RBC Wealth Creates New Practice Management Program

RBC Wealth Management — U.S. unveiled a new practice management program designed to help individual advisors and teams grow their business, improve their quality of life and maximize their potential.

“We’re not doing our job if we’re not helping our advisors reach a destination that they otherwise wouldn’t reach,” Nate Angelo, head of wealth management consulting for the wealth unit, told ThinkAdvisor.

RBC Wealth has approximately 1,800 financial advisors operating in 200 locations in 40 states with $336 billion in total client assets.

Prior to this new program, the practice management team at RBC was virtually nonexistent. There had been just one person focused on practice management, and focused narrowly on aspects like succession planning and the beginning of teaming, Angelo said.

Now there are five dedicated coaches — or senior practice management consultants as RBC calls them — on the team.

Angelo told ThinkAdvisor that the new consultants have a “very mixed background on purpose.” For example, one person has been an advisor for a decade, another is a former coach from the independent space, and another has an institutional consulting background.

“I really wanted a team with well-rounded experience and insights,” Angelo said. “Because our advisors are uniquely different, and they deserve to be met with where they’re at in their life cycle. And we want to truly bring customized coaching and consulting, not a cookie-cutter one-size-fits-all.”