Download the vector logo of the RBC Wealth Management brand designed by Royal Bank of Canada in Adobe® Illustrator® format. The lure of compensation, however, could be a pitfall, said Patrick Kennedy, co-founder of PriceMetrix.
RBC Wealth Management is closely monitoring the COVID-19 (Coronavirus) situation. The United States accounts for 53% of RBC’s total wealth management client assets of C$1.1 trillion ($842 billion), versus Canada’s 38% share. FILE PHOTO: The Royal Bank of Canada (RBC) logo is seen outside of a branch in Ottawa, Ontario, Canada, February 14, 2019. Our goals-based wealth planning approach brings clarity today, while helping people build confidence in the future.”www.rbcwealthmanagement.com is using JavaScript to ensure the best experience through the site. RBC Wealth Management’s U.S. assets under administration were up 7% to $436.4 billion as of the end of July, a touch below the record set in January. Read our perspectives in our latest market commentary.For more than a century, RBC Wealth Management has provided trusted advice and solutions to individuals, families, institutions and charitable foundations. Wealth management has contributed about 19.6% of RBC’s total earnings this year, compared with 18.8% in 2019.
While the U.S. unit functions separately from its Canadian counterpart, the competitive recruiting is similar to what the bank has done in Canada for years, said Tony Maiorino, head of RBC Wealth Management’s Canadian unit in Toronto. As recently as August, the U.S. unit of Canada’s biggest lender hired a team of four advisors from Morgan Stanley (RBC’s recruitment push helped lift average revenue per new advisor, or production, by 43% year-to-date through July from the comparable year-earlier period, even as the number of hires remained flat, according to internal data from its U.S. wealth management unit that was shared exclusively with Reuters.
We want to talk about your financial future. Across North America, wealth management companies saw average annual growth of 5% in revenue per advisor between 2015 and 2019, a period that culminated in record assets and revenues, according to a June report from McKinsey’s PriceMetrix unit.
We’ve earned our reputation for putting clients first. News & media © 2020 RBC Wealth Management, a division of RBC Capital Markets, LLC, Member Production by financial advisors with high asset values is typically about 1% of assets under management, with compensation at 40% to 45% of that, said Jeff Testerman, managing partner at BrokerHunter.com, a financial services employment website. Learn More.
The company’s compensation is also “consistently very competitive,” said a spokeswoman for RBC’s U.S. wealth management unit, without providing details. Yet there is a growing realization, particularly in the wake of the last financial crisis, that many people don't understand budgeting, investing or how simple financial products like loans work.”“Indications of economic recovery remain fragile.
REUTERS/Chris Wattie We've detected that you're in Armstrong noted that RBC had made important investments in technology and advisor platforms.
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That’s good news, but with people spending decades in retirement it’s important to plan for any scenario.
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