Wealth planning and brokerage excellence have solidified RBC’s position in Canada’s private banking sector, driving growth and client loyalty
In 2023, the global wealth management sector demonstrated resilience amid market volatility, with high-net-worth individual (HNWI) wealth increasing by 4.7% to $86.8tn, according to the World Wealth Report 2024 by France’s Capgemini.
Despite challenges, the sector has continued to thrive, driven by growing demand for personalised financial services and wealth planning. RBC Wealth Management (RBC WM) has capitalised on its industry-leading position, enhancing its private banking offerings and securing a top market share across various high-net-worth (HNW) client segments. This has served to ensure the bank’s clients continue to benefit from exceptional wealth management services even in uncertain times.
Achievements
A subsidiary of Royal Bank of Canada, RBC WM has positioned itself as the leading private bank and wealth manager in Canada, holding the top market share across multiple HNW client franchises.
In 2023 and 2024 to date, RBC’s notable accomplishments included:
• Full-service brokerage dominance: RBC Dominion Securities (RBC DS) maintained its status as the market leader, with over C$500bn ($369.7bn) in assets under administration and serving more than 325,000 households. RBC DS captured a 26% market share of the full-service brokerage industry’s AUA, more than double that of its closest competitor. Additionally, it achieved the highest overall rating by investment advisers for the 18th consecutive year in Canadian trade publication Investment Executive’s 2024 Brokerage Report Card.
• Market leadership in private banking: RBC’s private banking division led the market among the Big Six private banks in Canada, with a 32% revenue market share, 35% deposit balance market share and 28% loan balance market share.
• Comprehensive wealth planning: RBC Family Office Services provided unparalleled expertise in financial, retirement, tax, estate and trust planning. The team’s integrated approach ensured that all clients received bespoke wealth management solutions.
Impact and results
The strategic initiatives undertaken by RBC in 2023 and 2024 have yielded impressive outcomes. Key performance indicators include:
• Revenue growth: RBC WM reported a revenue increase to C$17.5bn ($12.9bn) in FY2023, an 8% rise from the previous year.
• Asset management excellence: RBC WM’s assets under management (AUM) increased by 6.4% to C$1.2tn ($887.3bn) in FY2023, reflecting the trust clients place in RBC’s investment capabilities.
• Client and adviser satisfaction: RBC DS’s consistent top ratings by investment advisers underscore the firm’s commitment to providing high-quality products and support tailored to HNW clients.
The broader implications of these achievements are profound. RBC WM’s leadership in private banking not only enhances the financial wellbeing of its clients but also contributes significantly to the stability and growth of the broader financial ecosystem. The bank’s ability to adapt and innovate ensures it remains at the forefront of the wealth management industry.
Conclusion
RBC WM’s achievements in private banking over the past year underscore its unwavering commitment to excellence and innovation.
The bank’s strategic initiatives and client-focused approach have cemented its position as the leading private bank and wealth manager in Canada.
As the bank looks to the future, it remains dedicated to continuous improvement and innovation, striving to meet the evolving needs of its clients as well as maintain its leadership in the global wealth management arena.