RBC Wealth Management works with individuals and families, as well as retirees. Services offered to these clients include treasury and credit solutions, escrow services, insurance solutions, investments and research, retirement planning, education financing, donation and philanthropy solutions, and responsible investment. She also specializes in working with business owners and offers many of the above services as well as pension plans. RBC Wealth Management offers potential clients two ways to start this process and talk to an advisor: you can either provide their contact information for RBC to contact, or you can complete a short survey to be matched with an advisor, who meets their needs. The company`s website also has a directory of consultants, so you can see if there are any consultants and branches in your area. The company can develop tailor-made solutions to achieve a wide range of goals, from growing or protecting your assets to planning for retirement and your family`s needs. In addition, it offers responsible investment, which allows clients to invest according to their personal values. To open an account with RBC Wealth Management, you must sign a consulting agreement before enrolling in any of the available programs. This Agreement gives you firm permission to make certain transactions on your account and to update it upon request. RBC Wealth Management is a division of RBC Capital Markets, LLC, a subsidiary of Royal Bank of Canada. The company manages $348 billion in retail assets in the United States.
It has 1,800 financial advisors and operates in 200 locations in 40 states. Different programs incur different fees for investment managers or overlay managers, in addition to RBC Wealth Management`s advisory fees, which are charged to all accounts. RBC Wealth Management sponsors a range of tailored advisory programs. In each program, RBC Wealth Management works with clients to determine their goals and needs that inform their investment strategy. The programs offered by the firm include: According to IIROC, Benson admitted that between March 2007 and July 2015, Benson did not exercise due diligence to learn and keep abreast of critical facts about several clients. In March 2016, she retired from the industry. Although Benson learned of SK shortly after his death, she did not inform RBC DS of her client`s death until January 2015. When the transfers were approved, RBC DS had not received a copy of SK`s will or instructions from SK`s estate administrators. In 2016, for example, RBC Wealth Management was one of a dozen companies fined by FINRA for “significant deficiencies” in the data protection of broker-dealers and clients. While there was no evidence of hacking or violation in the RBC case, a $3.5 million fine was imposed. In 2015, finra fined the company $1 million for failing to properly oversee the sale of complex securities to clients.
In addition to program fees, clients can pay management fees for investment managers and model providers, tax administration fees, and overlay management fees. If RBC Wealth Management is the overlay manager, it retains 0.05% of the program fee. (a) Between March 2007 and July 2015, RBC DS failed to adequately monitor the activities of its Registered Agent Benson in connection with a client`s accounts, in violation of Rules 2500 and 38.1 for Merchant Members. The regulator sanctions the firm for failing to supervise the former investment advisor who relied too much on accountants for information about CST SC also opened three margin accounts with RBC DS and signed BCAAs, suggesting he was an experienced investor who feels comfortable with high risk in most cases. For high-net-worth investors, RBC offers Private Wealth, a program available exclusively to clients who have invested at least $5 million in RBC. This program focuses on the financial needs that arise from a large fortune. As with SK`s accounts, SC was the sole commercial authority for SKL. SC signed the guarantees for its margin accounts and those of its spouse on behalf of SKL – which represents a conflict of interest that Benson did not address, IIROC noted. “Benson did not take reasonable steps to ensure that SK understood the nature, meaning and financial impact of the guarantees, and RBC DS did not adequately monitor Benson with respect to confirming the extent of its direct communications with SK,” the settlement agreement states. In a settlement agreement with IIROC, RBC DS admitted that between 2007 and 2015, it did not adequately supervise a former consultant, Roberta Benson, whose elderly client – referred to as SK in an agreed statement of facts – was exploited by a trusted friend. RBC DS also admitted that it had not supervised Benson and that it had agreed to pay a fine of $350,000 and a fee of $50,000 under a separate settlement agreement. Following SK`s death in October 2014, SC began transferring money from SKL to his and his wife`s margin accounts from December 2014.
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