Stifel to Buy Ziegler Wealth, Add Up to 57 Advisors

Stifel Financial says it is buying the wealth management business of Chicago-based Ziegler Wealth Management, which has 57 private advisors and $4.8 billion in client assets, for an undisclosed amount.

According to its third-quarter earnings, Stifel has 2,252 financial advisors with some $265 billion in assets. Earlier this year, the St. Louis-headquartered firm wrapped up its purchase of City Financial, which had roughly 40 financial advisors across eight Indiana offices with roughly $4 billion in client assets at the time.

“We have worked with the management team at Ziegler in the past and we are excited to add not only a growing and profitable business to our platform but one whose culture of integrity and putting the client first is very similar to our own,” Stifel Chairman & CEO Ronald J. Kruszewski said in a statement.

“The sale of our Wealth Management division to Stifel makes strategic sense, as it allows our colleagues to grow with a company that has an equally impressive 128-year history of helping clients achieve their financial goals,” explained Ziegler CEO Tom Paprocki, in a statement. “Simultaneously, this move allows us to tighten Ziegler’s focus on our institutional offerings, such as investment banking, capital markets and fund management.”