Abbey Inlow on the Growth of Stifel’s Advisory Business

Stifel’s advisory business has taken off, and a lot of credit goes to Abbey and her team.

Stifel’s advisory business has undergone rapid expansion and revenue growth in the last several years.?In 2008, there were just seven employees, and 8% of Stifel’s revenue came from the advisory side.?As of this year, there are around forty people involved, with an impressive 51% of Stifel’s revenue coming from advisory.

I chatted with Abbey Inlow, Assistant Vice President, Senior Specialist in Advisory Program Marketing, to get her perspective on the advisory business, her role, and more.

Exponential Growth for the Advisory Business

Abbey joined Stifel in 2008 and has seen the advisory business undergo some serious growth, which she attributes to Stifel being the firm of choice.

“We’re the firm of choice and also a firm of choices.?We let financial advisors make their own choices because we know that they know their clients best,” she explains.?“Our marketing team feels like it’s our job to relay what we’re hearing and share ideas, but we never say, ‘Here’s what you should do, or our initiatives are ___ for this year.’”

She also credits her department for some of the growth.

“Whether through phone calls, Zoom meetings, or going out to our branches, we make sure they know everything Stifel offers.?We walk them through any questions and ensure they have all the support they need.”

Abbey’s Role in the Advisor/Advisory Manager Relationship

As Assistant Vice President and advisory marketing specialist, Abbey has played a significant role in Stifel’s advisory growth.?One of her favorite parts of her position is her role in the advisor relationship recruiting process.

“I love reassuring recruits who visit the Home Office that Stifel will let them continue to run their business however they see fit,” she says.?“I get to tell them that Stifel’s clients are our financial advisors.?We won’t try to steal their clients or force our advisors in a certain direction.?Instead, we’ll provide them with all the support they need to serve their clients.”

In addition to explaining what Stifel offers and what life at Stifel looks like, Abbey helps make the transition from their old firm to Stifel as smooth as possible.

“I’m an extra set of eyes and an extra set of hands,” she says.?“I enjoy meeting new people and helping make this daunting process more tolerable, whether that means saying, ‘I’ve done this a lot, let me tell you where we’ve found more success,’ or helping them adjust to the new staff and marketing materials.”

However, Abbey doesn’t leave advisors to fend for themselves after the initial transition period – and she takes pride in being a point of contact for financial advisors.

“Some people stick with you more than others,” she explains.?“I don’t mind being the one who gets all the problems.?As a Home Office associate, I feel it’s my job to take on tasks so advisors can continue meeting with their clients, whether that means making three calls to find an answer or suggesting ways to improve processes.”

Of course, Abbey’s job isn’t always easy.?Advisor phone calls and e-mails drive her work, so each day looks very different.?Likewise, when it comes to recruiting, Abbey needs to remind herself that every financial advisor and business is different – and while she has gone through the process hundreds of times, they haven’t.

“Some have moved once or twice in their thirty years, but others haven’t moved at all,” she says.?“It can be very overwhelming, so I really have to work to soothe their fears and reassure them that they have lots of people at the Home Office to support them throughout the process.”

Seeing Is Believing:?The Importance of Female Empowerment Groups

While many believe going into the finance sector means handling other people’s money as a financial advisor, the truth is that there are plenty of other possibilities.

“If your skill set is meeting with people, getting to know them, having a good grasp of what they need, and coming up with a solution, being a financial advisor could be a good fit.?However, it’s not your only option,” Abbey says.?“There are also positions that support financial advisors and ultimately give them more face-to-face time with clients, from client service associates to web developers to traders to compliance associates.”

Unfortunately, many people on the operational side don’t always have much direct interaction with our financial advisors.?However, during WIN’s recent Lunch & Learn event, Charlie Schwartz shed some light on what field development is, what life cycles of different financial advisors they’re touching, how their work supports our firm as a whole, and how associates can grow and become financial advisors at Stifel.

“Many people come into one department and don’t even know that there are paths for staff members to become financial advisors,” she says.?“As someone who came from an era where everywhere I looked was male, I think knowing that something is a possibility makes it easier to dream and think bigger, so this program is invaluable.”

Similarly, WIN is essential because it allows women to look up and see potential paths they could take.

“The fact that you have women pouring their time and energy into younger women means people can see other places they can go.?They might see these women and think, ‘You know, I may be really good at what I’m doing, but that doesn’t mean I can’t translate my skills into other areas,’” Abbey says.

And getting more women into the finance industry and helping them grow is a top priority for Stifel.?After all, women have plenty to offer but don’t have it easy.

“Being a woman in a professional industry is difficult because we don’t get to leave life at home.?If kids are sick, moms usually get the phone calls,” Abbey says.?“Work is work, and home is home.?However, unlike our male counterparts who sometimes have wives taking care of the kids, we don’t just get to clock in and clock out of work and home; they are often intertwined.?Seeing women who have risen to become strong financial advisors or executives feels great because you know that it’s possible to find a balance.”

At Stifel, we not only see the importance of having more female financial associates and advisors but also actively help them thrive personally and professionally.

“WIN and events like the Lunch & Learn show that we aren’t just focused on checking a box to say we’re diversified,” Abbey says.?“We’re taking action to show women all the possibilities and raise them up.”