Employers’ efforts appreciated: includes chart

Training is seen as one of the pillars of success at First Associates Investments Inc., says Stuart Raftus, president and COO of the Toronto-based firm. “We’ve given [advisors] an opportunity to choose the training course they deem most appropriate for their individual practices.”

Conferences with guest speakers and consultants, as well as training sessions that last at least a few days, are what some Raymond James Ltd. brokers claim stand out for them in this category. Raymond James scored an above-industry average of 7.7, up from 5.0 the previous year.

The highest-ranked firm in the training category this year was report card newcomer Wellington West Capital Inc. The Winnipeg-based company scored a 9.3, well above this year’s average. What’s the secret of its ongoing training success? “We borrow training from people smarter than us,” says Charlie Spiring, CEO and chairman of Wellington West. “We’ve done this with Merrill Lynch [& Co. Inc.], KPMG [LLP] and NCE [Resource Group]. They all come in and have their specialists train us. It’s part of being a mid-scale firm; you borrow expertise.”

Wellington West brokers surveyed are aware that training is available through their suppliers, and agree with the firm’s method.
“We don’t have any rookie brokers, so we don’t need in-house training,” one broker says. “That contributes to the higher payout.”

But Wellington West hasn’t ruled out in-house training for the future. “Once we get between $7 billion and $10 billion in assets, it will make sense to have a little more control over training,” says Spiring, who hopes to have $5 billion in assets under management by yearend.

One of the few firms that saw a drop in training ratings from last year was Edward Jones. The Mississauga, Ont.-based company fell from its first-place finish of 9.0 in last year’s Report Card to 7.9 this year.
The lower rating may come as a surprise to senior management, who place an emphasis on training and whose associates receive an average of 180 training hours each year. The firm has made some small changes in its advanced training program, and has implemented a “career-long training” program that offers customized training to more senior brokers.

“It’s geared toward someone who is eight years in the business, who’ll need something more advanced than someone with 14 months in the business,” says Gary Reamey, head of Canadian operations.
Reamey adds the firm has heard that brokers want advanced training programs to be available sooner in their careers. “We’re working on that,” he says.

One Edward Jones broker in British Columbia says, however, that at times there is too much training available: “Sometimes it’s during busy periods, but we always schedule around it.”

TD Waterhouse Investment Advice also stumbled. Its score dropped to 3.9 from 5.4 in 2003, both years the lowest rating in the group. Some TD brokers surveyed said they are unaware of any training offered by their company, but an Ontario advisor says that is starting to change.

Bill Hatanaka, executive vice president of TD Wealth Management at Toronto-based TD Waterhouse, says the company does put an emphasis on training programs. “One of the key initiatives we’ve undertaken as a new management team is to make sure we enhance both our training and practice management curriculum for our investment advisors.”

Hatanaka adds the new head of training and practice management is in the process of implementing programs for new advisors, as well as for the veterans “to take them to the next level.”

Most firms agree more training is important, regardless of how skilled and knowledgeable their advisors already are.
Canaccord Capital Corp.‘s score rose to 7.1 from 6.3 last year. Bob Larose, executive vice president and national sales manager of the Vancouver-based company, claims brokers are more positive about training this year because of a new program in which more than half the brokers have enrolled.