Royal Bank of Canada: Best Private Banking Services Canada 2021


RBC is the largest bank in Canada and offers diversified financial services in the country and around the world. Its private banking division, RBC Wealth Management, took its current form in 2007 when services in the US and Canada were combined. Today, it is the fifth largest private bank globally with around $670bn of assets under management. It has offices in Canada, the United States, Britain, and Asia. RBC has around 1,750 investment advisors in Canada and 1,900 financial advisors in the US. Its high-quality advisors provide personalised financial advice that includes asset management, tax planning, estate planning, trust management, insurance solutions and philanthropy. It also provides a full suite of banking services. For ultra-high net worth individuals, RBC has a dedicated Enterprise Strategic Client Group to provide solutions across jurisdictions and generations. Over the past four years, it has modernised its software and systems for advisors and customers. These are now considered best in class. The bank also continues to innovate its investment offerings. For example, its customers can now invest in private equity, private credit, hedge funds, and other alternative investments after RBC entered a partnership with iCapital Network. It has also been investing in investment talent in 2020 with strong recruitment from rival banks. This includes a $1.2bn all-female JPMorgan Team. The judging panel is impressed with the ambition and innovation of Royal Bank of Canada and offers congratulations on its 2021 award Best Private Banking Services (Canada).