Rbc

Their compliance people in Canada are great. I am personal friends with a Royal Bank Board member. A Bear Stearns' institutional client friend of mine has his pp account with Dain in Houston.

Can they compete with MER, SB, and MS? I think so, if Royal Bank's truly interested in growing US based retail assets which I think they are.

I have been asked twice and declined both times.  Not a bad firm, just not a ton of critical mass to be built there, IMHO.

Their platform is very competitive, they offer wrap accts, SMA’s and are one of a handful of exclusive distributors for Frank Russell products. 

I was recruited by RBC and I was really impressed.  If I would have stayed as an employee I would have gone with RBC.

Yeah, I think 2nd tier firm is a little inaccurate from a platform perspective, even if they are a regional.  They are definitely not like Edward Jones. 

I’d given them a hard look…I got a call recently from a fund manager whose performance I liked and the rep that called indicated that LPL and RBC were the only platforms that their funds were sold through.  While I understand that in and of itself is not enough of a measuring stick to judge with, I for the impression from the guy that called me that RBC was considered a high quality shop.

Re-post without the brain spasm...

I'd give them a hard look...I got a call recently from a fund manager whose performance I liked and the rep that called indicated that LPL and RBC were the only platforms that their funds were sold through.  While I understand that in and of itself is not enough of a measuring stick to judge with, I got the impression from the guy that called me that RBC was considered a high quality shop.

[quote=Indyone]

Re-post without the brain spasm…

I'd give them a hard look...I got a call recently from a fund manager whose performance I liked and the rep that called indicated that LPL and RBC were the only platforms that their funds were sold through.  While I understand that in and of itself is not enough of a measuring stick to judge with, I got the impression from the guy that called me that RBC was considered a high quality shop.

It may not be an indication of exclusivity.  I went more on the fact that the guy that called me said a lot of positive things about RBC.  The fund is VALUX and with the exception of 2002, which was tough all over, they’ve done a pretty respectable job…I wouldn’t think that it would be hard to convince various platforms to pick them up. Perhaps they get enough inflows from the two platforms that carry them to satisfy the manager.

[quote=Knows Wall St.] [quote=Indyone]

Re-post without the brain spasm...

I'd give them a hard look...I got a call recently from a fund manager whose performance I liked and the rep that called indicated that LPL and RBC were the only platforms that their funds were sold through.  While I understand that in and of itself is not enough of a measuring stick to judge with, I got the impression from the guy that called me that RBC was considered a high quality shop.

[/quote]

Why would you value the opinion of a guy representing a fund that could only find two firms willing to enter into selling agreements?

From where I sit that could indicate that RBC and LPL were the only firms with low enough standards to want to sell that fund.
[/quote]

From where you sit? You mean looking up at the curb?

[quote=Knows Wall St.] [quote=Indyone]

Re-post without the brain spasm...

I'd give them a hard look...I got a call recently from a fund manager whose performance I liked and the rep that called indicated that LPL and RBC were the only platforms that their funds were sold through.  While I understand that in and of itself is not enough of a measuring stick to judge with, I got the impression from the guy that called me that RBC was considered a high quality shop.

[/quote]

Why would you value the opinion of a guy representing a fund that could only find two firms willing to enter into selling agreements?

From where I sit that could indicate that RBC and LPL were the only firms with low enough standards to want to sell that fund.
[/quote]

RBC works with Russell which only allows a handfull of dealers to offer their products.  You'd have a hard time convincing me that Russell would only be attractive to shops with 'low standards'.  I used to work right next door to their headquarters and know quite a few people there.  Top notch company.

[quote=dude][quote=Knows Wall St.] [quote=Indyone]

Re-post without the brain spasm...

I'd give them a hard look...I got a call recently from a fund manager whose performance I liked and the rep that called indicated that LPL and RBC were the only platforms that their funds were sold through.  While I understand that in and of itself is not enough of a measuring stick to judge with, I got the impression from the guy that called me that RBC was considered a high quality shop.

[/quote]

Why would you value the opinion of a guy representing a fund that could only find two firms willing to enter into selling agreements?

From where I sit that could indicate that RBC and LPL were the only firms with low enough standards to want to sell that fund.
[/quote]

RBC works with Russell which only allows a handfull of dealers to offer their products.  You'd have a hard time convincing me that Russell would only be attractive to shops with 'low standards'.  I used to work right next door to their headquarters and know quite a few people there.  Top notch company.

I think its a great firm the only thing that is kinda lacking (if you are gona be a new broker) is the name recognition…outside Minn its not really that strong.

Dain has a product called Total Portfolio that I think (correct me if I am wrong) they are the only people (beside Piper and now UBS which have a version that isn't as good).

Basically you can buy seperate accounts, etfs, and mutual funds, all in one wrap account. You can set it to auto rebalance.  And the coolest thing is the tax feature.  It automatically goes in and does all of the tax loss harvesting and watches for managers who buy the same stock, ect. That only costs 10 basis points and they say you earn an additional one percent. 

[quote=Knows Wall St.] [quote=dude][quote=Knows Wall St.] [quote=Indyone]

Re-post without the brain spasm...

I'd give them a hard look...I got a call recently from a fund manager whose performance I liked and the rep that called indicated that LPL and RBC were the only platforms that their funds were sold through.  While I understand that in and of itself is not enough of a measuring stick to judge with, I got the impression from the guy that called me that RBC was considered a high quality shop.

