ANNUAL REPORT
2
0
2
4
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.
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.”
W H E R E S U C C E S S M E E T S S U C C E S S
ADVISOR
OF CHOICE
FIRM
OF CHOICE
INVESTMENT
OF CHOICE
ONE
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.
Cover photography courtesy of Andrew Peterson, Managing Director/Investments – Stifel, San Francisco, California.
1
OPERATING RESULTS:
in thousands, except per share amounts
1 Non-GAAP net income available to common shareholders and non-GAAP earnings per diluted common share represent GAAP net income available to common
shareholders and GAAP earnings per diluted common share adjusted for acquisition-related and severance charges. Reconciliations of the Company’s GAAP results
to these non-GAAP measures are discussed within and under “Reconciliation of GAAP Net Income to Non-GAAP Net Income.”
Total Revenues
Net Income Available to Common Shareholders
Earnings Per Diluted Share
Non-GAAP Net Income Available to Common Shareholders1
Non-GAAP Earnings Per Diluted Share1
Total Assets
Shareholders’ Equity
Book Value Per Share
FINANCIAL POSITION:
in thousands, except per share amounts
$3,817,839
$476,211
$4.16
$522,847
$4.56
2020
$26,604,254
$4,238,766
$35.91
2020
$4,783,086
$789,271
$6.66
$839,533
$7.08
2021
$34,049,715
$5,034,959
$41.63
2021
$4,592,826
$624,874
$5.32
$675,071
$5.74
2022
$37,196,124
$5,328,471
$44.08
2022
2023
$5,159,280
$485,255
$4.28
$531,524
$4.68
$37,727,460
$5,294,431
$45.61
2023
2024
$5,951,686
$694,098
$6.25
$755,896
$6.81
$39,895,540
$5,686,770
$48.95
2024
SHAREHOLDERS’
EQUITY
(In millions)
BOOK VALUE
PER SHARE
1,500
20.00
0
10.00
6,000
50.00
4,500
40.00
3,000
30.00
200
800
1,000
600
400
NON-GAAP
NET INCOME
(In millions)
2.00
8.00
6.00
4.00
NON-GAAP
EARNINGS
PER DILUTED SHARE
0
20
21
22
23
24
20
21
22
23
24
20
21
22
23
24
20
21
22
23
24
FINANCIAL
HIGHLIGHTS
1
1
3,000
6,000
5,000
4,000
2,000
20
21
23
24
TOTAL REVENUES
(In millions)
22
10,000
0
40,000
30,000
20,000
TOTAL ASSETS
(In millions)
20
21
22
23
24
2024 RESULTS
On the cover of this year’s annual report, our headquarters
building stands overlooking the St. Louis skyline. It is
remarkable to consider how much we have evolved since
we first moved into that building. Stifel has grown into
a truly global firm, our associates now collaborating
virtually across state and national boundaries, connecting
clients with opportunities on every continent. Yet this
expansion makes our headquarters – and our roots in
St. Louis – more meaningful than ever. Around the world,
we aim to bring global reach to the same values we have
upheld since our founding here in 1890: to provide trusted
advice, to connect investors with opportunity, and – as
Herman Stifel charged – to safeguard the wealth of others
with the same care and prudence we would our own, while
honoring their personal goals and objectives.
At the same time, Stifel’s 2024 results speak to a company
in motion – resilient, ambitious, and built for the future. It
was a record-breaking year, highlighting the strength and
balance of our diversified business model. We achieved
net revenues of $4.97 billion, the highest in our firm’s
history, and delivered a 23% return on average tangible
equity, with non-GAAP net earnings of $756 million, or
$6.81 per share – a 46% increase from the prior year.
And finally, over the year our share price increased 56.4%.
These results reflect the dedication and entrepreneurial
spirit of our nearly 10,000 associates.
What’s next? The same. Across Stifel, we have conviction
in our long-term goals – $10 billion in annual revenue
and $1 trillion in client assets. “10 and 1,” as we like to
say, are not endpoints, but rather the next milestones in
our journey. And given our history of steady growth, we
view the two as modest markers on the path to building
the premier wealth management firm and middle-market
investment bank.
ECONOMIC AND MARKET LANDSCAPE
Before we turn to the performance of each business,
I want to offer some perspective on the economy and
markets – after all, we navigate this landscape every day.
In 2024, the U.S. economy once again proved resilient,
growing approximately 2.8% despite persistent inflation
and tighter financial conditions. Consumer spending
remained strong, fueled by a healthy labor market and
steady wage gains, even as business investment slowed
and manufacturing showed signs of fatigue. Inflation
did moderate from its 2022-2023 highs, yet core prices
SHAREHOLDER
LET TER
ended the year above the Federal Reserve’s 2% target
but in line with its 2.8% (core PCE inflation) view for
2025 – proving, once again, that inflation is easier to
spark than to extinguish.
Throughout the year, the Fed maintained a cautious stance,
keeping the federal funds rate firmly in restrictive territory.
The 10-year Treasury yield moved between 3.8% and 4.7%,
reflecting shifting expectations around policy and inflation,
before settling near 4.1% as the market began to price in the
possibility of easing in 2025.
Over the same time frame, markets faced a mixed backdrop.
Equities posted strong overall gains until early 2025, led
by mega cap technology and AI-related names, while more
cyclical and rate-sensitive sectors lagged performance. For
example, the S&P 500 index was up 23.3% in 2024, but as
of this writing (April 3, 2025), it is down 8.3% year to date.
For the year 2024, the Nasdaq was similarly up 28.6%,
largely buoyed by the performance of the Magnificent 7,
which rose 48% in 2024 as a sub-index. As of this writing,
the Nasdaq is down 14.3% and the Magnificent 7 index is
down 19% year to date.
On an equal-weighted basis, the S&P 500 in 2024 was up
just 10.8%, highlighting how gains were concentrated. Bond
markets contended with higher yields, particularly in the first
half, but quality fixed income began to recover late in the
year as the rate outlook shifted. Alternatives such as gold,
2
Ronald J. Kruszewski
Chairman of the Board and Chief Executive Officer
private credit, real estate, and crypto attracted renewed
attention from investors focused on building wealth in 2024.
Globally, monetary policy divergence, persistent geopolitical
tensions in Ukraine and the Middle East, and renewed
friction in U.S.-China trade policy created ongoing
crosscurrents and market volatility.
As 2025 began, the trade war dominates the market
narrative, potentially producing a stagflation outcome
(higher inflation with slower economic growth). The
10-year Treasury yield hovers near 4.0% as of this writing,
as markets balance resilient inflation data against signs of
slowing growth. In the weeks following the U.S. presidential
election, equities rallied sharply on optimism around
potential policy changes – though that momentum has
since cooled significantly amid growing anxiety around
trade, taxation, and monetary direction.
Against this backdrop and the expected disruption of
a changing administration, the Federal Reserve has so
far remained on hold through the first quarter, signaling
patience. Investors, for their part, appear to be shifting to
a more balanced posture – leaning into high-quality fixed
income while maintaining selective risk exposure as they
navigate the crosswinds of economic data, policy signals,
and global events. Markets like these test investors’
resolve – but overall, they are healthy.
GLOBAL TRADE AND A SHIFTING ORDER
The recent tariff announcements by the United States
represent more than a tactical shift in trade policy – they
are a signal that the global trade framework as we have
known it for nearly 80 years is being reconsidered.
Interestingly, markets seem to have reacted more strongly
to this shift in trade relations than they did to Russia’s
invasion of Ukraine – in other words, today’s most
economically consequential conflicts are waged at the
tip of the pen, as well as the bayonet.
It has always been true that economic diplomacy shapes
and reshapes the world more profoundly than military
force alone. Since the Bretton Woods agreements laid
the foundation for the post-World War II economic order,
global trade has been underpinned by the idea that open
markets, multilateral cooperation, and rules-based
systems would deliver prosperity and stability. That
structure has served the United States – and much
of the world – exceptionally well.
But today, we are seeing a recalibration. Concerns around
national security, domestic manufacturing, and strategic
independence have begun to reshape the conversation.
