The wealth, asset and retirement manager Equitable has agreed to acquire Stifel Financial’s independent advisor business. The deal, which is expected to close in the first quarter of 2026, will add about $9 billion in client assets and over 110 advisors to Equitable Advisors, the firm’s broker/dealer and registered investment advisor.
Through the deal, Equitable seeks to expand its wealth practice, which the firm said has an organic growth rate of 12% on a 12-month trailing basis. Wealth is also the fastest-growing segment of Equitable Holdings, which also has a large business in 403(b) educational retirement plans and a majority stake in asset manager AllianceBernstein.
Equitable Advisors currently has over $110 billion in assets under administration and is staffed by about 4,500 people. The firm declined to provide the amount of assets it actively manages on a discretionary basis.
The deal with Stifel excludes its employee advisor channel, which the firm has most recently reported includes more than 2,400 financial advisors.
Stifel CEO Ron Kruszewski said on an earnings call last week that the independent advisor channel business was “immaterial” to St. Louis-based Stifel’s larger wealth and banking business. He had been responding to a question about Equitable buying the independent business, which was first reported by AdvisorHub.
“This transaction reinforces Stifel’s unwavering commitment to our core employee-channel advisory business, while ensuring that our independent advisors continue to thrive with an excellent partner that shares our values,” Kruszewski said in a statement.
Assuming the deal clears regulatory approval, Equitable will gain access to Stifel’s open-architecture platform, marketing tools and succession planning process for the independent advisors, who operate on a 1099 contractor model.
Equitable also signaled that it has set its sights on more dealmaking, noting that it promoted Nick Chan to head of mergers and acquisitions in early October, promoting him from the role of corporate CFO and head of strategic transactions. He will also now be on New York City-based Equitable’s operating committee.
Eversheds Sutherland served as legal counsel for Equitable on the deal, and Bryan Cave Leighton Paisner represented Stifel.
