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Sep 27, 2006 5:20 pm

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?