The world is becoming more inward focused, and with
that comes a more fragmented and contested global
trade environment. While some level of rebalancing
may be warranted, it is worth acknowledging that the
free flow of capital, labor, and goods has been one of the
greatest drivers of economic progress in modern history.
We recognize these shifts not with alarm, but with a
clear-eyed focus on what they mean for our clients and
the industries we serve. Clearly, long-term success in this
new environment will belong to those who remain agile,
globally informed, and committed to navigating change
with discipline and perspective.
These global shifts mirror the technological revolution
unfolding within our industry – one that is rapidly redefining
how we serve clients, analyze risk, and create opportunity.
GLOBAL WEALTH MANAGEMENT
Global Wealth Management had another record year in 2024,
with net revenues reaching $3.3 billion – up from $3.0 billion
in 2023. This performance underscores the strength of our
advisor-focused model and the durability of our global wealth
business, even in a dynamic rate environment.
Transactional revenues rose 15% year over year, driven by
heightened client activity that more than offset a contraction
in net interest income. At the same time, asset management
revenues increased 18%, aided by improved market conditions
and steady net inflows, reflecting confidence in our platform
and investment approach.
TOTAL FIRM
Total Revenues
$5,951,686
15
Non-GAAP Net Income
755,896
42
Non-GAAP EPS
6.81
46
GLOBAL WEALTH MANAGEMENT
Net Revenues
$3,283,960
8
Contribution
1,207,942
(1)
AUM
501,402,000
13
INSTITUTIONAL GROUP
Equity Net Revenues
$926,729
31
Fixed Income Net Revenues
666,104
29
Net Revenues
1,592,833
30
Contribution
223,400
nm
INSTITUTIONAL TRADING
Equity
$215,223
7
Fixed Income
393,013
27
Total
608,236
19
INVESTMENT BANKING
Equity
$725,366
41
Fixed Income
269,465
24
Total
994,831
36
Capital Raising
417,399
57
Advisory
577,432
24
2024
RESULTS
(in thousands, except per share amounts)
3
%
2024
Recruiting also remained a key area of success. In 2024,
we welcomed 100 financial advisors to the firm, including
34 experienced employee advisors and 12 experienced
independent advisors, representing a combined trailing
12-month production of approximately $37 million. Our
ability to attract high-quality advisors reflects the appeal
of our culture, our resources, and our reputation as a firm
that values entrepreneurial and long-term thinking.
The strength of our banking franchise also continues to
enhance our results and client offerings. Our Smart Rate
product along with growth in commercial deposits helped
us maintain deposit levels last year and avoid cash sorting
challenges experienced elsewhere in the industry. By
maintaining a higher proportion of floating rate assets,
we stabilized our net interest margin, providing insulation
from rate volatility and setting the stage for future growth
in net interest income.
Global Wealth Management has always been, and will
continue to be, the cornerstone of our growth. Over the
past five years, revenue from this segment alone has
matched what the entire firm generated just one period
earlier. This momentum is no accident – it reflects our
continued focus on advisor recruiting, our advisor-first
culture, and our investments in technology and support
infrastructure. It’s no surprise that client assets have
also grown at a 17% compound rate, tracking closely
with firmwide revenue.
Simply put, our Global Wealth Management
franchise exited 2024 stronger than it
entered – supported by a robust recruiting
pipeline, a solid deposit base, and
strong positioning to capitalize on
renewed market optimism in the
year ahead.
INSTITUTIONAL GROUP
2024 marked the Institutional
Group’s second-best year
ever, with net revenues of
$1.6 billion – a 30% increase
from $1.2 billion in 2023. The
rebound was broad-based,
driven by substantial improvement in
capital-raising, advisory, and transactional
revenue as the business continued its recovery
from the prior year’s more challenging market environment.
This $360 million increase in revenue more than offset
a decline in net interest income, further highlighting the
operating leverage inherent in Stifel’s diversified business
model. The performance is even more notable considering
we do not yet view the institutional operating environment
as fully “normalized,” particularly in institutional equities.
We approached 2024 as a transition year and were pleased
with the results; looking ahead, we expect a return to
more typical productivity in 2025 and 2026, with growing
pipelines across investment banking – fueled by improving
market sentiment and pent-up demand for M&A and capital-
raising activity.
We are also optimistic about the potential tailwinds from
a new administration focused on growth and deregulation.
Anticipated shifts in policy are expected to spur business
investment, drive financing needs, and unlock M&A
activity – particularly in the banking sector. With multiple
appointments across agencies including the FDIC, SEC,
and OCC, the stage is set for a more constructive
regulatory environment.
Of course, strong performance is only possible because
of strong people – and in today’s fast-changing world,
investing in our people has never mattered more.
EMPOWERING OUR PEOPLE
With the pace of today’s markets and advances in
technology, we believe the human side of our business rises
in importance. Last year, in response to this, we coined the
“One Stifel” rallying call to address an opportunity we see
for the firm – delivering more of our connected capabilities
to our business opportunities. As we champion One
Stifel, we’re backing the vision with training, recruitment,
leadership development, and specific programs
designed to raise our collective IQs and EQs.
This should help us win business. Across
wealth management, investment banking,
asset management, institutional services,
and banking, One Stifel encourages us
to operate as one firm – with a unified
culture, a shared set of values, and a
single-minded focus on great outcomes
for our clients. Whether serving families
planning for the next generation,
businesses navigating growth or
transition, or municipalities investing
in their communities, Stifel needs to be
there – with the insights, the resources, and
the people to help.
THE PROMISE OF TECHNOLOGY AND AI
In last year’s letter, I shared my optimism about the
transformative potential of artificial intelligence. Today,
that optimism is even stronger – not just because of what AI
might become, but because we’re already integrating it into
how we serve clients, enhance productivity, and manage risk.
SHAREHOLDER
L E T T E R
4
Ronald J. Kruszewski
Chairman of the Board and Chief Executive Officer
April 2025
At Stifel, we have been studying and preparing for this
transformation for the past two years. Our approach has
been careful and deliberate. We are not chasing shiny
new tools – we are building a future enterprise. AI isn’t
a gadget – it’s a catalyst for long-term change. We know
this isn’t a quick fix – it’s a long-term transformation.
We have adopted a tiered approach to our AI efforts
across the firm:
• This starts with secure AI tools for all associates that reduce
friction in their workflows and enhance productivity.
• Next, we are deploying specialized AI capabilities within
various functional areas, such as research, risk management,
investment banking, wealth management, and client service.
• And finally, we are building custom AI tools for the more
complex and unique challenges, where our proprietary
data and expertise can deliver distinct value.
AI will eventually touch every part of our organization.
More broadly, I believe it will reshape nearly every
industry – finance, of course, but also healthcare, education,
transportation, energy, science, manufacturing, and
more. It’s already happening. AI will accelerate discovery,
eliminate waste, extend care, and improve lives. If we
use it wisely, it can help us do more of what matters.
One of the most promising frontiers is AI agent
technology – systems that can perform multistep tasks,
adapt to context, and act on behalf of users. We believe this
advancement will dramatically improve customer experiences,
enhance workflows, and deliver deeper insights across our
businesses. And while these tools will be powerful, they
are built to augment – not replace – the trusted human
relationships that remain at the center of what we do.
That said, transformation at this scale comes with real
responsibility. We are deeply aware of the risks – to privacy,
to security, to judgment. Consequently, our implementation
is guided not only by curiosity and ambition, but also the
conservative oversight our clients expect.
For Stifel, the most exciting promise of AI is what it can
enable for our clients. The ability to deliver faster answers,
deeper insights, and more tailored experiences is a natural
extension of our client-first mindset. The tools may evolve, but
the mission remains the same: to help people and institutions
pursue their financial goals with clarity and confidence.
OUR MOMENTUM AND OUR MISSION
Looking forward, our growth objectives remain clear: double
revenue to $10 billion and client assets to $1 trillion. Doubling
is nothing new for Stifel – our firm has done it five times in
the last 28 years, and we’re well on the way to our sixth. The
new goals not only inspire hope, but reflect confidence – in
our strategy, in our track record, and in our people. While we
never commit to a fixed timeline, we believe these targets
are well within reach over a reasonable horizon, supported
by our long-standing ability to recruit top talent, deploy capital
for strong risk-adjusted returns, and drive efficiencies across
the business.
