EXHIBIT 31.1
                                CERTIFICATION

I, Ronald J. Kruszewski, certify that:

1.  I have reviewed this annual report on Form 10-K of Stifel Financial
    Corp.;

2.  Based on my knowledge, this annual report does not contain any untrue
    statement of a material fact or omit to state a material fact necessary
    to make the statements made, in light of the circumstances under which
    such statements were made, not misleading with respect to the period
    covered by this annual report;

3.  Based on my knowledge, the financial statements, and other financial
    information included in this annual report, fairly present in all
    material respects the financial condition, results of operations, and
    cash flows of the Registrant as of, and for, the periods presented in
    this annual report;

4.  The registrant's other certifying officer and I are responsible for
    establishing and maintaining disclosure controls and procedures (as
    defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant
    and we have:

    a. Designed such disclosure controls and procedures, or caused such
       disclosure controls and procedures to be designed under our
       supervision, to ensure that material information relating to the
       registrant, including its consolidated subsidiaries, is make known
       to us by others within those entities, particularly during the period
       in which this report is being prepared;

    b. Evaluated the effectiveness of the registrant's disclosure controls and
       procedures and presented in this report our conclusions about the
       effectiveness of the disclosure controls and procedures, as of the
       end of the period covered by this report based on such evaluation; and

    c. Disclosed in this report any change in the registrant's internal
       control over financial reporting that occurred during the registrant's
       fourth fiscal quarter that has materially affected, or is
       reasonably likely to materially affect, the registrant's internal
       control over financial reporting; and

5.  The registrant's other certifying officer and I have disclosed, based
    on our most recent evaluation of internal control over financial reporting,
    to the registrant's auditors and the audit committee of the registrant's
    board of directors (or persons performing the equivalent functions):

    a. All significant deficiencies and material weaknesses in the design or
       operation of internal control over financial reporting which are
       reasonably likely to adversely affect the registrant's ability to
       record, process, summarize and report financial information; and

    b. Any fraud, whether or not material, that involves management or other
       employees who have a significant role in the registrant's internal
       control over financial reporting.

Date: March 12, 2004              By /s/ Ronald J. Kruszewski
                                     ------------------------
                                     Ronald J. Kruszewski
                                     (President and Chief Executive Officer)