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Article: Stifel Financial diving into RIA custody business; New venture will target hybrid brokers and fee-only advisers.(News)
- Article from:
- Investment News
- Article date:
- November 2, 2009
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Jed Horowitz
Stifel Financial Corp., which has been expanding its Stifel Nicolaus & Co. retailbrokerage business aggressively, is about to make a push into serving registered investment advisers.
The firm has hired David Akellian, a veteran of Merrill Lynch & Co. Inc. and Pershing LLC, to run its Century Securities Associates independent-broker-dealer affiliate and add a custodial unit for RIAs.
The venture, likely to be called Century Advisor Services, will be marketed to fee-only RIAs and "hybrid advisers who want to supplement their fee-based practices with commissions.
"We are a competitor to Fidelity, Schwab and TD ...