TD Ameritrade (AMTD) said early Tuesday that it named Scott Collins (left) as the head of its recruiting efforts for hybrid and fee-only RIAs. In addition, on Friday, Wells Fargo said that it had recruited more than 25 advisors from rivals with about $3.7 billion in assets and more than $10 million in yearly production.
Collins most recently worked for a consulting firm that focused on advisors moving to the independent channel. Before that, he was with LPL Financial (LPLA) for 13 years. He cut his teeth in the business as an advisor with Merrill Lynch (BAC).
“Scott is an industry authority and longtime advocate in helping advisors find the best solution for their businesses and clients,” said Pete Dorsey, managing director of sales, for TD Ameritrade Institutional, in a press release.
“As an experienced sales professional, consultant and former financial advisor, Scott brings a tremendous depth of knowledge and understanding of the advisor mindset and needs to the Advisor Transitions Team,” added Dorsey. “We’re thrilled to have him join us in our commitment to helping advisors through the decision-making process and making a smooth transition to independence.”
TD Ameritrade currently provides brokerage and custody services to more than 4,500 fee-based, independent RIAs and their clients.
Wells’ Latest Efforts
Wells Fargo Advisors has added more than 15 advisors to its traditional, employee-based channel with about $2.5 billion in assets and more than $10 million in trailing-12-month fees and commissions. It also added nine reps to its independent channel, the firm said Friday, with about $1.25 billion in assets and $7.4 million in recent production.