Stifel Broker Who Seeded New Nevada Office Pushed Out After Less Than a Month–Sources
In an unusual about-face, Stifel, Nicolaus & Co. has parted ways with a broker it hired a month ago from Merrill Lynch to open a new Las Vegas-area office, according to sources familiar with the matter.
Specifics on the nature of the alleged behavior were not immediately available, and the U5 language was not as of Tuesday reflected on DelSignore’s BrokerCheck record, which still lists him as registered with Stifel.
A recruiter close to the situation said DelSignore had also had a falling out with his new manager after the broker arrived at Stifel to find an unfurnished office and where a member of Stifel’s transition team then brought his two pit bulls against DelSignore’s wishes.
A Stifel spokesman confirmed DelSignore is no longer with the firm but declined further comment on the departure or the firm’s plans for its Henderson office. DelSignore did not respond to requests for comment.
The St. Louis-based firm touted his hire as its entrance into the Las Vegas market while DelSignore had said in the announcement that advisors were “flocking to Stifel for its minimal bureaucracy and for the freedom to serve their clients as they see fit.”
DelSignore, who had been with Merrill since 2012, had managed about $109 million in client assets, according to Stifel’s July announcement of his hire. His production had been around $600,000, according to the headhunter source.
The broker started his career at American Express Financial Advisors in 1999 before joining UBS that same year, according to his BrokerCheck report.
As part of DelSignore’s recruitment, Stifel had opened a new Private Client Group office for him in Henderson, located 16 miles southeast of Las Vegas. The new office was to be Stifel’s second in Nevada, as the firm has operated a branch in Reno since 2010.
Stifel ended the second quarter with 2,282 brokers, up by a net eight brokers from the prior quarter and 50 over the prior year, the firm reported last month.
Chief Executive Ron Kruszewski had touted Stifel’s addition over the quarter of 14 “experienced” advisors representing roughly $12 million in annual production, despite an ongoing lag in veteran hires. He attributed quarter-over-quarter and year-over-year declines in recruitment to the slow return of advisors to their offices and increased competition from larger firms offering “very high” transition packages.