Stifel Financial added to its advisor headcount in the third quarter, bolstering its burgeoning wealth business even as it saw profits drop 21% compared to a year ago.
Despite an earnings
"Recruiting activity remains strong, but we've seen throughout the year that the pullback in markets slow[ed] the actual transition of advisers while also accelerating the retirement of others," Chairman and CEO Ron Kruszewski told analysts in an earnings call on Wednesday. "As we look forward to more stable markets, we anticipate meaningful increases in recruiting levels." Like many competitors, the regional brokerage is snapping up talent as advisors
Kruszewski touted Stifel's "platform and culture that enables financial advisers to grow their business without the bureaucracy that plagues many other firms." He added that "we are encouraged by the traction we are gaining in the independent channel."
To see the main takeaways from Stifel's third-quarter earnings, scroll down the slideshow. For a look at the results from earlier this year, follow