Move to a single U.S. broker-dealer a win for RBC Wealth Management
MINNEAPOLIS, MN, March 3 /CNW/ - As part of RBC's (Royal Bank of Canada:
RY) global brand strategy, RBC Dain Rauscher today announced it has changed
its brand name to RBC Wealth Management. 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.
"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. "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.
The integration creates a strong 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.
Said Mr. Taft, "RBC has significantly grown its U.S. business through
acquisitions by hiring experienced, professional advisers and by helping them
grow their businesses and better serve their clients. Today's move to a single
broker-dealer allows us to continue our trajectory and client service more
effectively than ever before."
About RBC Wealth Management
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. RBC Wealth
Management, a wholly owned subsidiary of Royal Bank of Canada, is one of the
largest full-service securities firms in the U.S. The company serves
individual investors and businesses through offices coast-to-coast, and
capital markets and correspondent clients in select U.S. and international
markets. Founded in 1909, RBC Wealth Management is a member of the New York
Stock Exchange and other major securities exchanges, as well as the Securities
Investor Protection Corp.
For further information:
For further information: Media contacts: U.S., John Bousquet, RBC, (612)
371-2225; Loretta Healy, The Hubbell Group, (781) 878-8882,
email@example.com; Canada, Beja Rodeck, RBC, (416) 974-5506