I believe we’re up to the challenge. Since 1997, our revenue
has compounded at an annual rate of 17%. And since January
1997 to our highest level this year, Stifel’s share price has
risen nearly 8,144%, outpacing not just the S&P 500’s 729%,
but even Microsoft’s 7,229%. Over the past five years, our
stock is up 185%, again exceeding both Microsoft (179%)
and the broader market (82%). We don’t highlight this to
celebrate a moment in time, but to underscore a pattern:
Stifel has consistently delivered long-term value as a growth
stock, driven by a disciplined strategy, smart reinvestment,
and a culture that rewards entrepreneurial performance.
As our scale has increased, so too has our operating leverage.
Over the past five years, we’ve delivered an average pretax
margin of 20.5% and a return on tangible common equity of
23.4% – representing an improvement of 700 and 400 basis
points, respectively, compared to the 2005-2009 period.
We don’t pretend that the path forward will be linear. Markets
change. Economies evolve. But our approach remains steady.
We will continue to invest in our people, our clients, and
our future. We understand deeply that our growth is driven
by the trust our clients place in us – not merely through
transactions, but through enduring relationships that
encompass their entire financial picture. If we first focus on
earning our clients’ overall trust with their assets, then our
growth – to $10 billion in revenue and beyond – will follow.
And we’ll do it the Stifel way – boldly, independently, and
with an eye not just on what comes next, but on how we
can shape it.
The path ahead is ours to lead, and we are ready.
To our clients, our shareholders, and our associates: thank
you. Your trust, your partnership, and your commitment
define not just our success – but our future.
5
8,000%
7,000%
6,000%
5,000%
4,000%
3,000%
2,000%
1,000%
0%
1997
2000
2004
2008
2012
2016
2020
2024
STIFEL STOCK vs. S&P 500 vs. MICROSOFT
STIFEL
S&P 500
MSFT
8,144%
7,229%
729%
6
For the year ended December 31, 2024, the Company
reported net income available to common shareholders
of $694.1 million, or $6.25 per diluted common share,
on record net revenues of $4.97 billion.
Non-GAAP net income available to common shareholders
totaled $755.9 million, or $6.81 per diluted common share.
Stifel generated return on tangible common equity of
22.7% on a non-GAAP basis.
A clear benefit of our strong financial metrics is the
generation of significant cash flow. In 2024, Stifel
repurchased $243 million in common stock and paid
common and preferred dividends of approximately
$232 million.
In addition, given 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 10% increase to our annual common dividend to $1.84 per share from $1.68 per share.
GLOBAL WEALTH MANAGEMENT
Our Global Wealth Management segment continues to drive the firm’s long-term growth. The segment marked its 22nd consecutive
year of record net revenue in 2024 with $3.3 billion. These results were driven in part by record client assets and growth in
transactional revenue.
Once again, financial advisor recruiting played a key role in our success. We added 100 advisors in 2024, including 46 experienced
advisors with total 12-month trailing production of $37 million. In addition, we entered into an agreement to acquire a portion of
B. Riley Financial, Inc.’s traditional wealth management business – a deal that added 36 advisors with approximately $4 billion
in assets under management in the first half of 2025.
We continue to make progress toward our goal of $1 trillion in client assets, finishing the year at more than $501 billion in assets
under management, up 13% over 2023. While organic growth, advisor recruiting, and market appreciation played a significant role in
our success, we also continue to identify creative ways to grow assets. One such example is our new Advisor Match Program, in which
Non-GAAP net income
available to common
shareholders of
$6.81 per share
Record
net revenues of
$4.97 billion
Increased
common dividend
by 10%
Non-GAAP
return on
tangible common
equity of 22.7%
YEAR IN
REVIEW
7
Stifel advisors paired with more than 250 home office
associates to help them pursue their personal financial
goals. The program yielded approximately 120 new accounts
in 2024.
Stifel ranked No. 1 in employee advisor satisfaction among
investment firms in the J.D. Power 2024 U.S. Financial Advisor
Satisfaction Study
SM. This marked the second straight year
we’ve achieved the top spot in this prestigious study. In
addition to finishing No. 1 overall, Stifel ranked No. 1 in
three individual study dimensions: leadership and culture,
products and marketing, and operational support. 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.
Also worth noting is our Structured Investments team,
which was recognized for the outstanding support it
provides to our advisors in winning the Best Educational
Initiative accolade at the SRP Americas Awards 2024.
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 now accounts for
75% of Global Wealth Management revenues. Firmwide, asset management revenues increased 18% to a record $1.5 billion,
reflecting higher asset values and steady net inflows.
Shifting to banking, Stifel Bancorp ended the year with more than $31 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 2024, over 80% of Stifel clients’ cash was in FDIC-insured products, and our loan portfolio now totals $21 billion.
Stifel Bank & Trust helped 4,000 families purchase a new home or make their mortgage more affordable in 2024, all while
maintaining excellent client satisfaction scores. Our securities-based loan portfolio grew to over 10,000 loans, providing low-cost
liquidity to clients.
Our growing venture and fund banking practice increased client deposits by 83% to $4 billion and generated $2 billion in new loan
commitments for 125 clients. In addition, we continued to support the innovation community with the launch of the Builders & Buyers
and Innovator Insights interview series and by releasing reports on trends in climate and defense technology.
Record Global
Wealth Management
net revenues of
$3.3 billion,
up 8%
Recruited 46 experienced
advisors with total
12-month trailing
production of
$37 million
Record
asset management
revenues of
$1.5 billion,
up 18%
Record
client assets of
$501 billion,
up 13%
8
Furthermore, we expanded our capabilities in the growing
private credit market by forming a leveraged lending joint
Stifel’s existing full-service direct lending platform with Lord
Abbett’s extensive capital base.
Stifel Trust Services grew to $6.5 billion in assets under
administration in 2024, up from $6.0 billion in 2023, 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 2024, 10,000 nonprofit organizations received $55 million
in grants from Stifel clients through the use of Stifel’s Donor-
Advised and Legacy Funds, facilitating charitable donations.
Stifel Charitable Inc. managed over $500 million in funds
for clients in 2024.
INSTITUTIONAL GROUP
Our Institutional Group generated its second highest annual
revenue of $1.6 billion in 2024, up 30%, as the business
continues to rebound from the difficult operating environment
of 2023. The segment improved across the board, with
substantial gains in both our advisory and transactional
businesses. Pipelines are also improving thanks to pent-up
demand for M&A and capital raising.
Investment Banking revenues totaled $973 million in 2024,
up 36% from 2023. Within Investment Banking, our advisory
business recorded revenue of $577 million, up 24%, while
capital-raising revenue totaled $396 million, up 59%.
YEAR IN
R E V I E W
Stifel was named U.S. Middle-Market Equity House of the Year
by International Financing Review for the fifth time in the past
10 years, earning recognition for superior capital markets
achievement by “reopening the IPO market and taking more
companies public than its competitors.”
Our Institutional Sales and Trading businesses posted revenues
of $608 million in 2024, up 19%. That figure comprises $393
million in Fixed Income transactional revenue, up 27% from
2023, and $215 million in Equity transactional revenue, up 7%.
In the Equities business, our Electronic Trading team developed
an intra-day momentum signal to predict short-term price
movement with a high degree of accuracy, and we entered
into a partnership with Marex Group plc, offering Marex’s prime
brokerage capabilities to our institutional client base of hedge
fund and investment managers.
We also maintained our status as one of the largest and
most respected providers of equity research coverage in
North America and Europe. In its 2024 All-America Survey,
Extel honored six individual analysts and eight teams across
the Stifel and KBW equities platform.
On the Fixed Income side, we completed the acquisition of
community bank-focused sister companies CB Resource and
Finance 500, expanding our existing suite of reporting and
analytics and establishing us as a market leader in
CD originations.
In addition, Stifel ranked as the No. 1 non-bulge bracket firm
in Extel’s 2024 All-America Survey, and for the 11th year
in a row, our Public Finance team was the nation’s No. 1
municipal bond underwriter in terms of number of negotiated
transactions, finishing the year with an industry-leading
market share of 15.3%.
