Wells Fargo continues to be hyper aggressive in its recruiting efforts, and one of their latest moves makes that abundantly clear. Snatching Cinda Collins from the ranks of the recently (and in somewhat ‘scratch your head’ style) dismissed, Wells Fargo did well to outbid other suitors and moved very, very quickly.
Ms Collins was a highly regarded Barron’s advisor and fielded a team at RBC that consistently was recognized for it’s growing client asset base. The move by Wells to act so quickly doesn’t come as s surprise to one recruiter we spoke to this morning:
“When your disclosures are disconnected to any and all customer issues you are effectively an unrestricted free agent. A deal can get done very, very quickly. Wells backed up the truck for her and deservedly so. Given her geography (Minnesota), this is the equivalent of landing an advisor twice her AUM size on either coast. Good win for WF.”
Ms. Collins departure and relevant history at RBC and its predecessor firm reads as follows:
“Cinda Collins, a former Chairman’s Club broker at RBC, joined Wells’ private client group in Minneapolis on December 12, according to her registration records.
Collins, who worked at RBC and predecessor firm Dain Rauscher for 28 years of her 30-year brokerage career, did not return a request for comment. RBC discharged her on November 18 over concerns about “workplace interactions with colleagues,” according to her BrokerCheck record.”
Workplace interactions? I guess we could take that a few ways – but it sounds a bit like petty jealousy or some sort of interoffice relationship stuff. The backstory there certainly would be of interest. That article can be written on another day.
For now, Wells Fargo is starting to build some recruiting momentum. Heading into 2020 with the biggest deal on the street, a freshly minted and well regarded CEO, and recruiter incentives that beat everyone – expect more headlines like this one over the next several months.