Expert Advice on Business Succession a Key
Concern for High Net Worth Business Owners: RBC Wealth Management
Survey
TORONTO, November 28, 2012 —Business succession
has very quickly become one of the top concerns identified
by high net worth clients in a second annual survey by RBC
Wealth Management. At the same time, retirement planning and
tax minimization remain other key concerns expressed by clients.
This survey was conducted by RBC Wealth Management as part
of one-on-one planning sessions with clients. In the past
year, approximately 1,800 sessions were conducted across Canada
wherein these concerns were identified as the most pressing
for high net worth clients.
"We are seeing a recent shift in the concerns of our
high net worth clients. While they continue to seek out advice
on retirement planning, and as part of that, tax minimization
to ensure a successful retirement, they are also now increasingly
putting on their business-owner hat and seeking out advice
around the succession of their business" said Howard
Kabot, vice-president, Financial Planning, RBC Wealth Management
Services. "Business owners, because of demographics and
because of our offerings and expertise in this field, are
realizing issues around the successful transition of their
business are not only crucial to the future of their businesses
but also to the well-being of their own personal and family's
financial future."
RBC Wealth Management has an in-house highly-specialized
team of professionals that are available to work with Wealth
Management Canada advisors and private bankers to offer high
net worth clients a full array of financial advice. The RBC
Wealth Management Services team provides access to a vast
array of products and services geared towards meeting the
needs of high net worth clients, including business owners.
"Focusing on the needs of business owners has become
a huge priority for us," said Anthony Maiorino, vice-president
and head, RBC Wealth Management Services. "To that end,
we have created the Business Owner Planning Team within RBC
Wealth Management Services with best-in-class experts specializing
in the needs of business owners. In the last year, high net
worth business owners across Canada were offered the opportunity
to take advantage of complimentary Business Owner Planning
Sessions, which we feel has resulted in this increased demand
for our services."
"RBC Wealth Management is unique in offering a complete
end-to-end level of highly specialized service to clients,"
said Maiorino.
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$562
billion of assets under administration, more than C$324 billion
of assets under management and approximately 4,300 financial
consultants, advisors, private bankers and trust officers.
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For more information, please contact:
Bev MacLean,
RBC Wealth Management
Communications, 416 974-9334
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