Stifel’s head of recruitment, John Pierce, has moved on from that role. The circumstances of his departure remain unclear.
“I can confirm that he has left the firm, but I cannot provide any details beyond that,” a Stifel spokesman confirmed to FA-IQ via email.
Replying to FA-IQ’s query, Pierce says he’s on garden leave until mid-May. He didn’t share more details.
Pierce joined Stifel in January 2016, according to his LinkedIn profile, which now lists him as self-employed.
He was first registered in 1993 with Merrill Lynch, where he spent 13 years until 2006, according to his BrokerCheck record. He was also previously registered with BPU Investment Management, Ameriprise Financial and Glen Eagle Advisors.
Pierce’s departure comes at a time when Stifel is stepping up efforts to hire advisors, especially larger producers breaking away from wirehouses. Stifel didn’t comment on Pierce’s potential successor.
The St. Louis-based broker-dealer slowed down recruiting in the immediate aftermath of the Department of Labor’s fiduciary rule but has recently been positioning itself as a “destination” for wirehouse breakaways, Pierce previously told FA-IQ.
Stifel’s advisor ranks grew 3%, 2,222 in 2019, from the prior year, despite excluding FAs with production below $300,000 from the calculation. The firm is also relying on robust advisor recruitment and leveraging its bank for wealth management client lending for growth.
Pierce previously told FA-IQ that compensation and service cuts at wirehouses and the June 30 compliance deadline for Regulation Best Interest are big recruitment opportunities for Stifel in 2020.