Next, RBC Dominion Securities regularly updates its technology. “We spend $ 75 million annually on it just to make sure we have the latest coverage,” he said. “I assume that a lot of companies struggle to just comply with the legal requirements, and I’m not talking about making sure you have the best platform in all of these areas and many more. But that’s the kind of money we spend in these areas, and it doesn’t stop. “
Third, the company spends $ 35-40 million annually on its planning solutions so that advisors can provide clients with their financial, tax, inheritance, will and business planning. “It’s not enough to have a good portfolio, you have to bring the other pieces with you because clients need to know when to retire or if they have the most tax efficient solutions or what to do to move their wealth into the next to relocate. “Generation and do their best estate planning,” he said.
After all, in such a regulated industry, with the customer-centric reforms and all of the documentation, including the increased digitization required, to manage the business is also very expensive.
Regarding the concerns of some former banking advisors that their client offerings are limited to the banks’ proprietary product, Scott said that this may apply to the bank’s in-house financial planning streams, but the bank’s full-service wealth management division has registered investment advisors and limits that Product not a. “We’re actually adding new products,” he said. “I would suggest that we always have a bigger shelf than the independents.”
When asked what the future holds for RBC Dominion Securities and its advisors, Scott said, “We never lose focus on the areas I’ve talked about. We just keep getting better at them. That is our goal.