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60 Seconds: October 2011

60 Seconds: October 2011

Catie Tobin, head of correspondent and advisor services, RBC Wealth Management.

Registered Rep.: You took over for the retiring Mike Kavanagh in January. What did CEO John Taft tell you was your priority?

Catie Tobin: To grow the business in terms of new RIA firms and new independent broker/dealers on our correspondent side. We have a very aggressive growth plan. I would say by 2015 we will be doubling our business. We won't double the number of firms necessarily, but in terms of assets, in term of revenues, I think we are very, very well-positioned to do that.

RR: Is there an AUM minimum for the advisors you want?

CT: We look for a $100 million minimum, but we really are looking more for having the right fit, firms that can really use our platform, wealth management firms, money management firms. So if we see a firm that maybe isn't $100 million in assets but yet we think that they're going to grow, they are receptive to what we have to offer, our advice and our consulting direction, then it's a good fit.

RR: Why did Taft pick you for this role?

CT: I think he would say that I like working with advisors, and I like problem-solving and developing programs for them. I was a branch and a complex director, so I've been in the field.

RR: Should there be a fiduciary standard for B/Ds?

CT: I think we all believe that we have the best interests of our clients at heart. So doing things like having a formal discovery process to understand your clients' needs — most people have that. Do we need a fiduciary standard of care to say that we should have a formal discovery process? Probably not.

RR: What keeps you up at night?

CT: I have no trouble getting to sleep. I think I worry about the regulatory reform and the impact it will have. To try to supervise with all of that coming at you is a real challenge.

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