<SEC-DOCUMENT>0001193125-19-172186.txt : 20190808
<SEC-HEADER>0001193125-19-172186.hdr.sgml : 20190808
<ACCEPTANCE-DATETIME>20190613123030
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-19-172186
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20190613

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STIFEL FINANCIAL CORP
		CENTRAL INDEX KEY:			0000720672
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		IRS NUMBER:				431273600
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ATTN: JAMES G. LASCHOBER
		STREET 2:		501 N. BROADWAY
		CITY:			ST. LOUIS
		STATE:			MO
		ZIP:			63102-2102
		BUSINESS PHONE:		314-342-2000

	MAIL ADDRESS:	
		STREET 1:		ATTN: JAMES G. LASCHOBER
		STREET 2:		501 N. BROADWAY
		CITY:			ST. LOUIS
		STATE:			MO
		ZIP:			63102-2102
</SEC-HEADER>
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<TYPE>CORRESP
<SEQUENCE>1
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<IMG SRC="g765237g92w53.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Via EDGAR (Correspondence) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June&nbsp;13, 2019 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Financial Services
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>RE:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Stifel Financial Corp. </B></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Fiscal Year Ended December&nbsp;31, 2018
</B></P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Filed February&nbsp;20, 2019 </B></P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;001-09305</FONT> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Miller and Mr.&nbsp;Nolan: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This letter sets
forth the responses of Stifel Financial Corp. (the &#147;Company,&#148; &#147;we,&#148; &#147;us&#148; or similar terms) to the comments by the staff of the Securities and Exchange Commission (the &#147;Staff&#148;) contained in the comment letter
dated May&nbsp;8, 2019 with respect to the Company&#146;s Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Fiscal Year Ended December&nbsp;31, 2018. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the Staff&#146;s convenience, the text of the Staff&#146;s comments is set forth in italics below, followed in each case by our response in plain text.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Fiscal Year Ended December&nbsp;31, 2018 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Item&nbsp;7. Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Results of Operations &#150; Global Wealth Management, page 39 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note that revenues generated from asset management and service fees were 25.2% of total revenues in 2018
and that your revenue growth for the year was attributable to growth in asset management and service fees. Given the significance of this revenue stream, please revise future filings to provide a rollforward of assets under management (AUM) showing
the beginning balance, gross inflows, gross outflows and market appreciation/depreciation to arrive at an ending AUM balance. Additionally, to the extent fee levels vary significantly by AUM product type (fixed income, equities, etc.), please
disaggregate the AUM rollforward by the different products.</I> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Please be advised that a significant part of our asset management and service fee revenues are derived from investment advisory fees that are
charged based on the value of assets in <FONT STYLE="white-space:nowrap">fee-based</FONT> accounts. Fees are charged in advance based on fixed rates applied to the value of the customers&#146; account at the end of the previous quarter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Management does not currently utilize comprehensive rollforward information for <FONT STYLE="white-space:nowrap">fee-based</FONT> assets to
manage our business as substantially all of the asset management fees we earn on such assets are calculated based on <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">point-in-time</FONT></FONT> balances as of the end of the previous
quarter. In addition, the current infrastructure, which supports the administration of our assets in <FONT STYLE="white-space:nowrap">fee-based</FONT> accounts, is not a centralized platform and does not provide this information. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company included in its Annual Report on Form
<FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2018 the value of assets in its <FONT STYLE="white-space:nowrap">fee-based</FONT> accounts, which management believes is a primary factor in the growth of this revenue
stream. In future filings, the Company will continue to provide this quantitative information. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company will also provide other
enhanced quantitative or qualitative information in future filings to the extent it determines such additional information explains changes in certain aspects of the Company&#146;s results of operations or is otherwise meaningful to investors. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Notes to Consolidated Financial Statements </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Consolidation Policies, page 80 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>In your consolidation policy you reference ASU <FONT STYLE="white-space:nowrap">2010-10;</FONT>
Consolidation, Amendments for Certain Investment Funds with regard to entities eligible for the deferral and in Note 28. Variable Interest Entities on page 130, you state that for certain other entities you review other relevant accounting guidance,
which states that the general partner in a limited partnership is presumed to control the limited partnership. Tell us and revise your disclosures accordingly, as to how these provisions comply with ASC 810 and the issuance of ASU <FONT
STYLE="white-space:nowrap">2015-02;</FONT> Amendments to the Consolidation Analysis.</I> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">We have investments or interests in other entities for which we must evaluate whether to consolidate by determining whether we have a
controlling financial interest or are considered to be the primary beneficiary. Under our current consolidation policy, which complies with the provisions of ASC 810 as amended by ASU <FONT STYLE="white-space:nowrap">2015-02,</FONT> we consolidate
those entities where we have the power to direct the activities of the entity that most significantly impact the entity&#146;s economic performance and the obligation to absorb losses of the entity or the rights to receive benefits from the entity
that could potentially be significant to the entity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">We determine whether we are the primary beneficiary of a variable interest entity
(&#147;VIE&#148;) by performing an analysis of the VIE&#146;s control structure, expected benefits and losses, and expected residual returns. This analysis includes a review of, among other factors, the VIE&#146;s capital structure, contractual
terms, which interests create or absorb benefits or losses, variability, related party relationships, and the design of the VIE. We reassess our evaluation of whether an entity is a VIE when certain reconsideration events occur. We reassess our
determination of whether we are the primary beneficiary of a VIE on an ongoing basis based on current facts and circumstances. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In
response to the Staff&#146;s comment, we will revise our consolidation policies and variable interest entity footnote to reflect the above and remove references to the guidance under ASU <FONT STYLE="white-space:nowrap">2010-10</FONT> starting with
our Quarterly Report on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the period ended June&nbsp;30, 2019, and in other applicable future filings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If you have any questions or comments regarding the above information, please do not hesitate to call me at (314)
<FONT STYLE="white-space:nowrap">342-7452</FONT> or email me at marischenj@stifel.com. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Sincerely,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ James M. Marischen</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">James M. Marischen</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><I>Chief Financial Officer</I></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><I>(Principal Financial Officer)</I></TD></TR>
</TABLE>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
