Stifel CEO, Ron Kruszewski, is a traveling man. Finding himself in Israel talking about partnerships in ‘early funding’ startups he commented on the strength of Stifel’s wealth management brand and the role it will play in the firms growth in 2020.
Per media reports of Mr. Kruszewski’s time in Israel:
”Stifel Financial expects wealth management to drive growth in 2020 following a record year for the division, says Chief Executive Officer Ronald Kruszewski.”
“Roughly half of the firm’s revenue growth is likely to come from wealth management this year, according to Kruszewski. Stifel, which manages about $350 billion of client assets, plans to bring in more customers by offering direct investments in private companies for the first time, he said.”
Stifel has been recruiting in such a way that revenue and profits inside the wealth management division have exploded. Coupling that success with an active and successful acquisition strategy (re: Barclays wealth) has mushroomed assets under management and the fees that follow.
The Stifel story remains a case study in aggressive leadership and smart acquisitions. One could say that in the past decade every single acquisition made by Stifel has worked to near perfection.
Barclays US wealth management unit being at the forefront of that reality. When that deal was first announced in late 2015 many industry experts were skeptical that Stifel could hang on to the elite advisors they had acquired. Four and a half years hence, mission accomplished.
