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.

The program is optional and exclusive to RBC Wealth’s top producing advisors, which Angelo says comprises 300 to 400 advisors. What’s more, participants have to pay an annual fee, a tactic to keep advisors as invested in the program as the consulting team.

The program launched at the end of June. Forty advisors have completed the online assessment and 50 advisors have expressed interest in taking the online assessment.

Six months ago, RBC bolstered its advisor resources when it launched a matching service for advisors who are in the market for succession planning, who wanted to find a partner for their firm, or who want to acquire a practice or sell their practice.

Angelo also announced that RBC will launch an affinity group in October to cultivate a peer-to-peer learning environment. The group involves 15 advisor teams from its chairman council advisors group, which is a cohort of the top 125 advisors. It also includes 15 advisors teams from its chairmen and presidents of council level advisors group who are looking to improve their businesses.

The consulting team will facilitate dialogue among the 30 advisor teams and also present content in a two-day conference. Afterwards, Angelo said the teams would undergo 12 months of coaching and a follow-up assessment session that will reunite the 30 advisor teams.

RBC is placing much emphasis on seasoned advisors who have proven their profitability. However, the firm is putting some energy into its emerging advisors with an online learning course. RBC Wealth’s consulting group will require emerging advisors to complete three online modules as a qualification for its consulting services.

“They need to demonstrate action before we devote our time and people into a one-on-one relationship with them,” asserted Angelo.