RBC Is Not Pershing

But Kavanagh, respectful of his competition but still combative, is happy to point out what he sees as the RBC difference.

For example, on customer service, he says that “most of the other custodians, you can’t get to a person,” and “you can’t access an expert who doesn’t cost a lot of money” to help the end client with a complex lending or trust or estate planning issue. He boasts that “we have 200 people on the 20th floor (referring to RBC’s Minneapolis headquarters)–our Primary Advisor Services Group–who only work with financial consultants on insurance, estate planning, stocks, and bonds.” As for Pershing itself as a competitor, Kavanagh says that “Pershing will never provide advice; it’s all about the throughput” instead, and seeks to add a further differentiator by saying “We’re a natural partner for advisors; we have a service culture.” Perhaps unintentionally completing the Jersey City-based Pershing differentiator analogy, Craig Gordon, an RBC Correspondent and Advisor Services director and Fidelity IWS alumnus, pointedly says that “our service culture seems to be especially appreciated by people from the East Coast.”