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After a head-fake, Royal Bank of Canada shows it's back (or never left) in the RIA game with two NextGen hires

100 brokers have moved to RBC's broker dealer or RIA unit in the last 4 years though some recruiters need convincing that the RIA unit is more than a retention tool

Author Lisa Shidler
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Ryan Marcus: My job is to bring them to the big dance.

Mentioned in this article:

MarketCounsel | Hamburger Law Firm
Consulting Firm, Compliance Expert, Legal Services for RIAs
Top Executive: Brian Hamburger

RBC Advisor Services
Specialized Breakaway Service
Top Executive: Brett Thorne

Finetooth Consulting
Consulting Firm
Top Executive: Ryan Shanks

Diamond Consultants
Recruiter
Top Executive: Mindy Diamond

FA Match
Consulting Firm, Specialized Breakaway Service, Recruiter
Top Executive: Ryan Shanks




Frederick Van Den Abbeel / TradePMR

Frederick Van Den Abbeel / TradePMR

September 5, 2013 — 11:36 PM

I have known Ryan for quite some time in my role as EVP – Sales with TradePMR. He is a talented individual and I wish him all the best success in his new role with RBC. There is more than enough business for all custody providers to achieve our objectives and like I’ve said previously, some of the best innovation in the custody space isn’t solely from the “Big 3.”

Stephen Winks

Stephen Winks

September 6, 2013 — 8:09 PM

There is the familiar reframe, “good guy”, “didn’t get the big picture”, “wasn’t a good fit”, etc.

That is code for the cultural disconnect of a brokerage format with the demands of advisory services requiring the professional standing of the advisor. In principle everyone is for the broker acting in the client’s best interest, until it is pointed out they aren’t. Is the solution really to bring in someone else who will experience the same cultural insularity to the trust and confidence and best interest of the investing public ?

This problem is not unique to RBC. It should be a big issue of regulators, but it isn’t because regulators are acting as industry trade associations rather than protectors of public trust.

When will the industry actually acknowledge advice is being rendered by the broker for which the b/d is responsible and accordingly provide the necessary enabling resources to make advice safe, scalable, easy to execute and manage for the broker, so the broker can control their value proposition, cost structure, margins and professional standing.?

Only when a few very large RIAs create large scale institutionalized support for expert fiduciary standing at a lower cost than a packaged product which compensate advisors 50% more than brokers selling advice products is there a viable alternative that forces b/ds to adapt. Brokers then have to defend the untenable position of being high cost low value added alternative who are not accountable for their recommendations and have no ongoing responsibility.

The brokerage industry continues self defeating behavior in not supporting the fiduciary standing of the broker. They have no one to blame but themselves. The cast off advisory services executives actually got the big picture—it is the b/d that is pushing back on transparency and modernity.

SCW

Stephen Winks

Stephen Winks

September 6, 2013 — 8:10 PM

The whose who of advisory services all are former brokers.

There is a reason for that.

SCW

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