Agnew sees vital progress upside for RBC Wealth Administration in Canada partially as a result of power of its model. Stressing the desire that HNW shoppers have proven for giant, steady, establishments he says {that a} nationwide model like RBC can assist help advisors throughout their varied sub-brands in several channels.
These channels embrace the standard wealth administration and brokerage enterprise largely housed below the RBC Dominion Securities model. It additionally contains the funding counselling house by means of PH&N Funding Counsel, which is extra geared in direction of a HNW clientele, and Royal Belief which serves as extra of a full-service holistic wealth planning providing. It additionally contains each the insurance coverage and mutual fund vendor traces of the enterprise which Agnew believes can play a task in supporting progress for the agency general.
Agnew is specific in focusing on the HNW and UHNW shopper segments. He believes that these shoppers need extra than simply funding administration. As a result of liquidity occasions and inheritances look set to drive an enormous per centage of the $2.5 trillion Agnew sees flowing into this house, he emphasizes the significance of planning. That planning ought to embody areas like philanthropy, legacy, property planning, and even well being and wellness. He desires RBC advisors to have the ability to have a full and sturdy reply when shoppers ask them if they’ll be okay.
Offering that degree of planning takes funding. Agnew explains that RBC has lengthy insisted on a planning ahead method and supplemented that with ongoing coaching, workshops, and persevering with training. They’ve added a coaching group and proceed to construct out their observe administration and department administration groups, who exist to serve, practice, and coach advisors. Agnew believes this has been enmeshed within the tradition, noting that when he says he’s proud that 85 per cent of their shoppers have a monetary plan, his colleagues come again and inform him that quantity must be 100 per cent.
RBC is much from the one wealth administration store in Canada to supply planning providers. A rising cohort of impartial funding advisory companies have constructed their place out there by specializing in planning and repair for HNW and UHNW shoppers. When requested how he plans to distinguish himself from these companies, Agnew centered on the dimensions and scale supplied by RBC. He insists that the sort of funding required for technological progress benefits companies with scale. He argues that the advanced cross-border lives of Canadian HNW and UHNW shoppers preferences companies with main presences within the US and Canada. He says that his agency’s measurement makes it higher suited to greater internet value shoppers in Canada, a cohort the place he says there may be nonetheless room for his agency to develop.