Two veteran advisors, including a team founder, did not join in the defection.
Aaron DelSignore, a 22-year broker managing north of $100 million in assets, found a new home with an independent broker-dealer after his dismissal last month.
Separately, a Merrill duo generating $1 million split to join Raymond James Financial and Stifel, Nicolaus.
Aaron Delsignore, a 22-year broker who on July 9 joined Stifel in Henderson, Nevada, departed abruptly at the end of July over improper workplace behavior, according to sources familiar with the matter.
Maurice “Mo” Schutte, a 23-year industry veteran who had been with the wirehouse since 2005, left for Stifel on Monday, bringing along junior broker William Rowe.
The company’s hiring across its independent and employee channels is on pace for a record year after a “very slow” start, Chief Executive Paul Reilly said on Thursday.
Chief Executive Ronald J. Kruszewski said the slowdown was “transitory” and reassured analysts and investors that its broker pipeline remained “robust.”
Cetera nabbed a Pennsylvania team led by Kim Brumbaugh from Lincoln Financial Advisors while Stifel hired Washington duo Tim Devlin and Michael Jeremiah from Wells Fargo Advisors.
Merrill had settled an underlying claim for $19,503 and asked the arbitrator to deny the broker’s expungement request.
The St. Louis firm scored veteran hires from Merrill and Wells in the Las Vegas area and Newport Beach, Calif. Wells, meanwhile, hired from Stifel a $2 million-producing duo from an Austin, Texas suburb.