Second highest
Institutional Group
revenues of
$1.6 billion,
up 30%
Fixed income
transactional
revenues of
$393 million,
up 27%
Investment banking
revenues of
$973 million,
up 36%
Equity transactional
revenues of
$215 million,
up 7%
9
As we have said before, Stifel is a growth company whose
growth is, in large part, a function of our ability to attract and
retain talented professionals. The professionals highlighted in
the following pages joining our Wealth Management team
cited a common theme in joining. In Stifel, they saw a firm that
had the capabilities and products they needed while allowing
them to be focused on their clients and not on the internal
machinations of the corporate hierarchy. By continuing to
innovate, but at the same time never losing that human touch
and people-first approach, we anticipate more successful
growth in the years to come.
As we write this, the impact of a global recalibration of trade
policies is shaking the markets and, indeed, the economy.
While we are attentive to these current events, we know that,
just as Stifel has done for its 135-year existence, the steady
hand of experienced professionals will clearly be the winners
in the long run. And, at Stifel, we are those professionals.
Thank you to all our Stifel colleagues for providing us the
privilege of working with you this past year. We truly
appreciate your trust.
Of Choice. The Golden Rule. Where Success Meets Success.
One Stifel. All of these Stifel guiding principles truly revolve
around one key component: Our People.
In the age of AI, where technological change and
“improvement” is being adopted and integrated at an
unprecedented pace, we are secure in our faith in our people
as our differentiator. As Ron states in his accompanying
shareholder letter, “While these tools will be powerful, they
are built to augment – not replace – the trusted human
relationships that remain at the center of what we do.”
There is no better indicator of the benefits of this belief in
our people than the results we achieved last year. We had
exited a very challenging 2023 optimistic that the markets
would be more accommodative in 2024. And they were.
In our Global Wealth Management segment, we had
record revenues. In our Institutional Group, we had the
second-best revenue year ever. These results were achieved
despite a challenging rate environment and an improved
but still lagging equity and M&A market environment.
But, most importantly, the key factors allowing us to achieve
our results were people driven. In Wealth Management,
we had improving advisor productivity; in the Institutional
Group, we continued to gain market share.
The natural outcome of these successes is that others will
want to partner with us. On the following pages, we highlight
a few of the partnerships we have created with other
successful firms that have witnessed our progress, valued
our capabilities, and approached us about establishing
joint ventures. What these firms saw in Stifel was the
ability to combine their access to capital with Stifel’s client
relationships to make for a win, win, win. A win for them
by allowing them to deploy their capital; a win for Stifel by
allowing us to provide a solution to meet a client need;
and, most importantly, a win for our client by providing
them a complete solution utilizing the intellectual property
brought by Stifel professionals and the capital they needed
to grow their businesses.
PRESIDENTS
LET TER
Victor J. Nesi
Co-President
James M. Zemlyak
Co-President
10
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.
GLOBAL WEALTH
M A N AG E M E N T
After two-plus decades at a legacy wirehouse firm, Grant Clark
and Mark Malone were ready for a change. Bureaucracy, red tape,
and an overemphasis on scorecard metrics had become
suffocating for the Des Moines, Iowa-based Clark Malone Group.
Stifel offered a fresh start, a fresh perspective, and the
ability to provide a smooth transition of their assets.
“The bureaucracy at my previous firm would have
never allowed us to transition the business as
smoothly as Stifel was able to make it happen,”
said Malone. “That common-sense ability to do
business is the reason we came here. It showed
itself on Day 1 and hasn’t turned around since.
We’ve been super impressed with that
common-sense business mindset here.”
Day 1 was May 21, 2024, which is when
The Clark Malone Group officially joined Stifel.
The transition went as smoothly as the duo
could have hoped, as Stifel’s transition team
spent over a month in the Des Moines office
helping to make the onboarding process as
seamless as possible.
“The transition team was so knowledgeable and could go up and
down all the different areas of the business,” explained Clark. “For
four, five, maybe six weeks, the level of intensity from an advisor
standpoint is so off the charts, it is unlike anything we’ve ever
experienced, and I’ve been around for 26 years. It’s just the chaos
of everything. But [the transition team] were calming, they were
present, and they got results.”
While their previous firm boasted an extensive platform, compliance
bureaucracy had become stifling in recent years. Stifel’s more
streamlined business model was just what The Clark Malone Group
was seeking. One example of Stifel’s impact in this area was
how much easier it was for Clark and Malone to conduct
401(k) business than they had experienced previously.
In addition, the team found Stifel’s flat management
structure refreshing, and Malone noted how
easy it is to give feedback, to have it received,
and to have it implemented. He strongly
believes that the focus on business results
at Stifel versus the focus on scorecard
metrics at his previous firm is the biggest
differentiator between the two.
As for the future, Clark and Malone have
ambitious goals. In the next five years,
they hope to grow their team and double
their business, and they believe they can
achieve these lofty goals with the efficiency
they’ve gained since arriving at Stifel.
“It’s incredible to move from a culture and
a firm where advisors are leaving in droves to come to a place
where advisors are coming in droves,” said Malone. “The attitude,
the environment, the culture – everything around it is so strong
and powerful that we are in a place where I fundamentally believe
that I can fill this office and double or triple the revenue of the
office within the next five years.”
Pictured left to right:
Sara OBrien, Client Relationship Manager; Mark Malone, CFP
, CPFA
®
TM, First Vice President/Investments, Branch Manager;
Grant Clark, CPFA
®
®
Managing Director/Investments;
Client Service Associate
THE CLARK MALONE
Des Moines, Iowa
That common-sense
here. It showed itself
on Day 1 and hasn’t
turned around since.
Branch Manager
11
WHERE SUCCESS
MEETS SUCCESS
New York City-based Dominick and Raymond Minicucci felt they were
not able to provide the level of client service they aspire to at their
previous firm due to excess layers of approvals to get basic requests
completed. They regularly identified opportunities to strengthen
their client relationships and grow their practice, but time after
time, their firm simply wouldn’t allow them to pursue them.
So they began exploring their options and, after performing
extensive due diligence, found that Stifel’s
advisor-centric culture was exactly what they
were looking for.
One of the major improvements the team has
found is in Stifel’s willingness to introduce
wealth management clients to the investment
bank. At Stifel, they’re able to connect their
small and mid-sized business owner clients
with investment bankers when the need arises,
offering a stark contrast to their previous firm.
“We have a younger client who’s potentially
looking to sell his business, and we connected
him with KBW a few months ago. At our
previous firm, something like that just wasn’t
an option for a client that size. He would’ve had to go somewhere
else for advice. Here, we work hand in hand – he’s getting advice
on how to build a preliminary offering statement, how to present
a firm that potentially would be sold in the future. It’s refreshing,”
said Raymond.
“I’ve brought a couple of clients to the investment bank as well,
and it’s been a great experience. The introductions that we’ve
made have been extremely helpful and a value-add that strengthens
our relationship with these clients,” added Dominick.
The freedom and flexibility they’ve experienced at Stifel extends
to other areas of the firm as well. For instance, they’re now able
to grow their business by sharing their expertise in corporate
retirement plans.
“We specialize in 401(k) and ERISA business. The Retirement
Plans team here worked with us to get all our plans to
come over seamlessly. And now we’re partnering
with a couple of advisors here in the office on
some 401(k) plans. It’s not an easy business
if you don’t really know it, and we’re excited
to expand our presence in this market with
Stifel,” said Raymond. Now, more than two
years after moving to Stifel, Dominick and
Raymond have successfully transitioned
their business and have rave reviews for
their new home.
“Stifel is big enough to handle our most
sophisticated clients,” said Dominick. “They
offer us the resources to do that as well as the
opportunity to work with those who are just starting to build out
their legacy. That’s something that a lot of firms just don’t offer.
It’s just easy to do business here.”
“We’ve been fortunate enough to work with the vast majority of
different lines of business at Stifel – lending, insurance, structured
products, alternatives – and the experience has been great,”
added Raymond.
