it may arise,
and our entrepreneurial spirt and culture provide an
ability to continually adapt. We are excited about our
next milestones for growth and are confident in our
ability to deliver for our shareholders, associates,
and community.
As always, we sincerely thank our shareholders
and clients for their support, as well as our nearly
10,000 associates for their commitment to excellence
and success.
Ronald J. Kruszewski
Chairman of the Board and Chief Executive Officer
April 2024
5
YEAR IN
R E V I E W
Net revenues of
$4.35 billion,
the third highest
annual total in
Company history
Non-GAAP
net income
available to common
shareholders of
$4.68
per share
Non-GAAP
return on
tangible common
equity of
18.7%
Non-GAAP
pre-tax
margin
of 19.2%
For the year ended December 31, 2023, the Company reported net income
available to common shareholders of $485.3 million, or $4.28 per diluted
common share, on net revenues of $4.35 billion. Non-GAAP net income
available to common shareholders totaled $531.5 million, or $4.68 per
diluted common share. Stifel generated return on tangible common equity
of 18.7% on a non-GAAP basis.
A clear benefit of our strong financial metrics is the generation of significant
cash flow. In 2023, Stifel returned approximately $650 million to shareholders
by repurchasing $440 million in common stock, and paying common and
preferred dividends of approximately $210 million.
In addition, given our outlook for 2023, the increased reach and breadth of our
business, and our ability to generate significant excess capital after continued
and anticipated investments in our franchise, we announced a 17% increase
to our annual common dividend to $1.68 per share from $1.44 per share.
G LO B A L W E A LT H M A N AG E M E N T
Our Global Wealth Management segment continues to drive the firm’s
long-term growth. The segment marked its 21st consecutive year of record
net revenue in 2023 with $3.0 billion.
In 2023, Stifel
returned approximately
$650
million
to shareholders
17%
increase
to our annual
common dividend
6
Financial advisor recruiting played a key role in our success. We added 171 advisors
in 2023 – a 28% increase over 2022 – with total 12-month trailing production of
$69 million. Stifel is now home to nearly 2,400 financial advisors in more than
400 locations across the U.S.
This level of growth has been the result of our strategy to recruit high-quality advisors
and provide them with extraordinary service. In this effort, we have continually
invested in resources, support, and technology to reduce bureaucracy and enable
our advisors to thrive.
This strategy was further validated by our No. 1 ranking in the employee advisor
segment of the J.D. Power 2023 U.S. Financial Advisor Satisfaction StudySM. In addition
to finishing No. 1 overall, Stifel ranked No. 1 in four individual categories: leadership
and culture, products and marketing, operational support, and compensation. The
survey results were based on responses from Stifel advisors themselves, reflecting the
pride and confidence they have in Stifel as their Firm of Choice.
Our commitment to advisor growth goes hand in hand with a strategic shift to
improved fee-based offerings, providing increased stability and predictability for our
business. This focus is paying off: recurring revenue reached 78% for the year and a
remarkable jump from 44% just ten years ago. Firmwide, asset management revenues
increased 3% to a record $1.3 billion, reflecting higher asset values.
Our strong net interest income growth was also a driver of success for Global Wealth
Management, increasing 24% to a record $1.2 billion. This performance placed Stifel’s
combined banks 8th out of 173 peers in expanding net interest margin over the last
two years.
In a year that saw major shifts in banking, Stifel’s banks benefitted from our diversified
model and financial strength, enabling us to pursue multiple growth opportunities.
Stifel Bancorp ended the year with $30 billion in assets while maintaining its
conservative risk profile, and expanding its role supporting our wealth management
and investment banking platforms. Like the rest of Stifel, our banks are extraordinarily
diversified with multiple specialized cash management, lending, and trust capabilities.
In 2023, over 80% of Stifel clients’ cash was in FDIC-insured products, and the average
term in our investment bond portfolio was less than 1.5 years.
Managing cash in a rising rate environment is important to Stifel clients, and we were
ready with Stifel Smart Rate, a high-yield cash savings product. The new Stifel ONE
cash management and credit card platforms help clients manage cash flow easily and
conveniently in Stifel Wealth Tracker.
We expanded our venture and fund banking practice this year with strategic hires
on the West Coast and across the country. This once again illustrates our strategy
of taking advantage of market disruptions to make opportunistic hires that enhance
our long-term growth.
Global Wealth
Management achieved
record net revenue of
$3 billion
in 2023
Stifel added
171 advisors with
total 12-month
trailing production of
$69 million
Net interest
income increased
24% to a record
$1.2 billion
Asset
management
revenues increased
3% to a record
$1.3 billion
Stifel Trust Services grew this year to $6 billion in assets under administration, up from $5.5 billion in 2022,
driven by an increase in our specialized trust services offerings and exponential growth in the number of
clients naming Stifel Trust as successor trustee in their estate plans.
In 2023, 3,200 nonprofit organizations received $27 million in grants from Stifel clients through the use
of Stifel’s Donor-Advised and Legacy Funds, facilitating charitable donations.
7
market share in U.S. transactional volume in both
high- and low-touch trading.
We also remain one of the largest and most respected
providers of equity research coverage in North America
and Europe. In its 2023 All-America Survey, Institutional
Investor honored five individual analysts and nine teams
across the Stifel and KBW equities platform, covering
research, sales, trading, and corporate access.
Fixed Income transactional revenue totaled $308
million as our rates business began to rebound from
the weakness tied to bank failures, higher interest rates,
and an inverted yield curve.
Stifel Fixed Income Capital Markets ranked as the No. 1
non-bulge bracket firm in Institutional Investor’s 2023
All-America Survey. And we completed the acquisition
of Sierra Pacific Securities, an algorithmic trading-focused
fixed income market-making firm.
And, once again, our Public Finance group was the nation’s
leading municipal bond underwriter, finishing the year with
a market share in number of negotiated transactions
of 14.7%. Simply put, Stifel is invested in the infrastructure
of America. We are committed to helping states,
municipalities, schools, hospitals, and more with
their capital needs.
Y E A R I N
R E V I E W
I N S T I T U T I O N A L G R O U P
Faced with a number of significant external headwinds,
including tighter monetary policy, economic and
geopolitical uncertainty, and the resulting market
volatility, our Institutional Group achieved revenues
of $1.2 billion in 2023.
