Anyone work for RBC Dain Rauscher?

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Jul 16, 2007 7:52 pm

Interested in hearing what current reps have to say from their hiring process to where they are currently.





Jul 16, 2007 10:02 pm

I left 7 1/2 years ago right before the purchase by RBC -- have lots of friends back there.  One of the best decisions I've ever made was going independent then -- one of the worst decisions was waiting so long to make the move. 


I'm not sure what you're asking.  With this firm, a lot of what you're asking is going to depend on the dynamics of the branch and the branch manager.  Not a strong corporate culture, like at Merrill.

Jul 16, 2007 10:47 pm

Ive noticed many people start at merrill, and many people leave after a few years.  Same thing with Edward Jones..people start there to get training then they go someplace else.  Seems like nobody is really happy where they are at and everyone is complaining or has sarcasm about almost every firm. 


I was just curious if what RBC pays for as far as helping you build your business like with literature, and other marketing tools such as a personalized website. 


Basically my style is this..I think cold calling and door knocking is over with.  Why? Because most people I know including myself dont like random people coming to my house, and random people calling my phone.  The psychology today dealing with this kind of prospecting is highly negative and frowned upon by the average person.  Sure it works for SOME people and you will always hear someone say "well it worked for me"  I also dont really intend on working for a firm where everyone is drinking kool-aid poured out by the higher ups.  Sure I cant be a begger when im a choser, but I also dont want to start someplace and then move to another.  What I will do instead is another post...nothing groundbreaking or that hasnt been done before.


Somehow after reading up on a lot of topics I notice that just about everyone switches firms sooner or later.  Is this the industry norm? Is turnover THAT high?


Now about compensation on RBC Dain I was curious as to what they pay you for say your first year salary wise.  I understand that eventually commissions will be my check, and Id like to know there is at least SOMETHING coming in during the career change and while I learn the business.




Jul 16, 2007 11:13 pm

Write down and define everything you are looking for
and seek out firms that offer what you want.


Jul 17, 2007 12:13 am

I'm very happy where I'm at and I was reasonably happy at Dain (before RBC acquisition).  I went independent to own my business, to control my own destiny and to take some of my revenue to line my pocket rather than the CEOs.


As to training salaries, I'm guessing that varies depending on the region/cost of living.  There hasn't been a trainee at the local branch since they tried to replace me (& he didn't last).


You need to do some searches here to learn more about how this business works -- think you have an unrealistic idea about what support a firm is going to provide.


No personalized web page.  It is up to the local branch manager how to spend his resources.  I can tell you that my local manager would never spend scarce financial resources on a trainee & generally wouldn't spend them even for successful advisors -- typically reserved for branch client appreciation events & community support events.  They will get you business cards, a phone, a desk, a computer terminal & when I was there, you also got personalized stationary and notepads. 


If you're interested in the industry, go talk to your local branch manager.

Jul 17, 2007 5:24 am

Well I didnt think I would get any help for a personalized webpage although it is very important that a rep have one in my opinion.  Also in my earlier post I was not trying to imply cold calling and door knocking 100% wrong...I just dont believe TOO much emphasis should be put on it such as some places do.



so..about you, old lady.  you say you went independent to your own business.  How has that worked out for you? Did you take your previous clients with you? Seems like some places that isnt allowed.  I have also heard stories about reps who leave a firm getting sued or what not for the firms costs of train up...ever heard of this?

Jul 17, 2007 9:07 am

RUL - from what I understand, RBC won't push you to prospect in any particular way, or tell you what kind of business to grow (this is good and bad).  Good firm, well respected in their communities, I believe they're midwest based still, and pay a base salary for a year or two.


Also - people have been moving around a lot lately.  High markets tend to promote decent waffles.  Not sure it's a good business decision in your first 2 years to try and drag your new relationships around.

Jul 17, 2007 9:35 pm

RULiquid, make sure your networking efforts or whatever get you 2-3 appointments a day.  Me, I doubt they will.  This isn't like selling lemonade, 99.9% of folks you know aren't truely QUALIFIED (they might have a sh1t ton of dough, but... well, you'll see.)

Jul 17, 2007 9:47 pm

That's right. RULiquid, if you go in with that attitude, you won't make it six months. I guarantee.

Jul 17, 2007 9:50 pm
RULiquid:

so..about you, old lady.  you say you went independent to your own business.  How has that worked out for you? Did you take your previous clients with you? Seems like some places that isnt allowed.  I have also heard stories about reps who leave a firm getting sued or what not for the firms costs of train up...ever heard of this?


I don't want to be rude -- if you're exploring getting into this business, nothing about going independent is relevant.   


I went indy after 16 successful years in the business.  It has worked out great.  I took almost all of the clients I expected to and wanted to.  I had no employment or training contract, so this wasn't a problem.  Yes, lots of people get hit with reimbursing their firms for training costs and many contracts have non-compete clauses and non-solicitation clauses.  Always read and understand any contract you are signing.  If you aren't sure what it means or says, pay an attorney for their advice.


