While I enjoyed your Recruiters Roundtable in January, I need to defend RBC WM against five "Sells." We at RBC do most of our own recruiting, and pay recruiters only "3+2," probably the lowest in the industry. That leads me to believe these recruiters are "talking their book," making your "Buy Sell and Hold" table based more on where they have contracts than quality. Were RBC to pay 10% to recruiters on top of these Top Ten bullet points, we would have 7 "Buys":
1. RBC, named highest rated bank in North America, AA- by S&P.
2. RBC Wealth Management was ranked "Highest in Investor Satisfaction with Full Service Brokerage Firms" by J.D. Power and Associates;
3. RBC's CEO, Gord Nixon, is on Barron's World's Best CEOs list;
4. Money Magazine, Motley Fool and The Street.com named [Royal Bank of Canada, RBC's parent] to their Top Ten 2012 stock picks.
5. RBC has 79,000 employees in 51 countries, serving 18 million clients. However, RBC Wealth Management has only 2,200 financial advisors and $220 billion AUM, creating international firepower behind a small firm, family culture.
6. For the third year, RBC has been named one of the "Best Workplaces in Canada."
7. RBC WM advisors produce 190% above peers in taxable fixed income, 209% in munis and 1900% in new issue munis. (McLagan)
8. John Taft, RBC WM CEO, runs a flat organization with only four regions;
9. Highly competitive, simple compensation plan, which goes up to 59%;
10. $130 million; that's the amount RBC contributed to community causes globally in 2010.
Maybe some of your recruiters should get on the bandwagon of one of the finest companies in the country, instead of simply selling their services to the highest bidder.
Warren Bischoff, Senior Managing Director,
RBC Wealth Management,
Washington, D.C., Complex Director
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