Pictured left to right:
Andrew Minicucci, MBA, CFA, Portfolio Analyst; Raymond Minicucci, CRPS
TM, Managing Director/Investments; Tara Venneri, Client Relationship Manager;
Dominick Minicucci, Jr., CIMA
®, CFP
®, Managing Director/Investments; Ian Caputo, Registered Client Service Associate
DAYBREAK FINANCIAL
New York, New York GROUP
Stifel is big enough
to handle our most
sophisticated clients …
It’s just easy to do
business here.
Dominick Minicucci, Jr.
Managing Director/Investments
12
GLOBAL WEALTH
M A N AG E M E N T
In 2022, Tana Reich, Susan Yore, and Brett Jenne – the Reich Yore
Jenne Wealth Management Group – brought their thriving practice
to Stifel, seeking a firm that shared their deeply held belief in
placing clients’ needs first.
With Reich in Fort Myers, Florida, and Yore and Jenne in suburban
Chicago, a smooth and efficient transition was crucial. Fortunately,
Stifel’s knowledgeable and experienced transition team rose to
the challenge, embedding themselves with the advisors
to help them quickly get established in their
respective offices.
Once settled, the team found Stifel’s advisor-
centric culture liberating. No longer subjected
to cross-selling initiatives and growth
campaigns designed to support the firm’s
goals rather than their clients’, they now have
the freedom to present the products and
services that are best suited to each client’s
unique situation.
At Stifel, the team maintains a sense of
independence while having access to all the
resources, solutions, and infrastructure needed
to maintain their client relationships.
“I have found our time at Stifel to be a breath of fresh air. It is
nice to be at a firm that understands the importance of having
everything you may need for a client but allows you to focus on
the actual needs of the client or prospective client,” said Yore.
With the vast majority of their clients having followed them to
Stifel, the Reich Yore Jenne Wealth Management Group is now
looking to the future. They have ambitious goals, including
doubling their current production. Reich’s son, Devin, recently
joined the group as a junior advisor, and they hope to add
another advisor in the coming months. As part of their growth
plans, the team is focused on business development, working
closely with Stifel’s in-house marketing team.
“From the onset of coming to Stifel, the marketing team put
together a wonderful website and professional brochures
for us. They put us on a weekly Zoom call until we
accomplished everything we wanted. Now we
continue to work with them on our ongoing
marketing efforts, like seminars, sponsorships,
mailers, social media, and getting ourselves
named to national advisor rankings. They’ve
been great to work with,” said Reich.
Today, the Reich Yore Jenne Wealth
Management Group is flourishing and
positioned for continued success, with
Stifel’s dedicated home office professionals
and advisor-centric culture supporting them
every step of the way.
“The environment at Stifel is like nothing I have seen before; you
feel everyone working for the client,” said Yore. “When you call the
home office for help with an issue, they work with you to resolve
it because they understand a happy client helps everyone at the
firm. An advisor growing their practice benefits everyone, so you
truly feel like we are all in it together.”
REICH YORE JENNE WEALTH
MANAGEMENT GROUP
Lake Forest, Illinois | Fort Myers, Florida
The environment
at Stifel is like nothing
I have seen before;
you feel everyone
working for the client.
Susan Yore
Senior Vice President/Investments
Pictured left to right: Kevin Reich, Client Relationship Manager; Brett Jenne, CFP
®, CLU
®, Associate Vice President/Investments;
Monica Pizano, Client Relationship Manager; Tana Reich, CPWA
®, CRPC
TM, Managing Director/Investments;
Andrea Jones, Client Relationship Manager; Susan Yore, CRPC
TM, Senior Vice President/Investments; Devin Reich, Financial Advisor
13
WHERE SUCCESS
MEETS SUCCESS
The members of the Turley-Hall-Albanese Wealth Management
Group – Lee Turley, Mark Hall, and Dustin Albanese – have deep
roots in Beaumont, Texas.
With more than 70 years of combined experience, they understand
the unique needs of petrochemical industry clients better
than anyone. And as long-standing members of the Beaumont
community, they have an innate feel for how their friends and
neighbors like to do business. It’s been a recipe for a success.
But at their previous firm, they were finding that corporate
edicts and cross-selling mandates often conflicted
with their clients’ needs and values.
“They always wanted us to sign everybody
up for a checking account. It was all about
getting their claws into the clients. But the
reality is that long-term relationships matter
to people here. Our clients invest with us,
and usually they bank with the local credit
union, who they’ve been with for 25 to
30 years. They don’t want to end that
relationship,” said Hall.
The disconnect began to take its toll on the
advisors and their support staff. In an effort to get away
from bureaucracy, they began looking at other firms and even
considered going independent. But they found everything they
needed here at Stifel and made the move in 2023.
“When we started researching Stifel and made the decision to
come here, it really feels like we’re independent, but we have
a strong firm behind us,” said Turley.
Another pleasant surprise has been the freedom offered by Stifel’s
discretionary platform.
“We pride ourselves on being able to screen investments and
recommend what’s appropriate for our clients. Our previous firm
had restricted their offerings to the point that we were precluded
from using certain investment options due to arbitrary company
policies, even though the options were appropriate for our clients.
At Stifel, it’s been the exact opposite. We’ve been blown away at the
investment options that have been available to us,” said Albanese.
After completing a successful transition to Stifel, the
team has shifted to growth mode. They’re now able
to focus on marketing and prospecting, and they’ve
quickly found that Stifel’s client-first approach is
resonating with investors in Beaumont.
“Stifel is something very different than what’s
been available to folks in our area for a long time,
and so Stifel represents and more closely aligns
with the values of clients in this area. We’re seeing
a lot of folks that are willing to talk to us about
Stifel, and we’re getting more phone calls from
referrals. Last year was a phenomenal year – even
though we were in the middle of a transition, it was still
one of the better growth years that we’ve ever had,” said Albanese.
Thanks to Stifel’s advisor-centric culture, the Turley-Hall-Albanese
Wealth Management Group is back to what they do best – serving
their clients, deepening relationships, and winning new business.
And morale is better than ever.
“I got to a point where I really didn’t like going to work. Now, I look
forward to coming to work,” said Turley.
Pictured left to right:
Melissa Vilo, Client Service Associate; Derrick Hannah, CRPC
TM, CRPS
TM, AAMS
®, Financial Advisor; Shelly Sullivan, Client Service Associate;
M. Lee Turley, CRPC
TM, Senior Vice President/Investments; Mark Hall, CPFA
®, Senior Vice President/Investments, Branch Manager;
Dustin Albanese, CPFA
®, Senior Vice President/Investments; Kayla Weeks, MBA, Financial Advisor Associate;
Clarke Baker, CFP
®, MBA, Financial Advisor Associate; Ryan Citrano, Associate Vice President/Investments
TURLEY-HALL-ALBANESE WEALTH
Beaumont, Texas MANAGEMENT GROUP
14
JUSTINE PETERSEN HOUSING
AND REINVESTMENT CORPORATION
Stifel Bank received the inaugural Justine Petersen Award for Community Banking.
This award recognizes banking partners in the St. Louis metro area who exemplify
commitment to financial inclusivity and economic empowerment for low-income
and socially disadvantaged individuals. Stifel’s banks achieved “Outstanding”
ratings under the Community Reinvestment Act in 2024.
WEALTH MANAGEMENT LENDING
In 2024, Stifel Bank & Trust helped more than 14,000 wealth management clients
manage liquidity, purchase a home, or refinance their current mortgage. We receive
overwhelming client feedback on providing excellent customer service.
The disruptions of the venture banking industry in March 2023 created opportunity for Stifel Bank. Our
Venture and Fund Banking practice was poised for growth, and with the addition of over 50 highly experienced
Relationship Managers, we quickly expanded from New York, Boston, and Raleigh to San Francisco, Los Angeles,
Seattle, and other markets to serve founders across the innovation ecosystem. We similarly grew our Fund Banking
team to serve venture capital, private equity, and other funds. Our clients include these funds, and portfolio
companies – often early- and growth-stage entrepreneurs innovating software and other technology solutions.