[/quote]

Why would you value the opinion of a guy representing a fund that could only find two firms willing to enter into selling agreements?

From where I sit that could indicate that RBC and LPL were the only firms with low enough standards to want to sell that fund.
[/quote]

RBC works with Russell which only allows a handfull of dealers to offer their products.  You'd have a hard time convincing me that Russell would only be attractive to shops with 'low standards'.  I used to work right next door to their headquarters and know quite a few people there.  Top notch company.

[/quote]

What do you suppose is their logic to not want the large firms to sell their funds?
[/quote]

The Russell company is a very exclusive company to begin with (they manage the Bill and Melinda Gates foundation in addition to many other VERY big pools of money).  I believe that they are very selective in who represents their products and are sensitive to image issues in general.  I remember looking out our front window and seeing stretch limos going to Russell's headquarters where you'd find the flag flying in their foyer of whatever sultan, head of states' or representatives' country that was visiting that week to get a portfolio review.

I can't really speak for them, but I'm pretty sure if they wanted to be on the platform of the Major players then they'd have no problem.  Their support of the advisor is very sophisticated and robust (they make other fund companies look like a joke in this area) and you will find that the dealers they have arrangements with (AG Edwards, RBC, Piper etc...) are generally smaller 'more independent' type shops.

I would even venture to say that their support of the advisor is the best in the industry.  They have designed a handfull of excellent tools to help their advisors increase the efficiency of their practice, streamline and format client meetings and provide added value to their client relationships.

Oh, to answer your question Knows NASD.....

Exclusivity.  If they were on the platforms of the major distributors they'd become 'just another fund company'.  I get the impression that they really want to preserve their 'exclusive' image. 

I think it helps them preserve what I feel is their biggest drawback which is exorbitantly high fees for their seperately managed accounts and other products.  The fees is what kept me from using their offerings.

The fees ARE what kept me from using......

How'd I screw that one up....yeesh.

[quote=Knows Wall St.]

[quote=dude][quote=Knows Wall St.] [quote=Indyone]

Re-post without the brain spasm...

I'd give them a hard look...I got a call recently from a fund manager whose performance I liked and the rep that called indicated that LPL and RBC were the only platforms that their funds were sold through.  While I understand that in and of itself is not enough of a measuring stick to judge with, I got the impression from the guy that called me that RBC was considered a high quality shop.

[/quote]

Why would you value the opinion of a guy representing a fund that could only find two firms willing to enter into selling agreements?

From where I sit that could indicate that RBC and LPL were the only firms with low enough standards to want to sell that fund.
[/quote]

RBC works with Russell which only allows a handfull of dealers to offer their products.  You'd have a hard time convincing me that Russell would only be attractive to shops with 'low standards'.  I used to work right next door to their headquarters and know quite a few people there.  Top notch company.

Thanks guys; Interesting informative conversation, and no insults.

I pretty much agree with Brokerrecruit; just needed confirmation.

Anybody considering recruiting for RBC Dain Rauscher is someone who doesn’t value his reputation as a recruiter. RBC Dain Rauscher isn’t a second-tier firm, they are a fourth-tier firm.



Talk to a former RBC Dain Rauscher broker and you’ll hear nothing but bad things. I still talk to a number of former RBC Dain brokers who couldn’t wait to get out of there once their loans were up.



RBC Dain is a company that does not want to spend any money on improving systems, retaining talented brokers and employees, or anything else. Everything is done as half-a$$ed as possible.



RBC Dain is a company that doesn’t even want to spend money on doing anything right like making sure brokers get all the commissions they are rightly due. The reports brokers get are subpar to the point they aren’t even sure what they are getting paid on and have no way of tracking what is missing (and there is a reason for that, folks).



I find it humorous that people are saying stuff like “they sell Russell products so they’ve got to be good.”   Nonsense. Brokerage firms are allowed to sell product because it brings in assets and for no other reason.



[quote=rrbdlawyer]

RBC is a quality firm with a relatively strong regulatory record.[/quote]



RBC Dain Rauscher is no different than any other firm in the business. RBC Dain got cracked for “revenue sharing” with mutual fund companies. They’ve gotten cracked for everything from yield burning to not maintaining trade records, which isn’t surprising given how many system “glitches” they have, and other things.



You should know that, Mr. Lawyer. The info is at your fingertips.



I am waiting for RBC Dain Rauscher to get cracked for “revenue sharing” with annuity products, too. If I thought there was any money in it for me I’d contact state insurance regulators myself.



As I said, if you want to destroy your reputation as a recruiter, you can pick no better way than to recruit people into RBC Dain. That’s no joke.



IF you want to recruit for RBC Dain, double your fee (RBC Dain is desperate and may pay it) then hang up when you get angry “what the *&^% did you get me into?” phone calls from people you placed there.



RBC Dain has no chance of competing with the big boys. Managerial incompetence is the reason why. The entire executive team has turned over twice in the past 4 years.



It wouldn’t surprise me if RBC sells RBC Dain soon. The business has performed poorly since RBC bought Dain Rauscher in 2000 and merged Tucker Anthony Sutro into it back in 2002. RBC has a habit of buying businesses at the top of the market, much like they did with their banking and mortgage acquisitions as well.



To the original poster: a recruiter can be a valuable tool for a broker considering different firms and deals, or a recruiter can lead a broker into disaster. Which one do you want to be?