Summary of Stifel Financial Conference Call Company Overview - **Company**: Stifel Financial (NYSE: SF) - **Event**: 2026 Conference on November 13, 2025 Key Industry Insights - **Wealth Management and Capital Markets**: Stifel is experiencing significant growth in both wealth management and capital markets, with a positive macroeconomic environment contributing to this momentum [12][13][51]. - **M&A Environment**: The regulatory environment is currently favorable for mergers and acquisitions (M&A), with a notable increase in activity expected due to recent deregulation [53][54]. Core Business Performance - **Business Normalization**: Stifel's performance is described as being above the normalized trend, indicating strong business activity across all sectors, including wealth, banking, and trading [12][13]. - **Recruiting Success**: The recruiting pipeline is robust, with Stifel attracting larger and more productive advisor teams compared to previous years [15][17][20]. - **Loan Demand**: Stifel is experiencing high loan demand, with a focus on maintaining a conservative approach to credit risk [37][44]. Financial Metrics - **Revenue Composition**: Stifel derives 20% of its revenue from net interest income (NII) and 80% from wealth and banking services, distinguishing it from typical regional banks [37]. - **Market Share in Bank M&A**: Stifel has captured approximately 80% market share in bank M&A year-to-date, reflecting its strong position in the market [55]. Strategic Focus - **Advisory Services**: Stifel aims to leverage its European operations to facilitate U.S. listings for clients, focusing on advisory services as a bridge to U.S. markets [60][61]. - **AI Deployment**: The company is investing in AI to enhance productivity and efficiency, particularly in banking operations [62][63]. Future Outlook - **Growth Projections**: Stifel is targeting $10 billion in revenue and $1 trillion in client assets, with confidence in achieving these goals based on historical growth patterns [82][86]. - **Earnings Growth**: The company has consistently delivered mid-teens earnings growth and aims to sustain this trajectory [78][79]. Additional Considerations - **Capital Deployment Strategy**: Stifel prioritizes reinvesting in its business over stock buybacks, viewing growth as the primary driver of shareholder value [76][77]. - **Market Positioning**: Stifel's management emphasizes its competitive edge in recruiting and market share, positioning the firm for continued success in a favorable economic environment [20][51][86].