CLIENT SPOTLIGHT: MARCH CAPITAL
In 2023, Santa Monica, California-based March Capital, a growth-stage venture fund with $1.7 billion in assets under
management, was looking for a new banking relationship. With four funds investing in hyper-growth enterprise technology
companies, March Capital knows how to evaluate a business and scope its trajectory. March Capital performed their due
diligence, got to know Stifel Bank, and determined that we were the best bank for them. March Capital often introduces
their portfolio companies to us for all of their banking needs.
“March Capital partners with entrepreneurs to invest in and help scale their companies. Our investment strategy has all
sorts of inherent risks – technology, capital markets, and competition, among others. We wanted a banking partner with
zero risk. The values and business practices of Stifel are absolutely aligned with
ours. We are delighted to be their business partner,” said Jamie Montgomery,
Co-Founder and Managing Partner of March Capital.
Montgomery saw significant impact to their community from the wildfires
in Los Angeles and quickly rallied support for the Los Angeles Fire
Department and organizations providing medical care. Stifel joined
in with charitable donations from the firm and our associates.
“The Montgomery Summit is truly a can’t-miss gathering of the best
founders and investors from across the country. It is a privilege
to celebrate the success of March Capital and their portfolio
companies. Watching how March Capital and their team supported
the LA community after the recent tragic fires embodies all the
values we admire about their firm,” said Brad Ellis, Managing
Director and Founder of Stifel Venture and Fund Banking.
STIFEL
B A N K & T R U S T
15
SECTOR SPOTLIGHT: DEEP TECH
Stifel’s venture bankers forge relationships with tech-focused founders and the fund companies sponsoring tomorrow’s
breakout entrepreneurs. One breakthrough area of growth is deep tech, including space and defense. Building Stifel’s
thriving deep tech practice are industry veterans Matt Trotter, Ann Kim, and Tess Hatch, seeking founders with innovative
ideas to change the current landscape of what we think is possible.
FORGE SUMMIT
In October, Stifel Venture Banking hosted its inaugural FORGE
Deep Tech Summit. This invite-only event in Ojai, California,
brought together a group of 80 curated deep tech founders,
investors, and executives from aerospace, defense, robotics,
climate tech, and hardware.
Attendees made meaningful connections, engaged in insightful
conversations, and gained valuable knowledge, all while
strengthening this inspiring community. We couldn’t be more
grateful for our partners in the innovation ecosystem, and we
can’t wait to do it all again in 2025.
CLIENT SPOTLIGHT: TRUE ANOMALY
Stifel Venture Banking clients are developing a new wave of
defense technology. One of those innovators is True Anomaly.
Focused on enabling a secure, stable, and sustainable environment,
True Anomaly develops space defense systems at the intersection
of spacecraft, software, and AI. True Anomaly has a long-standing
relationship with the U.S. Space Force and a deep bench of
talent from across military and technology sectors, positioning
the company as a strong thought partner to the Department of
Defense. True Anomaly began working with Stifel Bank in 2023
to serve the evolving needs of their growing company.
DRIVING INNOVATION
IN DEFENSE TECHNOLOGY
Learn more about Stifel Venture Banking’s
insights on deep tech. Read our report on
Driving Innovation in Defense Technology,
check out interviews with sector leaders,
and learn the latest on how we think
about investing in growth companies at
www.bankwithstifel.com/insights.
WHERE SUCCESS
MEETS SUCCESS
16
INSTITUTIONAL
G R O U P
At Stifel, we continue to expand our capabilities in a number
of ways to make us more relevant to our clients.
In particular, we’ve established a number of strategic partnerships
across our direct lending platform that have helped us deepen
our market presence, add origination depth, and build scale.
For example, Stifel Bank & Trust has formed a joint
venture with Lord Abbett, one of the oldest
money management firms in the United States
with more than $200 billion in assets under
management and a long-standing leveraged
credit investment business, including a
new private credit fund focused on middle-
market corporate lending. The joint venture,
named SBLA Private Credit, expands the
Bank’s Sponsor Finance Group’s capacity
to lead larger credit facilities.
In addition, Stifel’s Investment Bank has
partnered with two leading firms to co-invest
in private credit: Benefit Street Partners,
a leading direct lender with $25 billion of
direct lending assets under management and
strong institutional relationships, and Diameter,
a diversified $15+ billion fixed income asset manager
with relevant capabilities beyond senior/unitranche lending.
NEW PARTNERSHIPS PROVIDE EXPANDED PRIVATE CREDIT SOLUTIONS
FOR CORPORATE AND FINANCIAL SPONSOR CLIENTS
These relationships build on the groundwork formed in 2022,
when Stifel launched SF Credit Partners, a joint lending venture
with Korea Investment & Securities Co., Ltd. that serves as an
innovative source of additional capital and enables increased
commitment capacity.
Through these partnerships, Stifel is well positioned
to provide capital to a wider spectrum of
companies from lower-middle-market,
founder-owned businesses and those
owned by financial sponsors to larger
public corporations. They’ve also expanded
our balance sheet commitment matched
with top-tier M&A advice and capital
market expertise.
“Stifel continues to forge strategic
partnerships that allow the firm to meet
the different needs of our diverse client
base and offer a full suite of competitive
private credit solutions,” said Ron
Kruszewski, Chairman and CEO of Stifel.
“We believe alignment on origination
strategy, target lending profile, and
underwriting process is key to success, and we are pleased
to engage with these high-quality, like-minded partners.”
Stifel continues
to forge strategic
partnerships that allow
the firm to meet the
different needs of our
diverse client base and
offer a full suite
of competitive private
credit solutions.
Stifel Chairman and CEO
Ron Kruszewski and Korea
Investment & Securities
CEO Jung Il-moon
celebrate the formation
of SF Credit Partners.
17
WHERE SUCCESS
MEETS SUCCESS
CLIENT CONFERENCES
Stifel hosts a series of client conferences and events
throughout the year, attracting top institutional investors,
private equity professionals, as well as leading companies
across our many sectors of focus.
Our conferences are designed to help clients connect
the dots through a unique combination of company
presentations, interactive panel discussions, and timely
keynotes with newsmakers from business, politics,
and pop culture.
We aim to deliver a highly differentiated experience
by providing original perspective and depth of insight
that are rare at most investor conferences. We provide
institutional investors with high-level access to senior
management and industry experts, showcase dynamic
emerging companies, and investigate critical trends that
are driving our economy.
In 2024, we hosted more than a dozen full-scale events,
as well as many smaller summits and intimate gatherings.
Our flagship events, the Cross Sector Insight Conference
and the Community Bank Investor Conference, attracted
several thousand attendees along with national media
attention from CNBC.
Attendees tell us they appreciate the forums to share
ideas, network, and develop long-standing relationships
that drive future success.
Stifel Chairman
and CEO Ron Kruszewski
and KBW President and
CEO Tom Michaud ring
the Nasdaq closing bell
to kick off KBW’s 25th
annual Community Bank
Investor Conference.
1,850+
ATTENDEES
325
COMPANIES
4,500
INVESTOR
MEETINGS
CROSS SECTOR
INSIGHT CONFERENCE
18
STIFEL INVESTS IN NATIONAL
SECURITY SUPPLY CHAIN THROUGH
NEW PRIVATE EQUITY FUND
Stifel continues to drive success by supporting innovation
in unique and interesting ways. In October of 2024, the firm
received final approval for its new private equity fund designed
to provide capital to small and mid-sized U.S. manufacturers
working on mission critical technologies in the defense and
aerospace industries.
The fund was originated to support the White House’s
“AM Forward” initiative, which was created in 2022 with the
goal of improving the competitiveness of America’s small
and medium-sized manufacturers and enhance domestic
supply chain activity.
After earning a special license from the Small Business
Administration, the fund is now eligible for federal leverage,
which can supplement the amount of private capital raised
and expand investment reach. The initial funding for the fund
includes significant capital commitments from industry-leading
contractors including Lockheed Martin, GE Aerospace, and
ASTM International, among others.
In February 2025, the fund made its first investment
in Sintavia, the world’s leading all-digital aerospace
component manufacturer.
In collaboration with our
strategic partners, we are proud
to give America’s emerging small
businesses the capital and strategic
support they need to advance
innovation that supports our supply
chain, creates domestic jobs, amplifies
manufacturing capacity, and importantly,
increases national security.
