North America’s best private bank for high-net-worth individuals 2023: RBC Wealth Management
Across Canada and the US, RBC Wealth Management has built a compelling and powerful offering for clients across all wealth segments, enabling the bank to command a market-leading position, particularly among high net-worth clientele.
It is in this segment that the judges determine the bank outshone its rivals, demonstrating a strong performance and differentiation across key areas, from its proposition and product range to innovation and technology, client service and execution.
This is particularly evident in its home market – where the bank is a dominant force in wealth management – but also increasingly in the US, where it has 2,100 financial advisers across 178 branches in 43 states serving 340,000 families.
Indeed, the US has been a big driver of growth in its wealth management business in the past five years, with overall assets under administration doubling to $542 billion at the end of last year, making it one of the 10 biggest wealth advisory firms in the country.
Such growth has been driven by the accelerated adoption of wealth planning, a transition to fee-based assets, aggressively growing securities-based lending, and targeted investments in technology.