Mindy Diamond on Independence

Mindy Diamond on Independence: How RBC Wealth Management Combines a Global Approach with a Regional Feel

RBC Wealth Management–U.S. President Tom Sagissor describes the firm's “Wall Street meets Main Street” culture.

 

As regional firms keep knocking it out of the park in the race for top talent, we continue our series highlighting the leaders who are at the helm, driving incredible growth and interest amongst advisors.

In this episode, we explore regional firm RBC Wealth Management–U.S. with President Tom Sagissor.

So how did a bank out of Canada rise to the ranks in the US wealth management space?

It all started in 2001 when the Royal Bank of Canada acquired Dain Rauscher, a US firm with a century-old history built through several acquisitions of regional firms across the nation. In 2008, it was rebranded as RBC Wealth Management with headquarters in Minneapolis.

For Tom, his journey with RBC came after a career as a pro hockey player, joining the advisor training program at Dain Bosworth (one of Dain Rasucher’s predecessor firms) in 1994. In the midst of RBC’s acquisition, Tom built a strong advisory practice, winning the firm’s prestigious President’s Council award several times. Then Tom rose up the ranks to assistant branch director in Minneapolis and complex director for Milwaukee.

Yet it was in 2016 when Mike Armstrong joined as CEO of RBC Wealth Management US, bringing with him experience from Jeffries and Morgan Stanley, that kicked the firm into high gear—with Tom elevated to the position of President.

It’s a combination that’s been working for RBC, along with a culture that Tom describes as “Wall Street meets Main Street”—derived from the “quilt” of different firms that were acquired over the years, giving RBC a unique “regional feel” that spreads across the country.

Today, RBC’s US wealth management business has surpassed $500B in assets with 200 offices across the country.

In this episode, Tom takes us through the growth and success the firm has experienced, including:

  • The real value of culture—and why RBC’s is resonating so well with advisors leaving the wirehouses.
  • The firm’s unique infrastructure comprised of 3 key businesses—and how RBC Wealth Management–U.S., their capital markets business, and the Beverly Hills elite private bank City National each benefit advisors and their clients.
  • The advantage of greater freedom and flexibility—and how the firm compares to other regional and boutique firms, as well as the wirehouses and independence.

Ultimately, regional firms like RBC have recognized that advisors want to have greater control over how they grow their businesses and serve their clients. Listen in to learn how this mindset is fueling an evolution in the wealth management industry—and driving growth outside of the wirehouse world.

Download a transcript of this episode…

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Listen to more episodes of Mindy Diamond on Independence: A Podcast for Financial Advisors Considering Change.

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