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RBC Wealth Management has experienced robust growth in advisor ranks and in-board assets and higher year-over-year revenues in its US operations.
The total number of advisors – which includes client advisors across all of RBC’s wealth management units – reached 5,522 at the end of July 2021, up from 5,459 at the end of April and 5,376. at the end of July 2020, according to the firm’s third quarter financial results report.
Meanwhile, assets being advised in RBC’s US wealth management business, which include National city, amounted to $ 553.3 billion, up from $ 529.8 billion at the end of April and $ 436.4 billion at the end of July 2020, according to the company.
The unit’s assets under management reached $ 218.4 billion at the end of July 2021, compared to $ 203.6 billion at the end of April and $ 181.4 billion at the end of July 2020, according to the report.
The wealth management unit’s revenue in the United States, however, edged down to $ 1.33 billion in the last quarter, from $ 1.36 billion for the unit in the quarter ending in April, but they were still up 9% year-on-year, which RBC attributes. to “higher average client assets on a fee basis reflecting market appreciation and net sales and average volume growth of 12% in loans and 22% in deposits”.
RBC’s global wealth management unit’s fiscal third quarter net income was about $ 585 million, up from about $ 571 million in the previous quarter, according to the report.
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