Recruiting more than 300 financial consultants last year propelled Royal Bank of Canada into a list of the world's 10 largest wealth managers based on assets under management. Now the Toronto-based bank hopes to build on that momentum.
"RBC is always looking for people who complement our culture of stewardship and client-first approach," says Lisa Sorenson, director of human resources for RBC Wealth Management. She says high-producing advisors are attracted to the bank's "more personal firm feel," global resources, diversified platform and the backing of a strong parent company "that did not see the same struggles like many other North American banks."
RBC Wealth Management recruited a record 308 financial consultants from other firms during the 2009 fiscal year, Sorenson says. "We continue to focus on converting this tremendous growth to income."
With $379 billion of fee-based assets under management, RBC came in seventh place on London-based Scorpio Partnership's annual ranking of the top 10 global wealth managers. Bank of America retained the top spot with $1.7 trillion in assets and UBS was second with $1.59 trillion under management.
RBC's other businesses also are in growth mode. It's been scouting to acquire a London-based boutique investment bank, while continuing to expand banking coverage by hiring talent from institutions based in the U.S. and Asia.