RBC Wealth Management

RBC executives say the firm's recent string of recruiting wins comes with temporary costs but also the promise of boosting income over the long term.

Complex manager John Moran says RBC Wealth Management's New York market has recruited advisors with nearly $10 billion in assets this fiscal year, pulling from rivals like UBS, JPMorgan and Morgan Stanley.

Even without net new assets, the firm's assets under management and administration were pushed upward by market gains.

Net income in the firm's U.S. wealth business revives following losses related to its City National subsidiary a year ago.

Cinda Collins alleged before a FINRA arbitration panel that RBC fired her in late 2019 in an attempt to "steal much of her book of business without compensating her for it."

The top award winners cap off Financial Planning's inaugural Innovation Award series.

In an earnings call, an RBC executive says the firm decided to raise its account yields in response to higher Fed rates because "the right balance was to allocate some of that rising rate to our customers."

Neil McLaughlin, who'taking over RBC's wealth unit after running its personal and commercial banking divisions, is seen as a likely CEO successor.

The Toronto-based bank's U.S. subsidiary has taken in $15 billion in asset inflows in the past two years.

Canada's largest bank saw record increases in client assets and a healthy jump in its fee-based revenue. So why did its wealth profits drop 27%?

The Canadian lender continues to look south of the border for growth in its wealth management business.

As it seeks to bolster its U.S. presence, the Canadian bank's wealth management subsidiary has been one of the most active recruiters in the industry in recent years.

Overall, Canada's largest bank saw its bottom line grow last quarter. But an American subsidiary is causing headaches for its wealth management business.

The action in federal court alleges the exiting advisors received an incentive package worth as much as $70 million for joining RBC.

The Canadian firm saw an 8% jump in its net income, but CEO Dave McKay foresees a "softer economic outlook" next quarter.

For the second time this year, the Canadian firm has poached a billion-dollar team from a much larger company.

As he updated RBC shareholders on a disappointing quarter, CEO Dave McKay cited the U.S. banking crisis and gridlock over the debt ceiling.

The moves reflect a wild week of First Republic advisors rushing to firms including JPMC, Morgan Stanley and UBS following their employer's calamitous earnings call Monday.

The regional firm, whose parent is the 10th largest bank in the world by market capitalization, is eager to pitch top advisors seeking stability. At the same time, it's ramping up a major branding campaign with Major League Soccer and Apple to woo next-generation clients.

The move comes as First Republic's struggles in the banking crisis have driven many high-profile advisors to leave, creating an opening for others to poach.