Investment Banking revenues totaled $715 million in
2023, up 5% from 2022. Within Investment Banking,
our advisory business recorded revenue of $466 million
while our capital-raising revenue, which was impacted
significantly by an industry-wide slowdown in capital
raising, totaled $249 million.
Once again, Stifel received extensive praise for its creativity
and resourcefulness in helping our clients navigate a
challenging environment. We were named U.S.
Middle-Market Equity House of the Year by International
Financing Review for the fifth time in the past 10 years.
Showcasing our global footprint, Stifel was also named an
Investment Banking Market Leader in Israel by Euromoney
for the second straight year.
In 2023, we made significant investments in the scale of
our business, which will position us to capitalize on the
anticipated rebound in advisory and capital-raising activity
when markets further stabilize. We continued to build our
leading Investment Banking franchise with the acquisition
and integration of Torreya Partners, a leading independent
M&A and private capital advisory firm serving the global
life sciences industry.
Our Institutional Sales and Trading businesses
posted revenues of $510 million in 2023.
That figure comprises $201 million in Equity
transactional revenue as we continue to gain
traction in our electronic offerings and see strong
engagement with our high-touch trading and
best-in-class research.
In the Equities business, our electronic trading
platform saw record activity in 2023, driven by
growth in algorithmic trading, and we increased
Fox Business anchor Maria Bartiromo interviews
Stifel Chairman and CEO Ron Kruszewski at the
World Economic Forum’s annual meeting in
Davos, Switzerland.
8
PRESIDENTS
L E T T E R
One Stifel. In his accompanying shareholder letter, Ron
describes the new initiative we have launched within the
company. As the leaders of our operating segments, we
understand the importance of breaking down any silos
that may exist within our segments but also across our
businesses. Last year in our Presidents Letter highlighting
Success Meeting Success, we said, “By embedding in our
culture the commitment to welcoming and integrating
new team members, we accomplish our goal of making
each new hire or business combination accretive to
our current associates, our new associates, and our
shareholders.” That Success Meeting Success mindset,
coupled with a vision of One Stifel, is of paramount
importance for us to achieve our stated goal of $10 billion
in annual revenue and $1 trillion in client assets. We
know our associates live and breathe it every day.
We have grown our business over the last decade, adding
capabilities to better serve individuals, corporations,
and municipalities alike while keeping the lines of
communication open across businesses. The willingness
to look beyond one’s own bottom line for the greater good
of the organization is something unique to Stifel. All with
an eye toward offering the best outcome to all of our
clients. Within our Global Wealth Management segment,
we have expanded our client offerings to include
products and capabilities gleaned through the addition
of colleagues from firms throughout Wall Street, some
of whom are highlighted on the coming pages. Within
the Institutional Group segment, we have increased our
relevancy with the integration of colleagues through our
recent combinations with Torreya Partners and Sierra
Pacific Securities as well as the hiring of those outstanding
professionals highlighted on the pages that follow.
The next natural evolution of this integration of efforts is
between our Global Wealth Management and Institutional
Group segments. We fielded, on average, nearly 100
actionable opportunities between the businesses over
the past several years. While impressive, we feel that
number does not reflect the breadth and depth of our
Victor J. Nesi
Co-President
James M. Zemlyak
Co-President
collective franchises. Whether it be an entrepreneur with
a Stifel Financial Advisor looking to sell their business,
a founder coming into wealth through an IPO needing
investment advice, or a venture banking client in need
of private capital, the One Stifel approach to our clients
will reinforce our practice of being agnostic internally –
what is best for our client will always be best for Stifel.
Not the other way around.
As we look to embed the One Stifel mindset across
business segments, we have tapped senior leaders to
take on roles in new business lines and further partner
with one another across divisions to identify and
capitalize on cross-organizational opportunities.
Our core businesses are strong, generating solid earnings
though a diverse revenue mix, with excellent prospects
for growth. As the operating environment continues
to improve, we believe Stifel is well positioned to gain
relevance to clients and take additional market share
from competitors. As we do each year, we want to thank
all of our associates for demonstrating an unwavering
commitment to our clients, to the firm, and to each other.
9
At Stifel, success is ingrained in our culture and our strategic plan. The stories that follow illustrate just a few of the many ways in which
we’ve become a firm “Where Success Meets Success” – one that attracts successful individuals and partners, recognizes up-and-coming
successes, helps others achieve success, and shares our success with others.
W K G R O U P
Dallas, Texas
Partners at a wirehouse firm for nearly a decade,
JR Koeijmans and Lance Whitworth built a highly
successful practice, entirely organically. They were
confident in their ability to achieve more. But the
bureaucracy and red tape of their previous firm was
holding them back.
“There were so many hindrances. We probably spent
25% of our time doing things that did not benefit our
clients in any way. It felt like we were fighting with one
arm tied behind our back. We wanted a place that
would help get us to 100% of our capabilities,” said
Koeijmans.
So the duo explored their options, from the wirehouses,
to regionals, to starting their own firm. They found
what they were looking for at Stifel and joined the
firm in 2019.
In five years at Stifel, they’ve grown their assets from
$150 million to more than $600 million, with a goal
of surpassing $1 billion.
“The support we’ve received from the top down has
been refreshing,” said Koeijmans. “We’ve gained
autonomy and are in better control of our practice –
we feel more like entrepreneurs here. We believe in the
people here, which gives us confidence in what we do
and how we can help our clients.”
Being at a firm where everything is built around the client
also meant no more cross-selling mandates from the bank.
“We spent so much time myopically focused on ‘counting
widgets’ – little things that didn’t help our clients and that
were detrimental to long-term growth. Here, I don’t have
to worry if I hit a certain metric or if I signed enough clients
up for credit cards each month,” said Whitworth.
And when it comes to banking, their mortgage lending
partner with Stifel Bank works as an extension of their team.
What they considered to be a liability at their previous firm
is now a strength.
10
Dylan Sellers, Kristen Low, Lance Whitworth, CMT®,
Nicole Reiter, and JR Koeijmans, CRPCTM
Stifel’s lack of bureaucracy has allowed them to focus on
what they do best.
Says Koeijmans, “There are only so many hours in the day –
we now have more time freed up to serve clients and win new
business. We may have grown our practice by three times,
but we’re not doing three times the work. The difference is
night and day.”
We just have more energy here. On Sundays,
I’m excited to start the week ahead. I used to
dread the headaches and hassles I’d face on
Monday. Stifel is a publicly traded company
that feels like a partnership.
