Equitable Holdings, Inc. (NYSE: EQH) announced an agreement to acquire Stifel Independent Advisors, LLC, a premier independent broker‑dealer and registered investment adviser. The transaction, expected to close in the first quarter of 2026, is subject to regulatory approvals from FINRA, the SEC, and state securities commissions.
Stifel Independent Advisors brings more than 110 independent advisors who manage approximately $9 billion in client assets. Upon completion, these advisors will join Equitable Advisors, expanding the firm’s wealth‑management network to roughly 4,500 financial professionals and adding $9 billion to Equitable’s assets under administration. The deal does not include Stifel Financial Corp.’s employee‑advisor channel, keeping the transaction focused on independent advisory growth.
The acquisition aligns with Equitable’s strategy to accelerate growth in its wealth‑management segment, which has been the fastest‑growing part of the business. By adding a sizable advisor base and a significant asset pool, Equitable aims to enhance its “flywheel” model, deepen client relationships, and increase fee‑based revenue streams in a market that continues to demand comprehensive retirement and wealth‑planning solutions.
The financial terms of the transaction were not disclosed. Legal counsel for Equitable was Eversheds Sutherland (US) LLP, while Stifel was represented by Bryan Cave Leighton Paisner LLP. Stifel’s decision to divest its independent advisor channel reflects a broader industry trend toward independent brokerage models, as the company has historically viewed the business as less profitable than its core financial‑services operations.
Prior to the acquisition, Equitable Advisors already managed over $110 billion in assets under administration with approximately 4,500 financial professionals. Stifel Independent Advisors had grown its assets from over $6 billion in early 2023 to $9 billion at the time of the deal, underscoring the value of the transaction. The acquisition is part of Equitable Holdings’ broader strategy to capitalize on demographic‑driven demand for retirement and annuity solutions and to strengthen its position in the rapidly evolving RIA market.
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