Stephen Spence: Why Was Advisor Fired by US Bancorp?

Neenah, Wisconsin financial advisor Stephen Spence (CRD# 2409165) was recently fired by his former member firm in connection with alleged rule violations. Financial Industry Regulatory Authority and Securities and Exchange Commission records show that the former US Bancorp broker is currently registered as an investment advisor with NFSG Corporation.

Mr. Spence’s BrokerCheck report discloses his termination from US Bancorp Advisors. Filed in May 2026, the disclosure states that the firm fired him in connection with allegations that he violated policies regarding unauthorized transactions, falsification of records, failure to disclose an outside business activity, and electronic communications.

For reference, FINRA registered representatives like Mr. Spence are beholden to rules governing both trading authority and outside business activities. FINRA Rule 3260 prohibits brokers from exercising discretion in a customer’s account without the customer’s prior written authorization and the firm’s acceptance of the account as discretionary. Under FINRA Rule 3270, meanwhile, a registered person may not be compensated for “any business activity outside the scope of the relationship with his or her member firm, unless he or she has provided prior written notice to the member.” Brokers who violate these rules may be held liable in the event of losses.

According to the Financial Industry Regulatory Authority, Stephen Robert Spence holds 29 years of securities industry experience. Based in Neenah, Wisconsin, he has been registered as an investment advisor with NFSG Corporation since July 2026. His past registrations include U.S. Bancorp Investments, LPL Financial, Firstar Investment Services, Linsco/Private Ledger, American Express Financial Advisors, and IDS Life Insurance. His credentials include the passage of five securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7; the Uniform Combined State Law Examination, or Series 66; and the Uniform Securities Agent State Law Examination, or Series 63. He also holds the Certified Financial Planner designation. He is no longer registered as a broker. (Information current as of July 25, 2026.)

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