RBC Wealth Management saw robust growth in advisor ranks and assets under advisement and higher year-over-year revenues in its U.S. business.
Total number of advisors — which includes client-facing advisors across all of RBC’s wealth management units — reached 5,522 by the end of July 2021, up from 5,459 at the end of April and from 5,376 at the end of July 2020, according to the firm’s fiscal third quarter earnings report.
Meanwhile, assets under advisement in RBC’s U.S. wealth management business, which includes City National, stood at $553.3 billion, up from $529.8 billion at the end of April and from $436.4 billion at the end of July 2020, the company says.
Assets under management in the unit reached $218.4 billion by the end of July 2021, meanwhile, up from $203.6 billion at the end of April and from $181.4 billion at the end of July 2020, according to the report.
Revenues in the U.S. wealth management unit, however, inched down to $1.33 billion in the latest quarter, compared to $1.36 billion the unit posted in the quarter ending in April, but that was still up 9% year-over-year, which RBC attributes to “higher average fee-based client assets reflecting market appreciation and net sales and average volume growth of 12% in loans and 22% in deposits.”
Net income in the fiscal third quarter in RBC’s overall wealth management unit was around $585 million, up from around $571 million in the prior quarter, according to the report.
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