RBC Snaps Up Wells Fargo Advisor; Adds $350M In Client Assets Amidst Coronavirus Turmoil
While wealth management recruiting may have predictably slowed of late, the gears have not completely grinded to a halt. Amidst a market downturn and changes to office and social distancing policies, the need to add assets and production to branches and complexes across the country remains
Select recruits and the firms welcoming them are taking advantage of the current environment and moving client assets at a quicker pace than normal. Clients are largely stuck at home with more time on their hands and fewer distractions, freeing them up to make decisions about transferring their accounts to a new firm and following their advisor wherever he/she has chosen to migrate.
Case in point, a move from Wells Fargo to RBC: Nancy Anstoetter, an advisor of 32 years. Anstoetter managed $350 million in assets at Wells Fargo Advisors, her employer since 1999, according to FINRA BrokerCheck records. Her move to RBC is another in a long line of wins for the firm that remains aggressive in recruiting at the moment.
In a conversation with an RBC executive last week it was obvious to us that the recruiting push will continue and why the message is resonating with advisors:
”What I’ve seen time and time again is a return to an environment where advisors are empowered. Instead of mandates to earn a reasonable payout forced on them, they have an opportunity to transact business in ways that work best for their clients and their business. Then you work your way to things like the firms balance sheet, etc.”
Whatever the cause for the firms continued success in recruiting advisors of distinction they are determined for it to continue. No longer considered a ‘regional’ firm, RBC represents the ‘new national’ breed of firms offering advisors friendly confines.