Rbc wealth management reviews
Re: Anyone with RBC Wealth Management account?
Postby Connemara »
Hi, I had an account at RBC. They charge high fees. Then there are fees on fees. Then there are hidden fees. Anything that is done has a fee. It only took me about two months before I closed my account and transferred everything to Vanguard. They generate a lot of paperwork. The advisors at RBC make a lot of money, drive expensive cars and own expensive houses, boats and take expensive vacations. In my humble opinion your son is making a big mistake. They are very opaque about their returns. They used individual stocks in their portfolio and there were big commissions on each trade for each individual stock. Turns out when I delved into their portfolio performance the S&P 500 fund beat their returns easily. I am happy to have opted for low fees and the simplicity available at Vanguard. From my perspective your son would be much better server at Vanguard, Schwab or Fidelity by just investing in low cost total market mutual funds.
Good luck.
your financial details.
RBC Wealth Management Review
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RBC Wealth Management, one of the world's largest money managers, works with individuals and families, as well as retirees. Its services for these clients include cash and credit solutions, trust services, insurance solutions, investments and research, retirement income planning, funding education, gifting and philanthropic solutions and responsible investing.
It also specializes in working with business owners, offering many of the aforementioned services as well as retirement plans.
As a subsidiary of the Royal Bank of Canada (RBC), RBC Wealth Management is an advisory firm that serves clients in the United States as a registered investment advisor (RIA) and broker-dealer. The company offers various financial services to individuals, businesses, and families, including wealth planning, investment management, and estate planning. In its 2024 awards, Family Wealth Report named RBC Wealth Management the Best International Private Bank in North America and the top company for Impact Investing (Product).
This guide will outline RBC Wealth Management’s advisory services. This includes breaking down its account minimums and fee structures. You’ll also learn about key company information, including disclosures, points of contact, and how to open an account.
$1.01 trillion
85,301
1864
David I. McKay
Fee-based
3 World Financial Center, 200 Vesey Street, New York, NY 10281
(800) 759-4029
Pros and Cons of RBC Wealth Management
Pros
- Firm is a fiduciary
- Serves a wide variety of clients, including beginners
- Offers both investment management and financial planning services
- Clear fee structure
Cons
- High fees
- Steep account minimums
- 486 disclosures
Types of Clients RBC Wealth Management Serves
RBC Wealth Management serves a wide range of clientele, including individuals, families, business owners, and corporations. The firm doesn’t list an account minimum for its financial planning service. However, it does require an initial investment for its other advisory services:
| Program Name | Minimum Investment |
|---|---|
| RBC Unified Portfolios | $2,500 |
| Consulting Solutions | $100,000 or $250,000 for Fixed Income accounts |
| Managed Account Program (MAP) | The higher between $100,000 or the investment manager’s minimum |
| Portfolio Focus | $50,000 |
| RBC Advisor | $25,000 |
Keep in mind that you’ll also be responsible for paying advisory fees in addition to your initial investment. You should also expect to cover transaction or
.