This Brochure relates to the Stephens Equity Research Services Program offered by
Stephens Inc. ("Stephens") to institutional clients of Stephens. Stephens provides a
comprehensive array of financial services to its clients through various broker-dealer
services and investment advisory programs.
A. Advisory Firm and Principal Owners
Stephens is an Arkansas corporation which registered with the United States Securities and
Exchange Commission (“SEC”) as a broker-dealer in September 1946. Stephens registered
as an investment advisor with the SEC on September 19, 1980 and began providing
investment advisory services at that time.
Who Are Our Owners
Our Firm is owned by SI Holdings Inc. which is a privately held company owned by the
Warren A. Stephens Trust which is controlled by Warren A. Stephens. Stephens is owned
by the following individuals and entities in the percentages noted:
Warren A. Stephens 100%, Trustee of
Warren A Stephens Revocable Trust #Two 100%, which owns
Stephens Financial Services LLC 100%, which owns
SI Holdings Inc. 100%, which owns
Stephens Inc.
B. The Types of Investment Advisory Services We Provide
Stephens provides investment advisory services to individuals, pension plans, foundations,
corporations, other business entities, and research relationships with institutional clients
and other types of clients. Our investment focus is on US equity securities that may be
purchased for client accounts depending on the investment objective of the client.
C. Advisory Services
In the Stephens Equity Research Services Program, we offer research reports and other
products and services (“Research Services”) provided by Stephens’ Research Department
to a wide variety of Stephens clients. Under certain circumstances, we provide these
Research Services for a fee to certain institutions upon their request. We do not offer
Research Services for a fee to clients who are individuals.
Research Services includes, but is not limited to, the following types of research products
and services:
• Published research reports produced by research analysts;
• Other research-related communications from research analysts relating to published
research reports produced by research analysts;
• Access to company management in connection with field trips, non-deal
roadshows, conferences, investor meetings, and other firm events; and
• Access to research analysts in connection with research conferences, calls with
clients, and client meetings.
Our Research Analysts cover in excess of 400 stocks focusing on more than 30 sub-sectors
within five
broad industries:
• Consumer
• Financial Services
• Healthcare
• Industrials and Energy
• Technology, Media and Telecommunications
Research Services does not include any services or communications provided by Stephens’
Institutional Equity sales personnel.
The delivery of Research Services does not include trade execution, trading or brokerage
services provided to clients. Under the Stephens Equity Research Services Program, an
advisory relationship with our clients is strictly limited to the provision of Research
Services, and any trades, transactions or orders that may be executed, routed, or otherwise
processed through us on behalf of clients will be handled by us solely in our capacity as a
broker-dealer.
The Stephens Equity Research Services Program does not include the provision of any
investment advice with respect to our clients’ individual investment portfolios or the
management of assets.
The provision of Research Services under the Stephens Equity Research Services Program
will remain in effect until terminated by either party.
The Stephens Equity Research Services Program is offered only to institutional clients. In
addition, however, Stephens offers a wide variety of investment advisory services through
our other advisory programs. More information about these programs and services is
contained in the applicable Stephens brochure and is available through the SEC’s website.
For more detailed information regarding Stephens Private Client Group Programs,
Stephens Capital Management Programs, and the Stephens Fixed Income Management
Programs, please see the ADV Part 2A Appendix 1 for each program, available at
https://www.stephens.com/investment-disclosures/.
Research Services does not include any evaluation or recommendation by Stephens of the
investment guidelines or security selection for our clients’ investment portfolios or the
management of assets. Research Services are solely impersonal investment advice.
D .Wrap Fee Programs
We do not make Research Services available through wrap fee programs.
E. Assets Under Management
The Stephens Equity Research Services Program does not encompass the management of
client assets. As of December 31, 2023, in other advisory programs offered by the firm,
Stephens managed and/or advised the following amount of client assets:
$ 10,247,552,431 Discretionary
$ 3,361,699,554 Non-Discretionary
$ 8,491,633,441 Consulting
$ 22,100,885,426 Total Assets Under Advisement