Death, Taxes and Retirement Top Concerns for High Net Worth Clients: RBC Wealth Management Survey
TORONTO, October 17, 2011 The transfer of wealth at death, minimization of taxes, and financial needs during retirement were identified as the top three concerns of high net worth clients in a survey by RBC Wealth Management.
The survey was conducted by RBC Wealth Management as part of one-on-one planning sessions with clients. In the past year, approximately 2,500 sessions were conducted across Canada and these concerns were identified as the most pressing for high net worth clients.
"Our clients are very concerned about estate planning. What happens to their wealth during retirement and after they are gone are their main priorities," said Howard Kabot, vice-president, Financial Planning, RBC Wealth Management Services. "Clients tell us that they want to make sure their families are appropriately taken care of and that their financial plan is as efficient, effective and prudent as possible."
Other issues identified in the survey as important to RBC Wealth Management clients include planning for disability, tax minimization and philanthropy. As a comparison, Canadians as a whole are interested in reducing what they owe (32 per cent), followed by spending less (28 per cent) and saving or investing more (24 per cent). (RBC Canadian Consumer Outlook, July 2011).
RBC Wealth Management is the only wealth management provider in Canada to offer an in-house highly-specialized team of professionals that works with advisors and private bankers to offer all-encompassing financial advice. The in-house unit, RBC Wealth Management Services, provides clients with exclusive access to over 150 financial planners, tax specialists, accountants, high net worth specialists, lawyers, will and estate planners, insurance specialists and other professionals to maximize the effectiveness of their financial plan.
"RBC Wealth Management is 100 per cent unique in its offerings," said Anthony Maiorino, vice-president and head, RBC Wealth Management Services. "No other wealth management firm can provide such a complete, end-to-end level of highly specialized service to clients."
About RBC Wealth Management
RBC Wealth Management is one of the world's top 10 largest wealth managers. RBC Wealth Management directly serves affluent, high-net-worth and ultra high net worth clients in Canada, the United States, Latin America, Europe, the Middle East, Africa and Asia with a full suite of banking, investment, trust and other wealth management solutions. The business also provides asset management products and services directly and through RBC and third-party distributors to institutional and individual clients, through its RBC Global Asset Management business (which includes BlueBay Asset Management). RBC Wealth Management has more than C$525 billion of assets under administration, more than C$310 billion of assets under management and approximately 4,500 financial consultants, advisors, private bankers and trust officers.
- 30 -
For more information, please contact:
Bev MacLean, RBC Wealth Management Communications,