Corporate & Securities Law

Stifel Financial Corp., which has been expanding its Stifel Nicolaus & Co. retail-brokerage business, is about to make a push into serving registered investment advisers.  The firm has hired a veteran from Merrill Lynch and Pershing to run its Century Securities Associates independent broker-dealer affiliate and add a custodial unit for RIAs.  The venture, likely to be called Century Advisor Services, will be marketed to fee-only RIAs and "hybrid" advisers who want to supplement their fee-based practices with commissions.  A spokesman said that the new unit is focusing on RIAs with a minimum of about $50 million of client assets.

Lawyers at SNSFE frequently review brokerage and custodial agreements for firms.  Advisers should consider hiring competent counsel to review their agreements before signing on.

Source: InvestmentNews