RBC Wealth Management – Competitor Profile

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RBC Wealth Management Competitor Profile Overview

Headquartered in Toronto, Canada, Royal Bank of Canada (RBC) Wealth Management is one of the five main business segments of RBC, the largest commercial bank in the country. This segment has five divisions, including the company’s Global Asset Management unit. RBC Wealth Management has 1,950 investment advisors in Canada and 2,100 financial advisors in the US. It also maintains offices in seven other countries.

The RBC Wealth Management competitor profile report comprehensively analyzes RBC Wealth Management’s private banking operations. It offers insights into the company’s strategy and financial performance, including key data on AUM. Customer targeting and service propositions are covered, as are product innovation and marketing activities.

Key Strategy Parameters ·        Structure

·        Stakeholders

·        International Presence

·        Active Jobs and Theme Activity

·        Company Filings

·        Digital Transformation and ICT Spending

Key Financial Performance Parameters ·        Revenues

·        Contribution to Group Performance

·        Assets

·        Peer Comparison

Key Brand-Building Activities ·        CSR

·        Sponsorships

·        Social Media Presence

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RBC Wealth Management – Strategy

The RBC Wealth Management competitor profile report covers key strategies in terms of company structure, stakeholders, international presence, active jobs and theme activity, company filings, and digital transformation and ICT spending among others.

Company Structure: RBC Wealth Management is one of the four business segments that make up RBC, all of which were brought under a single brand in 2011. It offers a full suite of wealth management solutions including banking, credit, investments, estate and trust planning, insurance, and custody solutions. Effective from November 2022, RBC Investor Services, previously part of the (now defunct) Investor & Treasury Services division, was shifted to Wealth Management. This follows the sale of RBC Investor Services’ European Operations and its associated Malaysian Centre of Excellence to CACEIS, the asset servicing banking group of Crédit Agricole and Santander. The remaining Investor Services team will focus on asset servicing in Canada only, while Treasury and Transaction Banking will come under the Capital Markets division.

RBC Wealth Management – Structure

RBC Wealth Management - Structure

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RBC Wealth Management – Financial Performance

RBC’s group revenues decreased in 2022, driven by lower insurance premiums, investment, and fee income (insurance revenue), lower underwriting and other advisory fees, and trading revenue. However, these factors were partially offset by higher net interest income and investment management and custodial fees. Net interest income increased in 2022, supported by higher spreads and volume growth in the Canadian Banking and Wealth Management segments. The insurance revenue decrease was a result of the change in the value of investments backing policyholder liabilities and lower group annuity sales, while trading revenue decreased due to loan underwriting markdowns, primarily in the US, driven by challenging market conditions.

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RBC Wealth Management – Customers and Products

RBC highlights that its wealth management business targets HNW and UHNW clients. However, the business segment also extends its offerings to affluent individuals with lower investable assets, although these are distributed via different brands and divisions. RBC Wealth Management in Canada serves business owners, entrepreneurs, wealthy families, and professionals who either hold $1 million in investable assets or have a net worth of $3 million.

RBC Wealth Management provides a wide range of investment, banking, credit, trust, and business services globally. Benefiting from the expertise of RBC’s commercial banking arm, the bank can also offer advice on business exit strategies and foreign exchange solutions.

RBC Wealth Management Customers and Products

RBC Wealth Management Customers and Products

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RBC Wealth Management – Brand-Building Activities

RBC’s charitable initiatives are focused on the environment, youth, diversity and inclusion, and wellbeing. RBC carries out its charitable activities through the RBC Foundation and community engagement programs with its employees. On a division level, sponsorship priority is given to activities that fit RBC Wealth Management’s corporate funding focus areas: environment, youth, diversity and inclusion, and wellbeing.

In 2023, RBC Wealth Management became the education partner of Tortoise Takeover – a Jersey-wide public art trail by local conservation organization Durrell Wildlife Conservation Trust. RBC Wealth Management will sponsor one of the tortoise sculptures named Margo. In addition, funds raised by auctioning the artworks will be used to build Durrell’s new Tropical House at Jersey Zoo.

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GlobalData’s ‘RBC Wealth Management – Competitor Profile’ provides a comprehensive analysis of RBC Wealth Management’s private banking and wealth management operations. It offers insights into the company’s strategy and financial performance, including key data on assets under management (AUM). Customer targeting and service propositions are covered, as are product innovation and marketing activities.

Reasons to Buy

  • Examine the financial performance, key ratios, and AUM growth of RBC Wealth Management and its Private Bank division and benchmark this competitor against other global wealth managers.
  • Understand RBC Wealth Management’s current strategic objectives and their impact on its financial performance.
  • Discover RBC Wealth Management’s key products and client targeting strategies and examine whether these have been successful.
  • Learn more about RBC Wealth Management’s marketing strategy, social media presence, and digital innovations.

Brewin Dolphin
HSBC Canada
Crédit Agricole
J.P. Morgan Securities
Gluskin Sheff

Table of Contents

Executive Summary


Financial Performance

Customers and Products

Brand-Building Activities


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