Victor Nesi, Stifel Co-President
INSTITUTIONAL
G R O U P
19
TECHNOLOGY
BRINGING NEW FUNCTIONALITY
TO WEALTH TRACKER
In 2024, we continued building a comprehensive digital
experience for clients through the Wealth Tracker platform,
which now reaches over half of our client accounts. Building
on enhancements introduced in 2023, we delivered new
functionality to help clients further organize and manage
their financial lives.
We launched a new document center to streamline access
to statements, trade confirmations, tax forms, and regulatory
notices. We also introduced secure document sharing,
enabling clients to store key materials within the platform
and seamlessly exchange them with their financial advisors.
To enhance education and engagement, we launched
Stifel Discover, a personalized content hub that delivers
curated insights in a clean, intuitive format. The integration
of Zelle
® further expanded money movement capabilities,
offering fast and secure peer-to-peer payments directly
within Wealth Tracker. Together, these advancements
strengthen Wealth Tracker’s position as a premier
digital platform for personal financial management
and client collaboration.
TECHNOLOGY AND OPERATIONS UPDATE
Each year, we highlight key technology and operational initiatives
designed to deliver outstanding client service and empower our
professionals with leading-edge solutions. The One Stifel vision
articulated in last year’s report continues to anchor this effort.
In 2024, the firm made significant progress modernizing systems,
improving workflows, and delivering competitive products and
services. We also accelerated our transition to cloud infrastructure
and improved data architecture – two foundational elements
enabling future AI capabilities.
The following pages highlight our 2024 progress and outline our
forward-looking plans. We also touch on investments in cybersecurity
and share our approach to attracting and developing world-class
technology talent. Stifel is headed in the right direction – delivering
long-term value to our clients, associates, and shareholders.
20
WHERE SUCCESS
MEETS SUCCESS
LEVERAGING TECHNOLOGY TO
MAKE STIFEL BANK A STRATEGIC
GROWTH PLATFORM
Stifel Bank made significant contributions to our technology
strategy in 2024. A major milestone was becoming the processor
for the firm’s ACH, wire, and check payments. By leveraging
best-in-class fintech partners, the bank now routes payments
seamlessly across systems with unified controls – supported
by a single operations team.
In parallel, we invested in expanding the commercial banking
platform to support rapid growth in venture and fund banking.
Deployments included Salesforce for bankers and lenders
and a new online application for onboarding complex
treasury relationships – described by one client as
“the best UX experience I’ve had applying for a bank
account.” These upgrades reflect the bank’s role not
only as a core service engine, but as a strategic growth
platform – especially for the innovation economy.
DELIVERING ENHANCEMENTS
FOR INSTITUTIONAL CLIENTS
2024 was a year of substantial institutional
technology upgrades, aligned with our focus
on delivering value through digital channels.
We modernized the original Vining Sparks
client access portal and introduced several
new capabilities:
• Stifel Loan Marketplace: A digital platform
connecting lenders and borrowers to
facilitate loan origination.
• CB Analytics and Enterprise Risk
Management: Tools introduced through
our acquisition of Finance 500, delivering
deep insights and risk controls.
• Safekeeping Portal: A streamlined interface
offering clients access to confirmations,
intraday balances, and statements. For clients
using additional services – such as bond
accounting or portfolio analytics – the portal
offers a fully integrated experience.
These enhancements underscore Stifel’s commitment
to delivering a comprehensive, user-friendly platform
for institutional clients.
21
TECHNOLOGY
DEEPENING
CLIENT RELATIONSHIPS
Stifel continues to prioritize client connectivity and
collaboration through our Salesforce-powered client
management platform. As our business grows globally,
this tool ensures seamless communication across
geographies and business units, enabling deeper
insight into client needs.
The platform also supports our broader data strategy
and exploration of advanced tools, including machine
learning and generative AI. As we continue to evolve
Salesforce into a unified client interface, newer agentic
capabilities will add intelligence and automation to
support decision-making. As we expand globally,
integrated platforms like Salesforce ensure our ability
to scale thoughtfully, driving meaningful impact
across the advisor-client relationship.
EVOLVING SALESFORCE INTO
THE “SINGLE PANE OF GLASS”
FOR ADVISORS
In 2024, we made meaningful enhancements to the
technologies that support our wealth management
professionals. Salesforce continues to evolve into the
“single pane of glass” for our financial advisors – uniting
data, tools, and workflows in one seamless experience.
Our technology teams continue to partner closely with
our advisors to deliver the tools branches and clients
expect. We integrated Wealth Tracker into Salesforce,
allowing advisors to onboard clients and link accounts
for family members or outside collaborators. We also
redesigned the annual advisory review process to
create a more streamlined experience for both clients
and advisors. Additional enhancements included the
ability to view Stifel Bank mortgages, securities-based
loans, and HELOCs directly within the system. Teams
worked to import legacy CRM data into Salesforce to
preserve historical notes and contacts. And today we
are working to deliver the information from our popular
legacy digital dashboard system directly into Salesforce
to enable improved decision-making, performance
tracking, and practice management.
IMPROVING
OPERATIONAL WORKFLOW
As a service-driven organization, we understand the
importance of efficient workflows, and our clients
feel the difference when requests are handled
quickly and seamlessly.
2024 marked the 11th year of innovation on our
enterprise workflow platform, now used by more
than 5,000 associates to process millions of service
requests annually. This year, we redesigned an
international client onboarding module to save
time and improve the experience. We also introduced
enhanced status tracking and expanded e-signature
capabilities throughout the account journey. In 2025,
we will continue expanding features and embedding
automation to improve speed, transparency,
and service quality.
Our operations teams also made vital contributions in 2024 – from navigating the industry-wide shift
to a T+1 settlement cycle to launching new products and strengthening custody and reporting
infrastructure. To meet growing operational demands, we continue to invest in automation,
process modernization, and leadership development. Our new program to enhance career
development and cross-training within Operations is already helping drive collaboration
and advancement across the team. These efforts reflect a broader operational mandate:
Modernize how we work while investing in the people who make it possible.
INVESTING IN INFRASTRUCTURE FOR THE FUTURE
In 2024, we continued making substantial investments in both security and infrastructure.
Our move to cloud-based platforms is well underway, with key backend systems now
operating in the cloud. As we accelerate this migration in 2025, we’re excited for the next
generation of tools and efficiencies this transformation will unlock. These upgrades will
allow us to better manage data, protect client information, and deliver stronger analytics
and support across the enterprise.
TECHNOLOGY
22
TECHNOLOGY
LOOKING FORWARD
Looking ahead, our technology and operations teams remain focused on
working hand-in-hand with business partners to deliver smarter, faster solutions
across the enterprise. The technology paradigm is shifting – enabling more
capabilities to be pushed directly into the hands of business users. From
commercial lending and investment banking to research, trading, and client
reporting, every team will benefit from more flexible, intelligent tools. This shift
comes as modern data structures and AI platforms become part of everyday
workflows. It’s an exciting time – and we’re building the capabilities to lead in it.
These efforts
reflect a broader
operational
mandate: Modernize
how we work while
investing in the people
who make it possible.
23
ALEX
FERREIRA
Stifel U.S. Freeski
Ambassador
JESSIE
DIGGINS
Stifel U.S. Cross Country
Ski Team Ambassador
WHERE SUCCESS
MEETS SUCCESS
MIKAELA SHIFFRIN
This year, Mikaela Shiffrin became the first alpine skier ever
to reach 100 World Cup wins, and she finished the season by
earning her 101st win at the Stifel Sun Valley Finals. In celebration,
Stifel supported Mikaela’s “MIK100: Reset the Sport” initiative to
fund youth ski programs through the Share Winter Foundation. Stifel
also sponsored Season 3 of her documentary, Moving Right Along,
highlighting her legacy and efforts to inspire the next generation.
“Mikaela has changed the game and is building a legacy that goes
beyond her results.” – Ron Kruszewski, Chairman and CEO.
WORLD CUP WINS
24
For 135 years, Stifel has been
investing in success – not just in
our own success, but, most of all,
in the success of our clients. While
the ambassadors of Team Stifel
come from many disciplines, they
share this same commitment to
success, personal excellence,
and inspiring greatness in others.
