News Summary
Stifel Financial has acquired the Abbracciamento Strandskov Wealth Management Group from Merrill Lynch, significantly boosting its recruitment strategy with $540 million in client assets. This move is a response to a previously slow recruitment pace and aims to enhance Stifel’s client-centric culture and support system. The newly formed team will be based in Yardley, Pennsylvania, and will contribute to Stifel’s efforts in navigating a challenging recruitment market, while also showcasing a positive sign of recovery for the firm.
Pennsylvania – Stifel Financial has announced a significant boost to its recruitment strategy with the acquisition of a financial advisory team from Merrill Lynch, managing $540 million in client assets. This shift marks a revival in Stifel’s recruitment efforts, which had previously slowed down.
The newly acquired team is known as the Abbracciamento Strandskov Wealth Management Group, led by John A. Abbracciamento and Brian R. Strandskov, along with Gregory J. Abbracciamento, John’s son. The team has transitioned to a Stifel branch located in Yardley, Pennsylvania. Joining them in this move are client associates Michael Peczinka and Matthew Ryan, who will continue to support the team’s client relationships.
The leadership structure at Stifel will see the new team report to Paul MacCrory, the Philadelphia market manager, and Allen Brautigam, who heads Stifel’s Northeast Region. Previously, this group operated out of Princeton, New Jersey, which is roughly a 30-minute drive from their new location.
Strandskov indicated that the decision to move to Stifel was largely driven by the firm’s emphasis on a client-centric culture, flat organizational structure, and provision of top-notch financial planning services. The support system available at Stifel also played a key role in attracting the team to make this transition.
John A. Abbracciamento has a long history in the financial services industry, having registered with Merrill Lynch in 1984. Brian R. Strandskov joined in 2004, while Gregory J. Abbracciamento has been with the industry for the past seven years. Despite inquiries, neither the team nor Merrill Lynch provided comments on their departure.
In a broader context, Stifel reported a 1% decline in broker headcount, totaling around 2,340 brokers at the end of the second quarter of 2024. This decline followed a period of reduced recruiting activity at the firm. Nonetheless, Stifel’s Chairman and CEO, Ron Kruszewski, has highlighted the acquisition of three productive teams contributing over $3 billion in assets and $14 million in revenue as a strong start to their recruitment revival.
An annual report from Stifel suggested that the firm is considering investing additional resources to attract and retain qualified personnel amid a challenging recruitment landscape. This situation is contrasted by Merrill Lynch’s recent success in hiring a solo practitioner from UBS managing $1 billion in assets, as well as a broker from Raymond James handling $1.9 billion.
The competitive nature of the recruitment market in financial services has led to various critiques regarding the strategies employed by firms like Stifel, with some observers suggesting they are “bottom feeding” for talent. This acquisition comes on the heels of a year-long hiring slump for Stifel, alongside a troubling number of departures from Merrill Lynch.
As Stifel consolidates its latest acquisition, it aims to demonstrate that its recruitment efforts are back on the rise and capable of competing in a market that remains difficult yet opportunistic for firms seeking to enhance their teams and client offerings.
Deeper Dive: News & Info About This Topic
- AdvisorHub: Merrill Lynch Team Jumps to Stifel
- Wikipedia: Financial Services
- CJOnline: Job Creation Key to Recovery
- Google Search: Financial Advisory Teams
- Encyclopedia Britannica: Investment Banking
