# STIFEL INDEPENDENT ADVISORS, LLC X-17A-5 (2022-03-04) — Broker-dealer annual report

- Company: STIFEL INDEPENDENT ADVISORS, LLC
- Form: X-17A-5
- Filed: 2022-03-04
- Accession: 0001193125-22-066009
- CIK: 872275
- File #: 8-43514

Original filing: https://www.sec.gov/Archives/edgar/data/872275/000119312522066009/d325711dfull.pdf

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# STIFEL INDEPENDENT ADVISORS, LLC

(A Wholly-Owned Subsidiary of Stifel Financial Corp.)

Statement of Financial Condition

December 31, 2021

(With Report of Independent Registered Public Accounting Firm)

(This Statement of Financial Condition was filed pursuant to Rule 17a-5(e)(3) as a public document.

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#### STIFEL INDEPENDENT ADVISORS, LLC (A Wholly-Owned Subsidiary of Stifel Financial Corp.)

Statement of Financial Condition December 31, 2021

| Statement of Financial Condition                        | rage |
|---------------------------------------------------------|------|
| Report of Independent Registered Public Accounting Firm |      |
| Statement of Financial Condition                        |      |
| Notes to Statement of Financial Condition               |      |

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![](_page_2_Picture_0.jpeg)

Ernst & Young LLP 300 First Stamford Place Stamford, CT 06902

Tel: +1 203 674 3000 ey.com

# Report of Independent Registered Public Accounting Firm

To the Stockholder and Management of Stifel Independent Advisors, LLC.

# Opinion on the Financial Statement

We have audited the accompanying statement of financial condition of Stifel Independent Advisors, LLC. (the "Company") as of December 31, 2021 and the related notes (the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company at December 31, 2021, in conformity with U.S. generally accepted accounting principles.

# Basis for Opinion

This financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

We have served as the Company's auditor since 2008.

March 4, 2022

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#### STIFEL INDEPENDENT ADVISORS, LLC (A Wholly-Owned Subsidiary of Stifel Financial Corp.)

#### Statement of Financial Condition December 31, 2021

| (in thousands)                                       |       |       |
|------------------------------------------------------|-------|-------|
| Assets                                               |       |       |
| Cash                                                 | S     | 4,808 |
| Commissions receivable from affiliated broker-dealer |       | 678   |
| Due from affiliated broker-dealer                    |       | 390   |
| Operating lease right-of-use assets, net             |       | 722   |
| Other assets                                         |       | 318   |
| Total assets                                         | S     | 6,916 |
| Liabilities and member's capital                     |       |       |
| Payable to independent contractors                   | સ્ત્ર | 1,510 |
| Accrued compensation                                 |       | 840   |
| Income taxes payable                                 |       | 100   |
| Due to Parent and affiliates, net                    |       | 209   |
| Other accrued liabilities                            |       | 920   |
| Total liabilities                                    |       | 3,579 |
| Member's capital                                     |       | 3,337 |
| Total liabilities and member's capital               | S     | 6,916 |

See accompanying Notes to Statement of Financial Condition.

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#### STIFEL INDEPENDENT ADVISORS, LLC (A Wholly-Owned Subsidiary of Stifel Financial Corp.)

#### Notes to Statement of Financial Condition December 31, 2021

The table below summarizes other information related to the Company's operating lease as of and for the year ended December 31, 2021:

| Weighted-average remaining lease term | 19.7 years |
|---------------------------------------|------------|
| Weighted-average discount rate        | 4.86%      |

The weighted-average discount rate represents the Company's incremental borrowing rate at the lease inception date.

The table below presents information about operating lease liabilities as of December 31, 2021 (in thousands):

| 2022                              | S | રતે   |
|-----------------------------------|---|-------|
| 2023                              |   | 61    |
| 2024                              |   | ર્ણ્ટ |
| 2025                              |   | 66    |
| 2026                              |   | 67    |
| Thereafter                        |   | વેરવુ |
| Total undiscounted lease payments | S | 1,277 |
| Imputed interest                  |   | (498) |
| Total operating lease liabilities | S | 779   |

#### Litigation

In the ordinary course of business, the Company may be a defendant in legal proceedings. At December 31, 2021, the Company believes, based on currently available information, that the results of such proceedings, in the aggregate, will not have a material adverse effect on the Company's financial condition. The results of such proceedings could be material to the Company's financial condition for any particular period, depending, in part, upon additional developments affecting such matters. Legal reserves have been established for potential losses that are probable and reasonably estimable. Once established, reserves are adjusted when there is more information available or when an event occurs requiring a change.

#### NOTE 7 - Related Party Transactions

The Company conducts its securities operations as a fully-disclosed introducing broker through Stifel. Under the arrangement, the Company has a Proprietary Accounts of Broker-Dealers agreement with Stifel.

At December 31, 2021, commissions receivable from affiliated broker-dealer in the statement of financial condition consists of commissions receivable, net of clearing expense, and due from affiliated broker-dealer in the statement of financial condition consists of service fees where Stifel acts as a pass-through from third-party mutual funds and insurance companies.

At December 31, 2021, due to Parent and affiliates in the statement of financial condition primarily consists of amounts due to the Parent for reimbursement of stock unit conversions and amounts due to affiliates for operating expenses that were paid on the Company's behalf.

The Company rents office space from an affiliate at the corporate headquarters. See Note 6 for further discussion.

#### NOTE 8 - Subsequent Events

The Company evaluates subsequent events that have occurred after the statement of financial condition date but before the financial statements are available to be issued. There are two types of subsequent events: (1) recognized, or those that provide additional evidence about conditions that existed at the date of the statement of financial condition, including the estimates in the process of preparing financial statements, and (2) nonrecognized, or those that provide evidence about conditions that did not exist at the statement of financial condition but arose after that date. The Company has evaluated subsequent events through March 4, 2022, the date the accompanying statement of financial condition was issued. Based on the evaluation, the Company did not identify any recognized subsequent events that required adjustment of financial condition.


Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.