Stifel Financial Corp is a Delaware corporation and a financial holding company. The Company, through its wholly owned subsidiaries, is principally engaged in retail brokerage; securities trading; investment banking; investment advisory; retail, consumer, and commercial banking; and related financial services. Its activities include: Private client services, including securities transaction and financial planning services; Institutional equity and fixed income sales, trading and research, and municipal finance; Investment banking services, including mergers and acquisitions, public offerings, and private placements; and Retail and commercial banking, including personal and commercial lending programs. The Company's operating segments include: Global Wealth Management and Institutional Group. The success of Global Wealth Management segment is dependent upon the quality of products, services, financial advisors, and support personnel, including its ability to attract, retain, and motivate a sufficient number of these associates. The success of Institutional Group segment is dependent upon the quality of personnel, the quality and selection of its investment products and services, pricing and reputation. At December 31, 2013, the Private Client Group had a network of 1,934 financial advisors located in 316 branch offices in 45 states and the District of Columbia. In addition, it has 143 independent contractors. The segment's financial advisors provide investments and services, including financial planning services to its clients. It offers equity securities; taxable and tax-exempt fixed income securities, including municipal, corporate, and government agency securities; preferred stock; and unit investment trusts. It also offers externally managed fee-based money management programs. In addition, it offers insurance and annuity products and investment company shares through agreements with third-party distributors. Its independent contractors provide the same types of financial products and services to its private clients as does the Company. The Institutional Group segment includes research, equity and fixed income institutional sales and trading, investment banking, public finance, and syndicate. The segment's equity sales and trading team distributes its proprietary equity research products and communicates its investment recommendations to its client base of institutional investors, executes equity trades, sells the securities of companies for which it acts as an underwriter, and makes a market in domestic securities. The Company competes with other securities firms, some of which offer their customers brokerage services, have substantially greater resources, and may have greater operating efficiencies. The Company, as a bank and financial holding company, is subject to regulation, including capital requirements, by the Federal Reserve. The Company is subject to various regulatory capital requirements administered by the FDIC and state banking authorities.