The RBC wealth management is among the oldest firms offering investment assistance.
They have been in business for over 100 years now.
In fact, they have now expanded operations across the world.
However, that does not seem to be enough.
If you surf the internet about RBC, there are conflicting views.
In fact, several RBC wealth management reviews raise concerns about the billing process.
It seems the fee structure has also raised quite a few eyebrows.
But then again, you think it is a 100-year-old company.
It surely has been doing something right.
How else can it sustain for so long?
So, the question now is how valid are the RBC wealth management reviews?
The current market position is an important consideration.
Given the market situation, a lot more people are interested in exploring the option.
As a result, most are making a beeline for established firms like RBC.
The question is, would that be a valid call?
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The RBC Wealth Management Story
Let us first understand what RBC Wealth Management is all about?
The RBC Wealth Management is a global organization.
The business model is created around nurturing relationships over the long-term.
The company calls itself committed to client growth.
Started in 1910, they started steady expansion in the 2000s.
The opening of the London office truly started their global journey.
They moved out from the American continent into Europe.
In fact, this further spurred their onward journey across the world.
Diversifying knowledge and deepening understanding are the key triggers.
They are looking to woo investors with a global mantra for excellence.
Going by the 2013 Investor Satisfaction Index, they are amongst the top players.
On a scale of 1000, they scored 820.
The industry average at this point was 798.
So, as per 2013, the investor satisfaction topped industry average.
The question then is what the basis of this performance was.
How or what led to the performance?
Well, in this context, it is necessary to understand the business model.
Their approach to investors is critical.
The RBC Approach
If you check RBC Wealth Management website, there are some interesting observations.
Comprehensive solution customized to your long-term wealth plans is the key.
They insist that their wealth management follows unique value creation model.
The client’s personal aspirations and legacy go a long way.
This is how they choose to create a unique wealth management solution.
The RBC wealth management insists personalized strategies are important.
This is how they make sure that they go with the client at every step.
It helps them create a long-term investment approach.
Implementing customized solution is their key to excellence.
Most times, the company allocates customized advice team.
They focus solely on providing solutions aimed at the client’s convenience.
The client’s growth is as important as their wealth expansion.
This is the RBC formula for achieving holistic results.
They have formulated a strategy to help achieve your goals.
Their wealth management theory aims at financial empowerment.
But an important point to consider is how investors are looking at it.
Do the RBC wealth management reviews point to the same trend?
The RBC Approach: The Client’s Perspective
Well, a quick search online reveals conflicting results.
While they might have topped 2013 investor satisfaction index, it is unanimous.
There are, in fact, many investors who are not quite convinced.
While personalized service is a consensus, gains are not.
Many of the reviews point to a questionable performance.
For many customers, they have been worrying about inadequate performance.
In fact, many have expressed their dissatisfaction.
The RBC Wealth Management is primarily a customer-driven company.
The whole success strategy is directed towards creating customer satisfaction.
But unfortunately, the reviews point otherwise.
There are complaints about their customer service and performance.
But, that one question most have pointed to is the fee structure.
A quick review of the top 50 feedback indicates anomaly here.
While most have appreciated the personalized care model, the fee is a major worry.
Most customer reviews call the fees structure unreasonable.
The lack of transparency is the driving theme.
The anomaly of fee structure is a crucial matter to probe then.
The RBC Wealth Management: Fee Structure
Some customers also maintained that they don’t have any fiduciary responsibility.
The other argument is that fees are very high.
It is more a method to fill own coffers.
According to these irate customers, the fee structure is not rational.
They feel the company is overcharging them.
Therefore, it is important to analyze the fees.
The RBC is, in fact, the 10th largest in terms of fees.
It is the top 5 player in Canada as per performance and fees.
The basic rate is $9.95 per trade.
This is irrespective of the trade on the mobile or online platform.
In fact, the trader can undertake up to 150 trades every quarter @ $6.95/trade.
Apart, there is a series of maintenance fees.
This is precisely for those with assets below $150000 across the RBC umbrella.
There are many lucrative packages and deals for customers.
Moreover, you must understand that all investment tools have service fees.
This feel generally handles the expenses with regards to the investment tool.
The expenses include advisory services as well.
The idea is to generate a revenue stream to service client needs.
With over 200 branches across the US alone, they are banking on the volume game.
The Factors To Decide RBC Wealth Management Fees
That brings us to the point about how we can determine it.
Well, you must understand, it is important to understand the company’s standing.
That is why let’s look at the primary parameters.
If you see, the popular perception is that wealth management is the bastion of wealthy.
But, is it really so?
The reality is that it refers to any type of financial service aimed to enhance your prospect.
Irrespective of the client’s financial statements, it is designed to improve your scope.
Hiring the right firm can help create better growth.
A comfortable retirement is the primary objective of the most firm.
Whether you are creating a value-based legacy or preserving wealth, you need these tools.
Often they help protect your future generation from serious wealth depletion.
These instruments also help you create a proper value chain for your future generation.
That is a primary purpose of most wealth management firms.
Therefore, the fee structure is also keenly linked to it.
It goes on to identify how this measures Vs. peers and if you can get more value.
Quality Of Investment Tools
Most RBC wealth management reviews indicate high fees.
But there is no mention of details.
You need to remember that wealth managers are not mere brokers.
The ambit of service is relatively higher.
It often comprises handling the investor’s complete portfolio.
In many ways, the investor’s future is often completely dependent on wealth management firm.
This often includes taxes, bank accounts along with pensions and policies.
This clearly means detailed planning and in-depth understanding is necessary.
Moreover, the competence of investment managers is crucial.
There is also a need to liaison with a gamut of financial market experts.
So it becomes important to take a comprehensive standpoint.
That alone can justify the fees structure.