Through Team Stifel, we sponsor and
partner with individual ambassadors,
professional teams, and three of the
most prestigious collegiate sports
awards. In 2025, we will host the
Stifel Charity Classic, a premier
PGA TOUR Champions tournament.
Ambassadors pictured left to right:
Gisele Thompson, Professional Soccer; Alyssa Thompson, Professional Soccer; Rachel Heck, Collegiate Golf;
Harry Higgs, PGA TOUR; Kristen Faulkner, 2x Olympic Gold Medal Cyclist; Bella McCauley, Collegiate Golf;
Reese McCauley, Collegiate Golf; Amanda Balionis, CBS Sports Reporter; Greyson Sigg, PGA TOUR
Ambassadors not pictured:
Bailey Tardy, LPGA; Geno Bonnalie, PGA TOUR Caddie; John Ellis, PGA TOUR Caddie;
Joel Stack, PGA TOUR Caddie; Ryan McCormick, Korn Ferry Tour; Dawson Armstrong, Korn Ferry Tour
TEAM
ST I F E L
Since its inception in 2017, the Women’s Initiative
Network (WIN) has grown into one of Stifel’s most
diverse, supportive, and valuable groups. This
network focuses on offering mentorship, education,
and professional development opportunities to all
female associates across the firm.
In addition to creating a supportive network of female
professionals, the WIN network now hosts a number of
special interest groups, including Working Mothers and
Caregivers, Young Professionals, Wellness at Work, and
the Lean In Circle. These groups provide a supportive
and educational community within the WIN umbrella
for associates to celebrate their identity and pursue
their interests.
WIN’s efforts over the years have paid off in a number
of ways, including increasing female representation at
the firm. On the Global Wealth Management side, we’ve
increased the number of female financial advisors at
Stifel by nearly 15% since 2017.
On the Institutional side, we have more than doubled
the number of female Managing Directors since 2017.
The Institutional Group’s intern and recruiting programs
include immersive experiences like the Undergraduate
Women’s Symposium, the Sophomore Explorers, and
the Public Finance Bridge Program.
25
WOMEN’S INITIATIVE
N E T W O R K
Crystal Schlegl
Co-Director, Women’s Initiative Network
WIN allows women an
opportunity to get to know
each other, to share ideas,
and feel valued by the firm.
Crystal Schlegl
It’s important to build
a network of professionals
who have somebody that has
similar experiences to them
so they feel comfortable
that they have an opportunity
to develop a career at Stifel.
Carol DeNatale
Carol J. DeNatale
Co-Director, Women’s Initiative Network
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:
ST. LOUIS PUBLIC SCHOOLS
Stifel was named 2024 Corporate Volunteer Partner of the Year
by St. Louis Public Schools for our ongoing dedication to fostering
academic excellence and empowering future generations. The
2023-24 school year award honored Stifel’s teaching hundreds
of hours of financial education through the Junior Achievement
program, the Carr Lane Visual Performing Arts tech classroom
renovation, and back-to-school supplies donations.
9/11 DAY OF SERVICE
Once again, to honor the memory of the 67 KBW associates who
lost their lives on 9/11, more than 350 Stifel and KBW associates
in New York, St. Louis, and San Francisco packed thousands of
meals for local food banks as part of the 9/11 Day of Service.
THE SHOEBOX PROJECT FOR WOMEN
Stifel Canada, in collaboration with Oxford Properties Group,
helped lead efforts with The Shoebox Project for Women, an
organization designed to help uplift women in local shelters
by assembling personalized shoeboxes filled with everyday
essentials from toiletries, accessories, and other comforting
items. The shoeboxes were distributed to women’s shelters
in Toronto.
HOMES FOR THE HOMELESS
For the sixth straight year, our Leveraged Finance team
held a holiday charity raffle to benefit Homes for Homeless.
This year’s raffle sold 642 tickets, raising more than $14,000,
with 100% participation from Leveraged Finance and
outstanding participation from Investment Banking,
Fixed Income Capital Markets, and KBW. 139 junior bankers
participated this year, including 91 analysts across all groups,
a 10% increase from last year. All proceeds went to funding
the end of summer camp carnival at Homes for Homeless’
Camp Wakonda, where Stifel associates volunteered in
person, helping with games and face painting.
COMMUNIT Y
26
Ronald J. Kruszewski
Chairman of the Board and
Chief Executive Officer
Stifel Financial Corp.
Adam T. Berlew
Chief Marketing Officer
Equinix
Maryam Brown
Chief Executive Officer
SoCalGas
Michael W. Brown
Former Vice President and
Chief Financial Officer
Microsoft Corporation
Robert E. Grady
Advisory Partner
Summit Partners
Lisa Carnoy
Chief Financial and
Administrative Officer
Continental Grain Company
Jim Kavanaugh
Co-Founder and
Chief Executive Officer
World Wide Technology
Thomas W. Weisel
Senior Managing Director
Stifel Financial Corp.
Michael J. Zimmerman
Vice Chairman
Continental Grain Company
David A. Peacock
Chief Executive Officer
Advantage Solutions
Maura A. Markus
Former President and
Chief Operating Officer
Bank of the West
We are deeply saddened by the
passing of Danny Ludeman,
a valued member of our
Board of Directors for more than
five and a half years. We are grateful
for Danny’s contributions to Stifel,
and we will remember him
for his vision, compassion, and
unwavering commitment to others.
Daniel J. Ludeman, Sr.
1956 – 2025
BOARD OF
DIRECTORS
SHAREHOLDER
INFORMATION
RECONCILIATION OF GAAP NET INCOME TO NON-GAAP NET INCOME
A reconciliation of GAAP Net Income to Non-GAAP Net Income and GAAP Earnings 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.
ANNUAL MEETING
Our 2025 Annual Meeting of Shareholders will be virtual-only, Wednesday, June 4, 2025, 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 25, 2025.
TRANSFER AGENT
The transfer agent and registrar for Stifel Financial Corp. is Computershare Trust Company, N.A., Canton, Massachusetts.
STOCK LISTINGS
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:
2020
2021
2022
2023
2024
GAAP net income
$503,472
$824,858
$662,155
$522,536
$731,379
Preferred dividends
27,261
35,587
37,281
37,281
37,281
GAAP net income available to common shareholders
476,211
789,271
624,874
485,255
694,098
Tax reform, net of tax
Litigation charges, net of tax
Acquisition revenues, net of tax
117
117
39
10
631
Acquisition charges, net of tax 1
Compensation
23,339
20,079
29,262
23,529
19,620
Other non-compensation
23,180
30,066
20,896
22,730
32,805
Severance charges, net of tax2
–
–
–
–
8,742
Non-GAAP net income
$522,847
$839,533
$675,071
$531,524
$755,896
GAAP earnings per diluted common share
$4.16
$6.66
$5.32
$4.28
$6.25
Adjustments
0.40
0.42
0.42
0.40
0.56
Non-GAAP earnings per diluted common share
$4.56
$7.08
$5.74
$4.68
$6.81
in thousands, except per share amounts
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
SALES PRICE
CASH DIVIDENDS
2023
2024
$0.36
0.36
0.36
0.36
$78.33
84.25
94.18
119.12
$68.77
62.35
66.61
70.07
$67.61
73.51
76.64
92.18
$53.48
54.84
58.08
54.81
2024
Low
Low
High
High
2023
$0.42
0.42
0.42
0.42
1 Primarily related to charges attributable to integration-related activities, signing bonuses, amortization of restricted stock awards, debentures, and promissory notes
issued as retention, additional earn-out expense, and amortization of intangible assets acquired. These costs were directly related to acquisitions of certain businesses
and are not representative of the costs of running the Company’s ongoing business.
2 The Company recorded severance costs associated with workforce reductions in certain of its foreign subsidiaries.
EUROPE
STIFEL
LOC ATIONS
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 2024 U.S. Financial Advisor Satisfaction StudySM.
Stifel is the #1 Wealth Management Firm for Employee Advisor Satisfaction, two years in a row.
For J.D. Power 2024 award information, visit jdpower.com/awards. Compensation provided for using, not obtaining, the award.
W H E R E S U C C E S S M E E T S S U C C E S S