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.