Dain Rauscher is starting to develop a corps of wealth managers among its 1,100 brokers, starting with about 175, who are enrolled in a 30-day training regimen. Eventually, the firm plans a three- to six-month course that, "over time" will be available to all Dain reps. The new plan was launched this summer at the companys annual three-day business development symposium in Scottsdale, Ariz. According to spokeswoman Trace Landowski, the program will continue to operate following the merger between Dain and Tucker Anthony Sutro.
"I think its terrific," said one Minnesota-based Dain rep. "All firms should do it. If youre really going to focus and do a good job for your clients, you probably need fewer clients and therefore the (clients) you have need to be bigger. So you need to become an expert on the needs of those bigger, more affluent clients."