Stifel posts record revenue in Q3 despite slower recruiting

Stifel Financial posted record client assets and revenue for the third quarter, even as advisor recruitment slowed relative to the first half of the year. The St. Louis-based firm's wealth management division ended the third quarter with record net revenue, up nearly 10% year over year to $907 million. That growth was driven primarily by asset management revenue, up 13% from the previous year to $431 million. "What was once primarily transactional is now largely fee-based. … That shift has made our earni ...