Lance Whitworth
Senior Vice President/Investments
WHERE SUCCESS MEETS SUCCESS W H E R E S U CC E S S
M E E T S S U C C E S S
G LO B A L W E A LT H M A N AG E M E N T
RIDLEY AND HULL
WEALTH MANAGEMENT GROUP
Bowling Green, Kentucky
For the team of John Ridley, Derek Hull, and Drew Martin,
the thought of switching firms was a bit daunting.
After all, while they had worked for five different
firms – all legacy – they had never moved before
and didn’t know what to expect.
But within 60 days of moving to Stifel, the team had
transitioned more than 90% of its assets and reached
100% shortly thereafter. They credit Stifel’s experienced
transition team for making it possible.
“We knew the move was going to be substantial, having
been with the same legacy firm for more than 25 years,
but we felt confident due to the detailed step-by-step
process that the transition team laid out for us. It was
hard work, but the payoff was that we didn’t skip a beat
in terms of managing our client relationships,” said Hull.
The support they received extended beyond the transition
team to other Stifel branches. Shortly after their move
to Stifel, their client service associate of 20 years
decided to retire. But their colleagues in Stifel’s Nashville
branch – one hour away – stepped in to assist them
with transitioning their clients. Throughout the transition
process, individuals from three different Stifel offices came to help,
and the team maintains great relationships with them to this day.
Today, two and a half years later, they’re 25% above their previous
asset level and enjoying a better quality of life here at Stifel.
“We like to pride ourselves in operating effectively and efficiently.
Previously, we were so bogged down in administrative tasks that
didn’t allow us to be efficient. People here want to be as efficient
as possible to make us as effective as possible,” said Martin. “We
can look at introducing products like alternatives because weʼre not
dealing with bureaucracy that takes up too much of our time.”
“When you get a sincere commitment from the top of the house,
telling you, ‘We can do that’ or ‘Yes, we can!’ and it happens, you’re
not only grateful and enthused, you become even more dedicated
to do the best you can for the organization. Integrity, honesty, and a
sense of entrepreneurial ownership – that’s a formula for success in
any business,” said Ridley.
Linsay Tambling, Derek Hull, CFP®, Drew Martin, CRPC™,
John Ridley, AIF®, and Maria O’Neill
We’ve received a level of support
from management that we never
received before.
Derek Hull
Managing Director/Investments
It all starts with Ron (Kruszewski) and
Jim (Zemlyak) at the top. At Stifel, life is
more fun and full of client meetings, less
administratively focused. We can focus
on fit – working with clients that we
enjoy working with.
John Ridley
Managing Director/Investments
11
SIMMONS PRIVATE WEALTH GROUP
Frontenac, Missouri
By any measure, Natalea Simmons was a success. Over the span
of two decades at a wirehouse, she built a thriving practice
with well over $400 million in client assets.
Her passion to better serve families and grow her
business drove her to seek a people-first culture for
both her clients and her team.
Simmons cites Stifel’s “boutique feel” among her
reasons for joining the firm in the fall of 2023. It was
ultimately the personal connections and local
headquarters that convinced her it would be easier
to navigate challenges and make a greater impact for
clients by joining Stifel.
“We were seeking a firm more aligned with our values,”
said Simmons. “I grew up in small town where, at the
community bank, loans could be made on a handshake.
People knew each other and could get business done.
That’s what it feels like here.”
In just a few short months, Simmons already has
numerous examples of Stifel associates going above
and beyond to help her retain clients and win new ones.
For instance, there’s the support she received in working
to keep one particularly large account.
“I called (Stifel Co-President) Jim Zemlyak on a Saturday morning
to explain the situation. The client wanted to meet with top
management and only had time to do so on a specific day the
same week. On Monday morning, we had a full agenda prepared.
(Chief Investment Officer) Michael O’Keeffe flew to St. Louis, and we
had a full slate of executives meet with the client to share the Stifel
advantages. This extraordinary effort combined with the long-term
team relationship was the motivation he needed to move all his
accounts to Stifel. What other firm would do that?”
Stifel’s personal approach allows for more flexibility as well.
For instance, at her previous firm, Simmons was not allowed to
mention her CPA designation on her business cards or marketing
materials. Stifel gives her the ability to use this hard-earned
credential to help her stand out among her peers.
“My tax and accounting background is unique. Integrating tax
considerations into investment strategies and overall financial
12
Leslie Kollar, CPRCTM, Natalea Simmons Beaudean, CPWA®, CFP®, CIMA®, CPA,
and Emily Cuba, CFP®, CRPCTM
planning is a key differentiator in how our team serves the
needs of our clients. It’s a huge advantage to be able to
distinguish myself that way,” she says.
Resources are another area in which Stifel helps Simmons
stand out. Stifel’s financial planning and tax planning
capabilities, thought leadership content from Stifel’s CIO
Office, and support and advice from members of Stifel’s
Women’s Initiative Network are among the many resources
she’s already tapped into in her short time at the firm.
And she knows that’s just the tip of the iceberg.
Stifel is so much more entrepreneurial,
and decisions are made quickly. Here,
management is accessible and the focus is
on how the firm can support its advisors.
I’m excited to get out there, share the
Stifel story, and grow my business.
Natalea Simmons Beaudean
Managing Director/Investments
WHERE SUCCESS MEETS SUCCESS G LO B A L W E A LT H M A N AG E M E N T
VANSUCH WEALTH
MANAGEMENT GROUP
Canfield, Ohio
Despite a successful career as a top producer and
a market leader, twenty-five years at a wirehouse
were starting to take their toll on Steve VanSuch,
based in suburban Youngstown, Ohio.
VanSuch and his team knew they needed a firm
that cared as deeply about their clients as they
do, one that was committed to the wealth
management business and supporting its
financial advisors.
The solution? Making the move to Stifel in
September 2023.
“After the fact, I had a few clients tell me I sounded
happier, more energized,” VanSuch said.
To VanSuch, the biggest difference between Stifel
and his previous firm can be summed up in one
word: respect.
“We talk about the culture – it really is a much better culture
here. Whether you’re a client service associate, a branch
manager, a financial advisor at any level of production,
people are respected at Stifel. It starts at the top of the
organization on down.”
VanSuch has found that, at Stifel, respect manifests itself in
a number of ways.
