The wealth manager seeks to provide an integrated wealth management service to High and Ultra High Net Worth/Family Office clients and prospects of RBC Wealth Management. At its core, the role of the wealth manager is about client relationship management: knowing the client, identifying their needs and providing valued and trusted advice on an ongoing basis. This advice will draw on the specialist skills that exist within RBC Financial Group in tax, trust, banking, credit, investment management, capital markets and custody.
The wealth manager will be responsible for delivering the HNW/UHNW strategy within UK Domestic WM, managing any existing client relationships and for increasing net new revenues to the bank either by extending the range of services offered to an existing client or by introducing new relationships to RBC.
A wealth manager may act either as the client's Primary Relationship Manager (PRM) or as a member of a Professional Services Team (PST).
Primary Relationship Manager (PRM)
The PRM role requires the wealth manager to:
- Achieve a deep understanding of the client's overall needs through accurate client discovery and data collection (i.e. KYC, Risk Profile, etc.).
- Develop an overall strategy to meet the client's needs.
- Collaborate with specialist partners within RBCFG to execute that strategy.
- Provide specialist input based on the wealth manager's own knowledge, skills and qualifications.
- Maintain close contact with client in order to monitor and communicate changes related to client information to specialist partners.
- Communicate relevant regulatory and market changes to client.
As PRM, the wealth manager has ultimate responsibility for the holistic client relationship.
Professional Services Team (PST) member
The wealth manager may also operate as a PST member where they provide specialist input as requested by the PRM based on their specialist skills.
The wealth manager may have clients where they act both as PRM (managing the overall relationship and strategy) and as PST (providing specialist input to an element of the strategy).
- Meets the financial and other targets agreed with management.
- Develops the business in line with RBC's UK Domestic strategy and any British Isles business guidelines as distributed from time to time.
- Either as the Primary Relationship Manager (PRM) or in conjunction with the PRM and as part of the client's Professional Service Team (PST) establishes and maintains long-term profitable relationships with a portfolio of High Net Worth clients.
- Creates exceptional client experience by providing superior financial planning expertise, service and comprehensive financial advice. Demonstrates end to end responsibility for the clients overall wealth management needs.
- Develops proactive client contact strategies based on individual client preferences
1. Determines client's preference for frequency and method of communication.
2. Provides ongoing review and update of client strategy and action plan.
- Either as the PRM or in collaboration with the PRM seeks for efficient resolution of client problems.
- Either as the PRM or in collaboration with the PRM is involved in the Strategic Client Review Process (SCR) and the development of appropriate strategies customized to the client's unique situation.
Identifies and refers cross sell opportunities to appropriate Professionals within the group.
- Proven Relationship Management skills: Has an ability to understand client needs, the knowledge and communication skills to identify and articulate issues and solutions, the integrity to earn the client's trust and the business acumen to recognize mutually beneficial opportunities for the client and RBC.
- Superior Business development skills: Demonstrates superior business development skills, the ability to target new High Net Worth prospective clients, to spot opportunities to promote RBC's services, to earn referrals from existing clients, contacts and colleagues and to close business.
- Accountability: Accepts accountability for business and individual performance targets agreed with management.
- Ethics, integrity and discipline: Is dedicated to conforming to local policies and procedures.
- Demonstrated skills in managing peer relationships: Recognized as a team player, is focused on client need. Can solve problems quickly by identifying the 'real' issues and ensuring that all interests are represented. Gains the trust and support of others, encourages collaboration and can deliver negative messages effectively.
- Entrepreneurial Orientation: Ability to operate in a complex business environment, think creatively and be entrepreneurially minded.
- Communication skills: Excellent written/verbal communication and presentation skills.
- Adaptability: Supports procedural changes caused by regulatory and business requirements and provides constructive feedback for the betterment of the business.