Extent Of Services
There are some wealth management firms that offer the full gamut of services.
In comparison, there are others with the limited service profile.
You also have to look at this in the RBC wealth management reviews.
Let us face it; all services come at a cost.
A full-service firm handles a complete package.
So, they help you create trusts and manage portfolios.
Naturally, these full-service firms also have to employ quality staff.
It is needless to mention then that these will only come at a cost.
But most high net worth investors would look at the cost as an investment.
It is this quality of staff that determines the success of their investment.
When the toss up is between better investment and higher rates, you will choose the former.
In comparison, a limited services firm often employs a lower level of professionals.
These are software-based and rely a lot on automation.
As a result, the gain prospects here have completely different dynamics.
Perhaps, in context with RBC wealth management, this is a key factor.
Before taking a call on the viability, you need to consider the quality.
It is only natural that the more extensive the service, higher the fees.
So, if the reviews point to the expensive fee structure, look at the services.
It is very important to detail the extent of services that they provide.
Investors should undertake in-depth study of RBC wealth management.
A clear documentation of their services will help investors take a better call.
Compare the services provided and the price paid.
This will highlight the relative cost-return ratio.
That is what goes on to determine the relative success that you can expect.
In many ways, that is the biggest factor.
Commissions & Direct Fees
The relative ratio between commissions and direct fees is crucial.
It often helps you understand the final payout.
In many ways, it’s the key factor in deciding the kind of fees.
This is after all the 5th global asset management firm, in terms of revenue.
It provides specialized services and boasts of deep client relations.
You will expect a degree of transparency to get to this.
After all, a company has to do something right to be voted one of the best global firms.
Undoubtedly, the fee structure plays a very important part.
Whether it is commissions or direct fees, clarity is crucial.
Transparency in this regard also becomes very important.
Moreover, the profile of the target client is also important.
Normally commissions are decided as a percentage of service offered.
A direct fee structure has a fixed schedule of fees.
If you notice the trend, the commissions are a way of luring brokers.
The interest is in their court.
The more they sell, the better they earn.
But here, it is important to notice how keenly RBC is monitoring their advice.
The fee-based structure works out relatively cheaper.
But in this case, personalization is limited.
It is primarily about a common opportunity for all.
The RBC Wealth Management website lists out the fees clearly.
So, as an interested investor, you need to pay attention.
Sometimes, for investors with moderate means, this can be a problem.
Given the extent of their relative principle, the fees appear higher.
Therefore, investors also need to calculate the base on which they are earning returns.
In many ways, that is a crucial context.
The wealth management firm that you are considering must also be properly vetted.
It is essential to know that you have put your money in safe hands.
The advantage of full services firm is that they employ certified accountants.
This means that competent professionals take care of your money.
In contrast, you will notice that a limited services firm offers some generic services.
However, the BBB or Better Business Bureau testimonials are one of the best ways.
They provide oversight services.
Often a testimonial here is a very credible account of a firm’s competence.
Moreover, this kind of public vetting also enhances acceptance.
It shows the relative popularity of the firm that you decide to choose.
In this context, it is important to mention RBC Wealth management is not BBB accredited.
Normally, this is an accreditation that companies seek on their own.
If RBC wealth management is not accredited, it could mean they have not applied.
It may not reflect on the credibility aspect directly.
But on the other hand, you must remember, companies have to fulfill BBB requirements.
Only then they can be BBB accredited.
This is more like a mirror for the public.
It helps them ascertain the kind of standing a business has.
So in this context, I tend to question like most RBC wealth management reviews.
Why will they not seek this accreditation?
Does it mean that they don’t fulfill some of the requirements?
But a bigger question is, does it impact your savings?
In fact, the accreditation in itself is also seen as a means to justify this.
It is more like an investigative exercise.
The idea is to identify a potentially strong player.
So a BBB accreditation is surely a great benefit.
But at the same time, its absence cannot be linked to incompetence.
Does RBC Wealth Management Safeguard Privacy?
The lack of BBB accreditation raises one big question.
Does the RBC Wealth Management safeguard your privacy?
How safe are investor details with this investment channel?
That is a crucial element to consider.
The idea of BBB accreditation is exactly this.
No firm will come and say that they don’t protect your privacy.
But at the same time, a BBB accreditation is like a reiteration of the norm.
However, in its absence, it is a valid and a very crucial concern.
That alone can determine the viability of investment in RBC Wealth management.
Honesty of a Firm Is Crucial
As I was going through RBC Wealth Management reviews, there was an interesting point.
Some reviews point towards the honesty element.
The question is when the concern is your money, this is absolutely important.
If you are not even sure about the firm’s honesty, how can you trust your money with them?
Customers have complained about repeated lack of transparency.
They have blamed RBC for not sharing their portfolio details.
Many have highlighted how they are not even consulted.
The question is how a firm can take investment calls on my behalf and not inform me?
Often the exorbitant fee issue can be linked to the relative return extent also.
When the returns are not in sync with the fees you are paying, it starts hurting.
Therefore, honesty is an aspect; you surely need to pay attention to.
RBC Wealth Management Reviews Raise Relevant Points
Therefore, we can conclude that the RBC Wealth Management reviews raise relevant points.
Clarity and transparency are crucial when you are dealing with your investment.
It is very important to entrust your money to a firm that can justify that.
The lack of a BBB accreditation for RBC is a red flag in this context.
However, when you are going through reviews, the investor profile is important.
Remember that HNIs and moderate budget investors have different expectations.
You cannot ignore that RBC has ranked high on investor satisfaction index consistently.
Therefore, I would conclude that they perhaps service a segment of investors lot better.
Invariably the reviews highlight this anomaly.
Therefore, your financial strength is crucial.
You can choose RBC Wealth management for large-sized AUMs.