For instance, there’s the outstanding tools that Stifel provides
its advisors, such as Addepar, MoneyGuide, Vestmark,
and Salesforce. Then there are the capabilities that are
already positively impacting VanSuch’s practice, like our
research, fixed income, and alternative investment teams,
that truly differentiate Stifel from other firms.
“I appreciate that Stifel has gone out and brought in the best
in the industry. It truly is a ‘best-in-class’ type firm.”
Then there’s the fact that while Stifel offers a full range of
banking and lending products, it doesn’t force its advisors
to push them on their clients.
“Previously, comp felt like death by a thousand cuts if you
weren’t cross-selling. Within just a week being here, it felt like
a tremendous weight had been lifted from our shoulders since
we weren’t forced to sell banking products. We no longer have
to worry about someone breathing down our neck.”
Ashley Szanny, Brian Austalosh, Stephen VanSuch, CFP®, CPFATM ,
and Amy Rondinelli
He cites the motto of his favorite football team, the Pittsburgh
Steelers – “The standard is the standard.” It’s a reflection of
the commitment to excellence that both Stifel and VanSuch’s
team shares.
“Stifel very much wants to support our growth. We were
looking to better serve our clients by expanding our team,
which we couldn’t do it at our previous firm because of a
hiring freeze, but Stifel made it happen for us. There’s a true
partnership mentality here at Stifel.”
VanSuch and his team also experience that respect in simple
ways from associates across the firm.
In dealing with our home office associates,
there’s always a willingness to help. You
can literally just pick up the phone and talk
to people who are smart and very accessible.
That’s not something you find at every firm.
It really is a big deal.
People are just nicer here.
Stephen VanSuch
Managing Director/Investments | Branch Manager
13
WHERE SUCCESS MEETS SUCCESS
We pride
ourselves at being
highly responsive,
efficient, and
thoughtful
and not being
bureaucratic.
Chris Reichert
CEO | Stifel Bank & Trust
S T I F E L’ S B A N K I N G P L AT F O R M
Stifel’s banks are a vital part of our wealth management and investment banking
platforms. Our bank capabilities are designed to support client relationships, from
individuals and families to large corporations, with loans, cash management, and trust
services. This enables Stifel to serve clients with virtually all of their financial needs.
Our banking capabilities for individuals and families include mortgage, securities-based,
and private bank lending. We also offer a full suite of cash management services, debit
and credit cards, and bill pay as a fully digital banking experience in Stifel Wealth Tracker.
Our commercial banking capabilities include middle-market and large corporate lending,
commercial real estate lending, and venture and fund banking, with a full suite of
treasury management services.
“Unlike the largest lenders, we are still nimble and entrepreneurial enough to deliver the
tailored service and care one would expect from a boutique firm. We pride ourselves at
being highly responsive, efficient, and thoughtful … and not being bureaucratic,” said
Chris Reichert, CEO of Stifel Bank & Trust.
V E N T U R E A N D F U N D B A N K I N G
Since 2018, Stifel Bank has been banking venture capital and private equity funds, with
capital call lines and treasury management. And, we have provided banking and lending
services to their portfolio companies – primarily in the technology space.
S T I F E L B A N K C A P I TA L I Z E S O N B A N K I N G S E C T O R D I S R U P T I O N
When the collapse of Silicon Valley Bank (SVB) sent shockwaves through the system, Stifel Chairman and CEO Ron Kruszewski
and Reichert quickly evaluated the opportunity to expand Stifel’s practice serving the innovation community, the Venture Banking
Group. Leaning into the firm’s nimble approach to opportunistic growth, our deep understanding of the banking and tech sectors
fueled the expansion.
In March, we hired three San Francisco-based senior bankers from SVB – Jake Moseley, Matt Trotter, and Ted Wilson – who joined
forces with Brad Ellis, Nat Stone, and the Venture Banking team we have been building since 2018 – setting the stage for rapid
expansion in venture banking.
14
WHERE SUCCESS MEETS SUCCESS V E N T U R E B A N K I N G
“What attracted us to Stifel,” explained Matt Trotter, Managing Director, Stifel
Venture Banking, “is the firm’s full-service platform. Stifel supports founders from the
pre-revenue stage through IPO and beyond. Not only are we able to offer highly
competitive banking services, our clients have access to all of Stifel – engaging with
our tech industry investment bankers to prepare for a liquidity event, connecting with a
financial advisor to plan for their future, learning from our equity research and economic
thought leaders, and building on our holistic approach as they grow their business.”
Over the past year, the Venture Banking Group has tripled from 25 professionals to
approximately 75, dozens of whom were previously with SVB.
“With an established platform, Stifel Bank quickly responded to meet the changing
needs of the venture ecosystem,” said Brad Ellis, Managing Director, Stifel Venture and
Fund Banking. “We were able to efficiently handle a massive influx of deposit and loan
requests while greatly expanding our impact nationally, growing our business on the
East Coast and establishing a stronger presence in San Francisco, Los Angeles, and the
Pacific Northwest, ultimately creating more opportunities across the Stifel platform with
entrepreneurs and their investors across the country.”
Over the past year,
the Venture Banking
Group has tripled from
25 professionals to
approximately 75,
dozens of whom were
previously with SVB.
Listening to the needs of clients, Stifel Bank enhanced our product offering
for founders and investors, including:
• Treasury Management – full-service business banking capabilities
on a versatile technology platform
• Stifel Startup Banking Bundle – banking customized to the needs
of venture-backed early stage companies
• Insured Cash Sweep (ICS) – a single account at Stifel Bank
offering the security of more than $200 million in FDIC coverage
• Capital Call Lines of Credit – helping VC firms and other funds
readily manage investments and cash flow
• Venture Lending – term loans and lines of credit designed
to provide capital for early and growth stage technology
companies, bridging to their next equity raise
Stifel’s innovation community partnerships and collaborations
highlight our events tailored to founders, providing opportunities
to build relationships with peers, mentors, funders, and advisors.
Private Banking &
Wealth Management
Founders
and
Funders
Investment
Banking
Commercial
Banking & Lending
And with the addition of new talent has come exponential growth.
Stifel’s venture and fund banking commitments have risen to more than
$9 billion, with deposits growing to $3 billion. Stifel venture bankers actively screened nearly 1,000
inbound venture loan referrals in 2023 – double the total from 2022 despite an overall market slowdown.
