RBC Wealth Management has given a facelift to its practice management program for financial advisors.
The Minneapolis-based broker-dealer last month debuted its new practice management program that gives financial advisors access to consultative services as part of an effort to improve customer service for advisors. The package offers its financial advisors online resources, workshops and tailored, one-on-one coaching from a senior practice management consultant.
“We want advisors to create the ultimate client experience,” says Nate Angelo, head of RBC Wealth’s wealth management consulting unit. He adds that the aim is to help advisors boost their organic growth rate, as well as to form advisor teams.
Angelo, the former director of national accounts at Russell Investments and a former managing partner at Columbia River Advisors, was hired by RBC Wealth last October. His marching orders included helping advisors navigate through regulatory changes, leverage financial technology and grow their practices.
After he had time to evaluate RBC’s practice management program, Angelo settled on the idea that the company’s advisors need a consultative approach.
“This was something I knew was a need at RBC because of relationships I had with RBC members prior to coming on,” he says. “It was a need the firm had expressed and had been clamoring for some time.”
To achieve this, Angelo brought together five senior practice management consultants or coaches with expertise in helping advisors work in teams. Teams help mitigate client risks and boost the focus of the advisory on client goals, he says. These coaches act as recruiters—or more like matchmakers—for qualified advisors keen on teaming. They’ll even fashion roles and responsibilities and guide teams through conflict resolution.
The coaches will be located in Richmond, Va., Denver and Phoenix, and two will be in RBC’s Minneapolis headquarters. Angelo notes that he also hired someone who will concentrate on developing “the advisor experience” so his team of consultants can bond with advisors outside of sessions.
After he put together the consulting team in March, Angelo says he focused on building out the rest of the program. With feedback from branch directors, the consulting team brainstormed on what type of workshops would be most relevant to advisors.
They also added an online assessment for advisors and coaches to measure the vitality of a practice, and then construct an action plan to deal with any issues and accomplish whatever goals the advisor has envisioned. Other aspects include an online platform with educational material in the form of modules, workbooks and white papers.