Buzzword of the Week: Raintaker

Most financial and services firms value having a Rainmaker, an employee who is able to bring a lot of new business to the firm. But things can cut both ways. I learned in Investopedia this week of a Raintaker. That’s a former employee of a broMan-Umbrella-Rain part-time cfo northern virginiakerage firm who takes high-value clientelle from his or her previous employer to his or her new brokerage. The term raintaker is taken from rainmaker, which is used to describe a brokerage employee who brings in large amounts of business to their brokerage.

Rainmakers typically bring clients, money or respect to an organization soley thanks to their association and reputation. Raintakers are usually former rainmakers for a brokerage. Raintakers can cost a brokerage substantial amounts in earnings and commissions from lost business.

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