Wells Fargo Hires a Top RBC Broker Weeks After Her Dismissal
A top Minnesota advisor who was ushered out of RBC Wealth Management-U.S. in November has found a new home at Wells Fargo Advisors.
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.
She has only one other disclosure in the publicly available regulatory database—a 2012 customer claim involving annuities that was denied. RBC’s U5 regulatory filing on her dismissal said it was not related to customers, customer accounts or sales.
A Wells spokeswoman confirmed the hire and said Collins had individually managed $325 million in client assets at RBC. She declined to comment on Collins’ dismissal or the firm’s relatively quick hiring decision.
Wells has been actively recruiting advisors with wide ranges of experience, offering those producing $500,000 or more of annual revenue one of the richest deals among brokerage firms, according to recruiters. They can reach 325% of a broker’s previous year’s production, more than two-thirds of which is collected as an upfront forgivable loan.
Mary Sumners, the president of Wells’ northern region that includes some 800 brokers in Minnesota, Iowa, North Dakota and South Dakota, herself joined the bank-owned broker in Minneapolis after a 27-year career at RBC and Dain Rauscher.
Collins’ team at RBC oversaw $425 million in client assets, according to Forbes, which ranked her as #28 on its list of top advisors in Minnesota in 2019. Her fellow advisors Jaime Sahlstrom and Austin Balm remain at RBC, according to their BrokerCheck registration records.