Stifel Financial Corp. added 46 new advisors with estimated annual production of $36 million, while registering only three departures in the second quarter, the St. Louis-based bank and wealth management firm reported on Tuesday.
In the second major sale of a PE-backed advisory firm this year, Lightyear Capital is selling its stake in $11.8 billion AUM Wealth Enhancement Group to TA Associates.
Deal volume in the RIA space is up 30% from last year, and “valuations are at an all-time high," said DeVoe & Company, the San Francisco-based consulting firm and investment bank.