Thanks to its enhanced venture banking capabilities, Stifel Bank is poised to play an integral role in the technology community
through its commitment to early stage growth companies, venture capital, and the entire innovation ecosystem. The incumbency
as a financial partner for these early stage companies and their investors is extraordinarily strategic given our ability to provide
banking, wealth management, and investment banking services throughout their journey.
Pictured from left to right: Nat Stone, Brad Ellis, Ted Wilson, Matt Trotter, and Jake Moseley
15
WHERE SUCCESS MEETS SUCCESS Within the Institutional Group, we continue to build out our platform through the selective hiring of talented and entrepreneurial
associates. Each new addition to our team helps drive our success, which in turn helps us attract even more successful
individuals. The following recent hires are just a few examples of our recruiting success.
M A N AG I N G D I R EC TO R S L E E A N D
C L A U SM A N D E E P E N ST I F E L’ S EQ U I T Y
C A P I TA L M A R K E TS E X P E RT I SE
Cullen Lee
Investment Banking Managing Director
Head of Technology Equity Capital Markets
Ken Clausman
Investment Banking Managing Director
Head of Healthcare Equity Capital Markets
To help further position Stifel for success as capital markets activity stabilizes,
Stifel added two Managing Directors to lead key industry verticals within our
Equity Capital Markets Group.
Cullen Lee joined Stifel as Head of Technology Equity Capital Markets, our largest
industry vertical. With more than two decades of investment banking experience,
he previously served as Global Head of TMT Equity Capital Markets at Credit Suisse.
He brings a collaborative approach to the subsectors where consumer, industrial &
services, and digital commerce intersect with technology.
Ken Clausman joined Stifel as Co-Head of Healthcare Equity Capital Markets,
responsible for originating and executing equity transactions in the healthcare sector,
including IPOs, marketed and confidentially marketed follow-ons, registered directs,
PIPEs, and ATMs. He joined Stifel with more than 20 years of experience in capital
markets and investment banking, having previously served as Head of Healthcare
Equity Capital Markets at JMP Securities.
“Bringing in Cullen in 2023 to focus on technology and Ken in 2022 to focus on
healthcare has rounded out our senior ECM team across all growth sectors,” said
Seth Rubin, Head of U.S. Equity Capital Markets. “Having a senior execution team is
a true differentiator for Stifel ECM as we expand the practice and gain market share.”
Having a
senior execution
team is a true
differentiator for
Stifel ECM as we
expand the
practice and
gain market
share.
Seth Rubin
Head of U.S. Equity
Captial Markets
16
WHERE SUCCESS MEETS SUCCESS I N S T I T U T I O N A L G R O U P
C A DY A N D M C K AY J O I N ST I F E L TO L AU N C H
AG E N C Y S T R U C T U R E D P R O D U C TS G R O U P
Continuously working to meet our clients’ needs, Stifel launched the Agency
Structured Products Group with the hiring of former Credit Suisse executives Karen Cady
and Russell McKay. They and their team bring to Stifel extensive industry experience
and deep commercial mortgage-backed securities product knowledge.
Their arrival marked the continued expansion of Stifel’s origination products and
services platform and adds to our strong secondary market-making capabilities in
agency commercial mortgage-backed securities.
The group is currently a lead manager of the Small Business Administration’s SBAP
and SBIC debenture programs – the former of which we are one of two underwriters
alongside Bank of America and the latter of which we are one of three underwriters
with Goldman Sachs and JPMorgan. The group is also responsible for purchasing and
securitizing Ginnie Mae (GNMA) project loans, as well as underwriting loans for other
government-sponsored enterprises.
“The launch of the Agency Structured Products Group is another example of our
continued commitment to creating a best-in-class origination product offering for our
core clients that also leverages the broader depth of Stifel’s fixed income platform,”
noted David Rubulotta, Co-Head of Fixed Income Capital Markets.
Karen Cady
Managing Director | Fixed Income
Russell McKay
Managing Director | Fixed Income
C L I N E A N D D E A N H I R E D TO
L E A D SB A 7( A ) A N D G OV E R N M E N T
G UA R A N T E E D LOA N T R A D I N G B U SI N ESS
Broadening Stifel’s relationship with the Small Business Administration, we hired industry
veterans Craig Cline and Christopher Dean, formerly of FHN Financial, to lead our SBA 7(a)
and Government Guaranteed Loan trading business.
The 7(a) program is the SBA’s primary loan vehicle for providing financial assistance to
small businesses, and there is a robust secondary market for lenders that wish to sell the
guaranteed portion of the loans to investors.
As the leading traders in the SBA 7(a) sector over the last several years, Cline and Dean
are providing our clients a reliable source of investments in this area. Their arrival further
demonstrates our efforts to provide best-in-class services that meet the evolving needs of
our core and expanding client base.
“These hires allow us to significantly scale our existing SBA 7(a) platform to best serve the
SBA and our core fixed income investors in this space,” said Brant McDuffie, Co-Head of Fixed
Income Capital Markets. “The expansion of the SBA 7(a) program will also complement our
recently announced underwriter roles for the SBA’s SBAP and SBIC debenture programs.”
17
Craig Cline
FI Trader IV | Fixed Income
Christopher Dean
FI Trader IV | Fixed Income
WHERE SUCCESS MEETS SUCCESS M A N AG I N G D I R EC TO R H I R ES ST R E N GT H E N
F I N T EC H I N V E ST M E N T B A N K I N G F R A N C H I SE
Rahul Buxani
Managing Director
Investment Banking | KBW
Shal Chowdhury
Managing Director
Investment Banking | KBW
Matthew Schneider
Managing Director
Investment Banking | KBW
Ted Conway
Managing Director
Investment Banking | KBW
In February, investment bankers Rahul Buxani, Shal Chowdhury, Matthew Schneider, and
Ted Conway joined our Keefe, Bruyette & Woods affiliate as Managing Directors in the firm’s
FinTech & Financial Services Group.
The inclusion of these new hires brought the global count of KBW’s FinTech and Financial
Services platform to nearly 50 professionals, deepening the group’s core capabilities of
mergers and acquisitions, capital raises, and special committee advisory services. Our
FinTech & Financial Services Group is a terrific example of how, by embracing the One
Stifel mindset, we married the strengths of our industry-leading Technology and Financial
Institutions practices to provide best-in-class advice to a sector that will benefit from both.
“The collective knowledge, industry backgrounds, and unique accomplishments of these
individuals will strengthen our platform and further cement the firm as a leader in the
FinTech and broader financial services landscape,” said Joseph Berry, Co-Head of Investment
Banking and Co-Head of FinTech & Financial Services Investment Banking at KBW.
