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Stifel hires $480M Wells Fargo team, opens new office

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Stifel has signed on two advisors from Wells Fargo, where they managed $480 million in client assets, according to the regional BD.

Paul Schluckebier and David Hood will staff a new Stifel office in Owosso, Michigan.

The additions further Stifel’s hiring spree in Michigan, where it now has 17 offices. Earlier this month, Stifel said it recruited a $1 billion team from UBS in Southfield, a Detroit suburb. It’s one of the biggest hires of the year so far.

Schluckebier and Hood bring the total number of Stifel hires in Michigan up to ten this year.

Schluckebier has 35 years of industry experience, according to FINRA BrokerCheck records. He spent the last 12 years at Wells Fargo, and was with A.G. Edwards before that. Hood has 16 years of experience, and was also at Wells Fargo for 12 years before the move to Stifel.

In recent years, Stifel has aggressively recruited talent, particularly from its larger wirehouse rivals. After a slowdown earlier this year related to the coronavirus pandemic, Stifel’s leadership has said it expects recruiting to pick up.

“We enter the third quarter with... a solid and improving recruiting pipeline,” CEO Ronald Kruszewski said in a statement accompanying the firm’s second quarter earnings report. The St. Louis-based firm’s brokerage ranks rose to 2,232 for the second quarter from 2,193 for the year-ago period. Stifel’s growing advisor force operated from 447 branches, up from 413.

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