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Industry Records

Different Levels of Placement Agents, Part 2

The third tier

At the next level is a group of regional investment banks Dain Rauscher, U.S. Bancorp Piper Jaffray, Adams, Harkness & Hill, Robinson-Humphrey, Friedman Billings Ramsey, and First Albany, to name just a few East Coast and Midwest members. The regionals may act as placement agents at a relatively early stage, but, again, with prosperity, many have moved to what you might call a better neighborhood. In other words, they have a high cutoff in the level of financing and the maturity of the issuers they're willing to consider.

The regionals enjoy one critical element in the fundraising process when you think of angel investors: They almost always have a retail brokerage capacity a slew of retail brokers residing throughout the region who are in contact with potential customers. However, not many retail brokers are willing to introduce a high-risk opportunity to a valuable customer. In the event of failure, the broker could lose the customer. And the commission on a $2 million or $3 million private placement is usually not enough to light up a big broker's eyes.

In many instances, retail brokerage networks are not so much interested in "writing tickets," as it's called, as they are

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