“Our team continues to grow, as the delivery of financial services has transformed through
the emergence of FinTech,” added Keith Meyers, Co-Head of FinTech & Financial Services
Investment Banking at KBW. “We expect FinTech companies to grow revenue three times
faster than traditional banks will from 2023 through 2028. FinTech will unquestionably be
a key driver of our business.”
With extensive advisory and capital-raising experience in a range of transaction types
across the FinTech and financial services industries, KBW brings unique and nuanced
insight to our diversified client base.
FinTech will
unquestionably be a
key driver of our
business.
Keith Meyers
Co-Head of FinTech &
Financial Services
Investment Banking | KBW
18
WHERE SUCCESS MEETS SUCCESS I N S T I T U T I O N A L G R O U P
A Premier Investment Bank
NAMED
2023 U.S. MID-MARKET
EQUITY HOUSE OF THE YEAR
Stifel and affiliate KBW recognized for “reopening
the IPO market and taking more companies public
than competitors”
#1
IN TOTAL
NUMBER
OF MANAGED
EQUITY DEALS
UNDER $1 BILLION
IN MARKET CAP1
#3
IN TOTAL
NUMBER
OF MANAGED
VENTURE
CAPITAL-BACKED
IPOs2
#1
IN TOTAL
NUMBER
OF M&A DEALS
UNDER
$1 BILLION3
Our Capabilities Include:
• Debt Capital Markets
• Equity Capital Markets
• Financial Sponsors Coverage
• Mergers & Acquisitions
• Private Capital Advisory
• Private Capital Markets
• Restructuring
• UK Corporate Broking
Deep Domain Expertise:
• Consumer & Retail
• Diversified Industries
• Energy & Natural Resources
• Financial Institutions
• Healthcare
• Real Estate, Gaming & Leisure
• Technology
1 Dealogic. Rank-eligible SEC-registered IPOs and follow-on offerings since 2010 as of 2/29/24.
2 Dealogic. Venture-backed IPOs ranking since 2005 as of 2/29/24.
3 M&A Analytics as of 2/29/24.
Source: International Financing Review (IFR), February 2, 2024
FOCUS ■
EXCELLENCE ■
RESULTS ■
The power of our
people and platform
Stifel Investment Banking provides
strategic advisory services to
our clients in the United States,
Canada, Europe, Asia, Israel, and
Latin America that include initiating,
structuring, and negotiating
mergers, acquisitions, and
divestitures as well as providing
fairness opinions, valuation, and
restructuring services. We raise
public and private debt and equity
for our clients through our
institutional and retail brokerage
network. Stifel also has a dedicated
financial sponsors coverage team,
maintaining regular dialogue and
deal flow with private equity firms
focused on Stifel’s core industry
groups. Stifel clients are served
in the United States through Stifel,
Nicolaus & Company, Incorporated,
including its Eaton Partners and
Miller Buckfire business divisions;
Keefe, Bruyette & Woods, Inc.;
and in the United Kingdom and
Europe through Stifel Nicolaus
Europe Limited. The combination
of a full-service product offering and
over 600 bankers’ deep domain
and product expertise allows
us to provide solutions that
meet the evolving needs
of our clients.
19
WHERE SUCCESS MEETS SUCCESS In 2023, Stifel continued to drive digital transformation across the company,
touching all parts of our technology platform.
It was a year marked by successful advancements, particularly with our flagship
client-facing application, Wealth Tracker, and our robust lineup of customized
advisor-facing platforms like Salesforce, Bloomberg, Addepar, Jacobi, MoneyGuide,
and more. Improvements helped streamline operations and expanded our
capabilities through better integration with several key partners.
As we reflect on the past year, we’re even more excited about upcoming efforts that
will enable more innovation and growth. The following pages highlight the recent
improvements, outline our plans for the coming years, and touch upon other critical
items, such as our commitment to cybersecurity, investments in emerging technologies,
and strategies to attract and develop top technology talent.
Together, these components illustrate our belief in leveraging technology to deliver
value to our clients, associates, and stakeholders.
20
WHERE SUCCESS MEETS SUCCESS T ECH N O LO GY
E N H A N C I N G S T I F E L W E A LT H T R AC K E R
Over the course of 2023, we made a number of enhancements to Wealth Tracker that elevated the user experience
and broadened its functionality.
Starting with efficient and secure money movement, we introduced several capabilities to Tracker that allow clients to
manage parts of their financial lives with greater flexibility. We also rolled out enhanced security features to help protect
client data and transactions.
Additionally, we launched transaction enrichment capabilities and visual enhancements, improving how financial information
is presented in the app. We improved the Wealth Tracker enrollment process as well – streamlining the user’s journey from
start to finish. And perhaps most notable, we recently
completed a revamped user experience carefully
designed to deliver faster and clearer access to
financial information.
Wealth Tracker now provides reporting capabilities
only once available to family offices. This includes a
first-ever integration to our Addepar performance
reporting platform – innovation that helps clients
organize their financial lives. As we look forward,
we are excited for more capabilities that will
further enhance the client experience.
21
WHERE SUCCESS MEETS SUCCESS STAY I N G A H E A D I N A N E V E R- E VO LV I N G L A N DS C A P E
Building on the momentum of our technology advancements, Stifel’s banking and institutional businesses have also seen
significant technology progress. A notable milestone last year was the acquisition of Sierra Pacific Securities, a strategic
move that brought cutting-edge electronic fixed income trading capabilities to Stifel. We also extended our algorithmic
trading capabilities to international markets, reflecting our commitment to global expansion and technological leadership.
Concurrently, the continuous development
of our institutional Salesforce platforms has
been instrumental in fostering collaboration
across business units. Most recently, we’ve
initiated a specialized commercial banking
and lending instance of Salesforce, which will
transform the way our banking colleagues work.
This approach to technological enhancement
across our banking and institutional businesses
underscores a commitment to innovation and
operational excellence. We’re poised for
more improvements in the ever-evolving
financial landscape.
D R I V I N G S T I F E L’ S D I G I TA L T R A N SF O R M AT I O N
Looking ahead, we also have a number of big technology initiatives well underway that will further help our digital
transformation. Our plans are ambitious and designed to drive meaningful change.
