Stifel Financial Corp. operates as a financial holding company. The company’s principal subsidiary is Stifel, Nicolaus & Company, Incorporated (Stifel), a full-service retail and institutional wealth management and investment banking company. The company’s other subsidiaries include Century Securities Associates, Inc. (CSA), an independent contractor broker-dealer firm; Keefe, Bruyette & Woods, Inc., Miller Buckfire & Co. LLC, Sterne Agee Group, Inc. and broker-dealer firms; Stifel Nicolaus Europe Limited (SNEL), its European subsidiary; Stifel Bank & Trust (Stifel Bank), a retail and commercial bank; 1919 Investment Counsel & Trust Company, National Association (1919 Investment Counsel) and Stifel Trust Company Delaware, N.A. (Stifel Trust), the company’s trust companies; and 1919 Investment Counsel, LLC and Ziegler Capital Management, LLC (ZCM), asset management firms. The company’s principal activities are private client services, including securities transaction and financial planning services; institutional equity and fixed income sales, trading and research, and municipal finance; investment banking services, including mergers and acquisitions, public offerings, and private placements; and retail and commercial banking, including personal and commercial lending programs. Segments The company’s segments include Global Wealth Management, Institutional Group, and Other. Global Wealth Management This segment provides securities transaction, brokerage, and investment services to its clients through the consolidated Stifel branch system. Consolidated Stifel Branch System As of December 31, 2015, the Private Client Group had a network of 2,172 financial advisors located in 329 branch offices in 45 states and the District of Columbia. In addition, it had 719 independent contractors. The company’s financial advisors provide a range of investments and services to its clients, including financial planning services. The company offers equity securities; taxable and tax-exempt fixed income securities, including municipal, corporate, and government agency securities; preferred stock; and unit investment trusts. It also offers a range of externally managed fee-based products. In addition, it offers insurance and annuity products and investment company shares through agreements with various third-party distributors. Its private clients might choose from a traditional, commission-based structure or fee-based money management programs. The company’s independent contractors provide the same types of financial products and services to its private clients as does Stifel. Under their contractual arrangements, these independent contractors might also provide accounting services, real estate brokerage, insurance, or other business activities for their own account. Customer Financing The company makes a loan to the customer for the balance of the purchase price. Such loans are collateralized by the purchased securities. The amounts of the loans are subject to the margin requirements of Regulation T of the Board of Governors of the Federal Reserve System, Financial Industry Regulatory Authority, Inc. (FINRA) margin requirements, and its internal policies, which usually are more restrictive than Regulation T or FINRA requirements. The company offers securities-based lending through Stifel Bank, which allows clients to borrow money against the value of qualifying securities for any suitable purpose other than purchasing, trading, or carrying marketable securities or refinancing margin debt. The loan requirements are subject to Regulation U of the Board of Governors of the Federal Reserve System (Regulation U) and its internal policies, which are typically more restrictive than Regulation U. Asset Management The Asset Management segment includes the operations of ZCM and 1919 Investment Counsel, and Stifel Trust. The company’s asset management business offers specialized investment management solutions for institutions, private clients and investment advisors. Revenues for this segment are primarily generated by the investment advisory fees related to asset management services provided for individual
stifel financial corp (SF:New York)
501 North Broadway
St. Louis, MO 63102-2188
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