According to a press release, the move was part of RBC’s (Royal Bank of Canada) global brand strategy. At the same time, RBC Wealth Management also introduced a new technology platform and announced the formation of a single U.S. broker-dealer that gives clients and employees increased access to the products and services from RBC’s global network of financial solutions, according to a press release.
The integration creates a U.S. wealth management platform with a combined sales force of nearly 1,800 financial consultants and a network of 161 locations in 39 states, $141 billion of assets under administration and $130 billion of assets under management.
“Operating under our new brand name, RBC Wealth Management will continue to serve affluent and high net-worth clients in the United States,” said John Taft, head of RBC U.S. Wealth Management, in a press release. “As part of a single broker-dealer sharing the same technology platform as RBC Capital Markets, we will be able to offer our clients seamless access to RBC’s capabilities and increase the range and breadth of the services we are able to provide.”
In addition to the firm’s new brand name, the legal entity name will change to RBC Capital Markets Corporation.
RBC Wealth Management directly serves affluent and high net worth clients in Canada, the United States, Latin America, Europe and Asia, and provides asset management and trust products and services through RBC and third-party distributors and has nearly $500 billion of assets under administration, more than $160 billion of assets under management and more than 3,600 financial consultants, advisors, private bankers and trust officers.