Stifel is a full-service investment bank and wealth management firm headquartered in St. Louis. The firm serves private individuals, institutional investors, and corporate clients through two segments: Global Wealth Management (~64% of revenue) and Institutional Group (~36% of revenue). In wealth management, roughly 2,200 financial advisors help individual clients manage investment portfolios and access lending and banking products across nearly 400 U.S. branch offices. Stifel's banking subsidiary, Stifel Bancorp, provides mortgages, securities-based lending, commercial loans, and venture banking, generating net interest income (NII). The institutional business advises on M&A and underwrites equity and debt offerings for corporate clients, while also executing trades for institutional investors. Stifel is particularly known for its KBW subsidiary, the dominant advisor in bank and thrift M&A, and holds the #1 ranking in negotiated public finance bond issues by deal count. Stifel generates revenue through asset management fees (tied to fee-based client assets), NII (spread between loan/investment yields and deposit costs), advisory and underwriting fees, and commissions and trading revenue. The firm has grown primarily by recruiting experienced financial advisors and through acquisitions, expanding from 39 branch offices and $11.7B in client assets in 1997 to over 400 offices and $552B in client assets today. Key growth initiatives include FA recruiting, balance sheet expansion at Stifel Bancorp, and deepening institutional capabilities in financials, healthcare, and technology, including international expansion.