Dain Rauscher to close its Everett office

By Bryan Corliss

Herald Writer

RBC Dain Rauscher will close its Everett office by the end of the year and move its staff of six investment advisors to other offices around Puget Sound.

The move is "based on our need to consolidate our offices in Washington," said office manager Patrick Swesey. "It does not signal a decreased commitment to the investment community in Washington state."

Most of the company’s advisers work with clients over the phone, Swesey said, although advisers meet with investors in person a couple of times a year. Given that, he said, the only difference most customers will see is that "the address on the statement will be different."

The company has had an office in Everett for 19 years.

RBC Dain Rauscher will continue to have eight offices statewide, staffed by 130 financial advisers, Swesey said. The Everett-based advisers will move to offices in Seattle, Bellingham or Kirkland.

Dain Rauscher was purchased by Royal Bank of Canada in January, and the new owners changed the company’s name to RBC Dain Rauscher last week. Swesey said the move to close the Everett office wasn’t related to the merger but was the result of market conditions. He wouldn’t elaborate.

In the January deal, Royal Bank of Canada also acquired Dain Rauscher Wessels, Dain Rauscher’s investment banking division. The new owners changed the name of that group last week to RBC Capital Markets.