SSFStifel Financial Corporation

Stifel combines private client brokerage with investment banking for mid-sized companies.

The first half is advisers working with affluent families: fees are a share of assets, so income follows markets and barely depends on transaction counts. The company grew by recruiting adviser teams away from large banks, where they kept a smaller share.

The second half is equity and bond offerings and merger advice for companies too small for the largest banks. That income is cyclical and nearly vanishes in a quiet year while delivering a great deal in an active one. A third source is interest on client balances. Risks: falling markets, advisers leaving and the bank's loan book. A dividend is paid.