Central among them is an effort we call our global data initiative – a project designed to significantly enhance data
capabilities across Stifel. As data represents the currency of any growth company, we’re striving to improve our data
integration capabilities and speeding our ability to deliver valuable
products and services.
In tandem with the data initiatives, we are also accelerating our
migration to cloud-based resources, a move that promises better
security and scalability, as well as improved efficiency and
access to cutting-edge tooling – including machine learning,
artificial intelligence, large language models, and advanced
analytic tools. The cloud ensures that we remain at the
technological forefront.
And lastly, this coming year, significant portions of the
firm’s base productivity tools will undergo a transformation
enabling greater productivity, analysis, and insight. Our
associates are already engaged in the transition and
upgrade plans, and they are excited to experience
the improved platforms.
22
WHERE SUCCESS MEETS SUCCESS I N V E ST I N G I N TA L E N T
Building on our strong culture and track record, Stifel will
continue prioritizing investments in the firm’s service
capabilities. We work hard to develop future leaders who
start with us in service roles where they have benefited
from cross-training and frontline experience. Simply put,
we believe that service differentiates our firm.
Additionally, we’re committed to upskilling our technology
workforce, rolling out targeted training programs offering
hands-on experience with newer technologies. This focus on
learning and developing our people helps us safeguard our
operations and keep delivering outstanding service.
And lastly, in addition to our people investments, we’re
continuously evolving our security posture by integrating new
layers of advanced cyber tools designed to protect against
evolving cyber threats. Cyber investments will continue this
year, next year, and all the years ahead.
In closing, it’s an incredibly exciting time for the firm.
We have a people model that is working, a strategic focus
that is helping prioritize the most important initiatives, and
momentum that we’ve been building over the last several
years. Stifel is now well positioned to take advantage of
the rapidly evolving opportunities becoming available
in the marketplace today.
T ECH N O LO GY
23
WHERE SUCCESS MEETS SUCCESS T E A M
In recent years, we’ve formed a number of partnerships with brand ambassadors
and organizations that align with our values, vision, and mission to be the firm
“WHERE SUCCESS MEETS SUCCESS.”
We specifically chose each partner for their work ethic, dedication, focus, and
most of all the success that we strive for in our own endeavors. We’re proud
to support Team Stifel as they support the firm.
M I K A E L A SH I F F R I N
When it comes to representing Stifel’s ethos of “Where Success Meets Success,”
who better than the winningest alpine skier of all time, Mikaela Shiffrin?
Shiffrin’s 2022-23 season was one for the ages. In March, two days
before her 28th birthday, she went down in history as the greatest skier
of all time, breaking Ingemar Stenmark’s record with her 87th World Cup
win. By the end of the 2023-24 season, she had extended her career
victory total to 97, overcoming injury to win her final two races and
secure her eighth career slalom Crystal Globe.
Among her many honors, she was recognized for her feat here in the
U.S. by being named the ESPY Female Athlete of the Year last summer.
2023
ESPY Female
Athlete of
the Year
24
WHERE SUCCESS MEETS SUCCESS J ESSI E D I G G I N S
The most decorated American cross country skier in history, Jessie Diggins
was part of the country’s first-ever gold medal in the sport in the 2018
Winter Olympics. Four years later, she grabbed silver and bronze at the
2022 Beijing Games.
Along with her Olympic success, Diggins has also captured six FIS World
Championships medals, including the world championship title in the
10k freestyle at last season’s FIS Nordic World Championships in Slovenia,
as well as the 2021 World Cup overall title.
In the 2023-24 season, the 32-year-old Minnesotan took home the
overall and distance FIS Cross Country World Cup Crystal Globes,
cementing herself as the world’s most dominant cross country skier.
Her six individual wins were the most ever by an American in a
single cross country season.
T E A M ST I F E L
The MOST
DECORATED
American cross
country skier
IN HISTORY
25
WHERE SUCCESS MEETS SUCCESS A LYSSA A N D G I SE L E T H O M PS O N
The future of American soccer is bright, thanks to rising stars
Alyssa and Gisele Thompson.
Alyssa became the youngest draft pick in NWSL history when she went
No. 1 overall in the 2023 NWSL Draft to Angel City FC at the age of 18.
In addition to playing for Angel City FC, she was named to the U.S.
Women’s National Team and played in the 2023 Women’s World Cup.
Gisele was most recently a key member of the U.S. Under-20 Women’s
Youth National Team at the CONCACAF Women’s U-20 Championship.
In 2023, she passed up the opportunity to play at Stanford University
to join Alyssa at Angel City FC, making the Thompson sisters the
second – and youngest – sister duo to play for the same NWSL team.
The Thompson
sisters are the
YOUNGEST
SISTER DUO
to play for
the same
NWSL team.
26
G O L F
Golfers at every level of the sport
embody focus, drive, and dedication –
qualities that we hold in the highest
regard. We’re proud of our longstanding
partnership with the Haskins and
Annika Awards, recognizing the top
male and female collegiate golfers.
Our support of college golf also includes
our sponsorship of Annika Award winner
and NCAA champion Rachel Heck.
Kelly Kraft, Greyson Sigg, Harry Higgs,
and Ryan McCormick continue to
make us proud on the PGA Tour, as
does Dawson Armstrong on the Korn
Ferry Tour. And, what a fun year it was
watching Stifel Ambassador and
CBS broadcaster Amanda Balionis
star in “Full Swing” on Netflix!
Amanda Balionis
Rachel Heck
Harry Higgs
Kelly Kraft
Greyson Sigg
Ryan McCormick
WHERE SUCCESS MEETS SUCCESS T E A M ST I F E L
ST I F E L U . S . SK I T E A M
Thanks to our expanded partnership in 2023, Stifel is now
synonymous with U.S. skiing, serving as the official naming rights
partner of the Stifel U.S. Alpine Ski Team, Stifel U.S. Cross Country
Ski Team, Stifel U.S. Freestyle Ski Team, and Stifel U.S. Freeski Team.
In addition, Stifel sponsored three FIS Alpine World Cup title events
in the 2023-24 season – the Stifel Killington Cup, the Stifel Palisades
Tahoe Cup, and the Stifel Aspen Winternational – as well as the Stifel
Loppet Cup, a FIS Cross Country World Cup.
As the firm “Where Success Meets Success,” we look forward to following
our ski partners’ successes on the world stage in the coming years.
