Stifel Financial AGM 2026 | All Management Proposals Ratified To Drive Wealth Advisory Scale Goals | June 09, 2026.
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What Ronald Kruszewski said
Written from the verified transcript and checked against it. Every figure links to the moment it was said.
Ronald Kruszewski, chairman and CEO of Stifel Financial, opened the 2026 annual meeting by reviewing the company's 135-year history and its 'One Stifel' strategy, which he said has remained unchanged since 1997. He reported record 2025 results, including net revenue of $5.53 billion, non-GAAP earnings of $744 million, and EPS of $4.51, and highlighted growth in Global Wealth Management and the Institutional Group. Kruszewski argued that AI is a tailwind, not a replacement, for human advice, citing the 'last mile of advice' as inherently human. He expressed worries about AI risks, citing an Anthropic red-team test, private credit liquidity, the national debt, and geopolitical tensions with Iran. He reaffirmed Stifel's goals of $10 billion in revenue and $1 trillion in client assets, and closed by noting that all management proposals were ratified by shareholders.
Key takeaways
Stifel reported record net revenue of $5.53 billion in 2025, up 11% from $4.97 billion, with EPS of $4.51.
Kruszewski reaffirmed Stifel's targets of $10 billion in revenue and $1 trillion in client assets, calling them '10 and One'.
The company added 181 financial advisors in 2025, including 92 experienced advisors with combined trailing 12-month production of over $86 million.
Kruszewski said AI will not replace human advice, arguing 'the last mile of advice is human' and that algorithmic consensus is 'the same mistake at scale'.
All five management proposals, including the say-on-pay resolution and a 50% increase in authorized shares, were approved by shareholders.
Hello and welcome to the annual meeting of shareholders of Stifel Financial Corporation. Today's meeting is being recorded. It is now a pleasure to turn today's meeting over to Ron Kruszewski, chairman and CEO.
Thank you, Ron. Today's virtual-only meeting is a live audio webcast. Shareholders who have already voted do not need to take any further action unless they want to change their votes. If you do wish to change your vote or have not voted, you may vote until 11:30 a.m. Central time by clicking the vote link at the upper right of your screen or by visiting the website www.investorvote.com/sf. The annual report and proxy statement are provided at the investor relations page at stifel.com. If you have logged in using a control number, you may submit questions online. This function is not available if you logged in as a guest. Consistent with our bylaws, we have set rules of conduct for this meeting in the interest of a fair and orderly meeting. These rules are available under the documents tab at the upper right of your screen. Mr. Chairman, the tellers have submitted a certificate showing that at least 142,155,912 shares or 92.4% of the total outstanding shares of common stock of the company are represented at this meeting or is present.
Thank you, Mark. I call the meeting to order and welcome our shareholders to this annual meeting. The directors and officers of our company in addition to myself attending today's meeting are Marian Brown, Michael Brown, Lisa Carino, Robert Grady, Laurie Marcus, Victor Nesi, Tom Weisel, and Michael Zimmerman. Those are the directors. The senior officers that are also present: James Zemlock, president; Mark Fiser, who was introduced as general counsel secretary; Jim Marischen, chief financial officer; and David Bley, chief operating officer. Joining us today from KPMG are Andrew Espie, Barry Byron Witry, Megan Rehberg, and Matt Kushnik. KPMG is being recommended to you, our shareholders, as our independent auditing firm for this fiscal year. We will now begin the formal business of this meeting. Consistent with the bylaws of the company, I am acting as chairman of the meeting and Mark Fischer is acting as secretary. I appoint Jim Lashover and Michael Buckley as tellers to tabulate the votes at this meeting. An affidavit of mailing of the notice of this meeting to all shareholders of record on April 13, 2026 will be filed with the minutes of this meeting. The previous annual meeting of shareholders was held on June 4th, 2025. The minutes for that meeting have been made available under the documents tab at the upper right of your screen. I will deem these minutes accepted without objection unless a shareholder or proxy objects by email to stifelinvestorrelations.com on or before June 23rd, 2026. Item one is the proposal of directors for election. The company's board of directors has proposed that the following individuals be elected at this annual meeting as directors, each to serve for a one-year term or until a successor has been elected and qualified. Adam Burrell, Marian Brown, Michael Brown, Lisa Carino, Robert Grady, Tim Kavanagh, Ron Kruszewski, Laurie Marcus, Victor Nesi, David Peacock, Tom Weisel, and Michael Zimmerman. This proposal has been submitted to the shareholders for a vote. As reflected in the notice of this meeting, we have four additional proposals before you. The board of directors has recommended that shareholders approve each of these items. Item two is approval of an advisory resolution on executive compensation, sometimes referred to as say on pay. Item three is adoption of an amendment to the company's certificate of incorporation to increase by 50% the number of shares of common stock authorized. Item four is authorization of amendments to the 2001 Stock Plan, 2018 Restatement, to increase capacity by 9 million shares, including 175,000 shares to be reserved for our non-employee directors. Item five is the board proposal that shareholders ratify the board's selection of KPMG as independent auditors for the fiscal year ending November 31st, 2026. These items have each been submitted to our shareholders for a vote. I now recognize the representatives of KPMG and invite them to address this meeting. Is there any statement that you wish to make at this time?