When I was there, Dain was a regional wirehouse headquarted in Minneapolis.  Since the RBC acquisition, I haven't really talked to people about culture changes.  They were very midwestern and well-regarded in the communities where they were located -- generally the mid-west and west.

Jul 17, 2007 9:54 pm
RULiquid:

Well I didnt think I would get any help for a personalized webpage although it is very important that a rep have one in my opinion.  Also in my earlier post I was not trying to imply cold calling and door knocking 100% wrong...I just dont believe TOO much emphasis should be put on it such as some places do.



I think if you can replicate Uma's vebsite (see other thread) and just sit in your office and not cold call nor cold walk, and just get people who fill out an investment questionnaire on the website, you should do just fine.  Also, since you don't think people want to be cold called or door knocked, you'll have to go after the people who know you: your friends and family.  You will be one busy bee.  You'll probably bring in huge money actually and you can tell your manager what to do.  Don't be afraid to ask him to put the creamer in your coffee as well, all part of their job description.

Jul 18, 2007 1:38 am
drewski803:

RULiquid, make sure your networking efforts or whatever get you 2-3 appointments a day.  Me, I doubt they will.  This isn't like selling lemonade, 99.9% of folks you know aren't truely QUALIFIED (they might have a sh1t ton of dough, but... well, you'll see.)



thanks, and when you talk of qualifying someone what all does that invovle? im sure different qualifications for different situations but there must be an industry standard.  if you dont mind sharing of course...



also..id like to point out something not directed to you drewski but to this board in general.  ive noticed a lot of people on here after reading through the threads are very upset, angry, or depressed.  there are a few golden lights who seem to give and take advice for what its worth, and enjoy uplifting conversation.  some here just seem to make sarcastic posts and comments.  it is very easy to see who here is unhappy. i wonder if that stems from poor job performance and being depressed about the future? a lot of doom and gloom around here. 

Jul 18, 2007 2:40 am
RULiquid:

...when you talk of qualifying someone what all does that invovle? ...    ive noticed a lot of people on here after reading through the threads are very upset, angry, or depressed... some here just seem to make sarcastic posts and comments...a lot of doom and gloom around here. 

RU, let me give you a couple of insights.  This is an industry that attracts a lot of interest as a career.  It also is an industry that chews up and spits out most of its new hires (thrown around is an 80-90% failure rate).  These boards see huge numbers of interested & new to the industry posters.  For the most part, they ALL (including you) ask basically the same questions, over and over and over and over and over again.  It never occurs to you (or them) to use the search button.  Is it surprising posters take pot shots at questions, that although not stupid, are redundant and could be easily answered with a little effort on the posters part???  All of your questions have been asked and answered a hundred times over.


Second, to survive in this business takes tremendous sacrifice, tenacity, hard work, and a tough skin.  There are a few who luck into success, ie, family connections, etc., but that's not the majority here.  You don't have to be a member of mensa, but generally those who succeed are brighter than average, adapt to change well, have great communication skills, are very goal oriented/competitive, self-directed and have the ability to do those things that most people will not do, no matter how unpleasant.   


You show up & evidently without knowing anything about the industry or doing any research, start posting about how stupid we are because cold calling and cold walking are wastes of time (they are the two most cost effective methods to find clients).  Sure, people will start slapping you around.  I've never had anyone respond to my posts in anything except a postive manner (except for a crazy who thought I was an alias of joe or bobby). 

Jul 18, 2007 2:57 am

old lady i was not implying negative posts to me...you think i wrote about the negativity due to reaction to MY posts.  this is not the case..i noticed the coldness throughout the board before my first post.



I understand what people are trying to say what it takes to survive.  i know there is no easy road, and that the road could fall out from underneath me at anytime.  i DO know something about the industry from certain angles, just not all of them.  im here to gain some insight on different areas i am gray in.  like i said in an earlier post in reaponse to yours...that i wasnt trying to say all cold calling and door knocking is bad..its just not what it used to be.  not saying i wont do it because i will, because i have to.  its amazing how someone will take something you say and run with it with a negative spin.

Jul 18, 2007 3:10 am

The best thing about our industry is you could be with just about any firm and make a very good living. The firm paying for marketing material, website, etc - don't even worry about it, it gets tossed.


At the end of the day, most of the people you will prospect won't really know the difference from AG to ML or Edward Jones or Charles Schwabb...they hire you and the story you sell them.


Get out there and PROSPECT, meet people, be a compelling character and have something smart to say, be arrogant to the degree that they NEED you to manage all their financial affairs.

Jul 18, 2007 3:21 am

now thats a down to earth good note. 

Jul 18, 2007 10:47 am
Jul 18, 2007 11:55 am

no i didnt miss that part, and the reason im not worried about fragments is because a lot of people are like you here.  they just go around talking trash to everyone...especially new people as if they are some big shot.  go find someone else to pick at you are no different than a grade school punk

Jul 18, 2007 12:02 pm
Jul 18, 2007 1:34 pm

joe i appreciate your concern for my well being but im not worried about being punctual on this forum by any means. u r very cocky