ST. LO U I S C A R D I N A L S
In May 2023, Stifel became the first-ever official
jersey patch partner of the St. Louis Cardinals.
The sponsorship has helped generate brand awareness
for the firm, as the jersey patch has been featured in
more than 147.9 million social media impressions.
The Cardinals’ two-game 2023 London Series with the
Chicago Cubs alone was seen by 3.5 million viewers
in 36 countries and generated 16.5 million social
media impressions.
ST. LO U I S B L U ES
Now in its second year, our partnership with the
St. Louis Blues continues to bring the Stifel brand
to audiences across the NHL’s footprint in the
U.S. and Canada.
With the Stifel logo featured prominently on the
Blues’ home and road uniforms, we reached
1.4 million in-person viewers and were featured
in nearly 276 million digital impressions.
27
WHERE SUCCESS MEETS SUCCESS C O M M U N I T Y
At Stifel, philanthropy is a core value. As a firm and as individuals, we
continue to make a positive impact on the communities in which we live
and work. Here are just a few of the many ways in which Stifel and our
associates are making a difference:
More than 31,000
total volunteer hours
C A R R L A N E
Stifel partnered with the St. Louis Blues to
renovate and upgrade the tech lab at Carr Lane
Visual Performing Arts Middle School in the St. Louis
Public School District. Forty employees across both
organizations volunteered more than 250 hours
during the school’s holiday break.
TOYS F O R TOTS
This holiday season, Stifel’s Women’s Initiative Network hosted a stuffed
animal workshop at our New York City office. Eighty volunteers from across
the firm’s Institutional Group gathered to hand stuff plush toys that were
donated to Toys for Tots’ toy drive.
L I T T L E PAT R I OT S E M B R AC E D
In honor of Military Appreciation Month, more than 100 Stifel home
office associates volunteered to help Little Patriots Embraced create
care packages that were delivered to military families nationwide with
a parent or guardian who recently deployed or was scheduled to deploy.
H A B I TAT F O R H U M A N I T Y
Associates from Stifel Bank & Trust and 1919
Investment Counsel volunteered with Habitat
for Humanity in Baltimore, Cincinnati, and
St. Louis, spending nearly 350 hours helping
build homes.
28
B O A R D O F
D I R E C T O R S
Ronald J. Kruszewski
Chairman of the Board and
Chief Executive Officer
Stifel Financial Corp.
Adam T. Berlew
Vice President
Digital, Enterprise and
Platform Marketing
Atlassian
Maryam Brown
President
SoCalGas
Michael W. Brown
Former Vice President and
Chief Financial Officer
Microsoft Corporation
Lisa Carnoy
Former Chief Financial Officer
Alix Partners
Robert E. Grady
Advisory Partner
Summit Partners
Jim Kavanaugh
Co-Founder and
Chief Executive Officer
World Wide Technology
Daniel J. Ludeman, Sr.
President and
Chief Executive Officer
Concordance Academy
of Leadership
Maura A. Markus
Former President and
Chief Operating Officer
Bank of the West
David A. Peacock
Chief Executive Officer
Advantage Solutions
Thomas W. Weisel
Senior Managing Director
and Director
Stifel Financial Corp.
Michael J. Zimmerman
Vice Chairman
Continental Grain Company
S H A R E H O L D E R
SHAREHOLDER
I N F O R M AT I O N
I N F O R M AT I O N
A N N UA L M E E T I N G
Our 2024 Annual Meeting of Shareholders will be virtual-only, Wednesday, June 5, 2024, at 9:30 a.m. Central. For
instructions on how to access, vote, and submit questions at the virtual meeting, please refer to page 2 of our proxy
statement distributed on April 26, 2024.
T R A N SF E R AG E N T
The transfer agent and registrar for Stifel Financial Corp. is Computershare Trust Company, N.A., Canton, Massachusetts.
STO C K L I S T I N G S
The common stock of Stifel Financial Corp. is traded on the New York Stock Exchange and Chicago Stock Exchange under
the symbol “SF.” The high/low sales prices for Stifel Financial Corp. common stock for each full quarterly period for the
last two calendar years are as follows:
SA L ES P R I C E
2022
2023
C A SH D I V I D E N D S
2022
2023
High
$83.28
70.26
65.39
66.96
Low
$60.35
54.74
51.73
49.31
High
$68.77
62.35
66.61
70.07
Low
$53.48
54.84
58.08
54.81
$0.30
0.30
0.30
0.30
$0.36
0.36
0.36
0.36
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
R ECO N C I L I AT I O N O F G A A P N E T I N CO M E TO N O N - G A A P N E T I N CO M E
A reconciliation of GAAP Net Income to Non-GAAP Net Income and GAAP Net Income Per Diluted Common Share, the most
directly comparable measure under GAAP, to Non-GAAP Earnings Per Diluted Common Share is included in the table below.
in thousands, except per share amounts
2019
2020
2021
2022
2023
GAAP net income
Preferred dividends
GAAP net income available to common shareholders
Tax reform, net of tax
Litigation charges, net of tax
Acquisition revenues, net of tax
Acquisition charges, net of tax
Compensation
Other non-compensation
Non-GAAP net income
GAAP earnings per diluted common share 1
Adjustments 1
Non-GAAP earnings per diluted common share 1
$448,396
17,319
431,077
$503,472
27,261
476,211
$824,858
35,587
789,271
$662,155
37,281
624,874
$522,536
37,281
485,255
132
117
117
39
10
24,288
24,139
$479,636
$3.66
0.41
$4.07
23,339
23,180
$522,847
$4.16
0.40
$4.56
20,079
30,066
$839,533
$6.66
0.42
$7.08
29,262
20,896
$675,071
$5.32
0.42
$5.74
23,529
22,730
$531,524
$4.28
0.40
$4.68
1 Adjusted for December 2020 three-for-two stock split.
STIFEL
LO C AT I O N S
EUROPE
Public Finance
Private Client Group
Investment Banking
Institutional Sales Offices
(Equity & Fixed Income)
Stifel Financial Corp. | www.stifel.com
One Financial Plaza | 501 North Broadway | St. Louis, Missouri 63102
* J.D. Power trophy awarded based on the results of the J.D. Power 2023 U.S. Financial Advisor Satisfaction StudySM.
Stifel is the #1 Wealth Management Firm for Employee Advisor Satisfaction.
For J.D. Power 2023 award information, visit jdpower.com/awards. Compensation provided for using, not obtaining, the award.