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carswell



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Msg  29314 of 37375  at  5/21/2012 12:00:39 AM  by

carswell


Globe says RBC lures wealthy with free banking

 

Globe says RBC lures wealthy with free banking

2012-04-25 07:50 ET - In the News

The Globe and Mail reports in its Wednesday edition that in a sign of just how badly the country's big banks covet high-net-worth customers, some are starting to offer wealth management services free on a trial basis. The Globe's Grant Robertson writes Royal Bank of Canada has made the biggest pro-bono push of late, launching a campaign this spring to target 250,000 business owners across the country with letters inviting them to sample the service. The goal is to convince clients who have at least $1-million of investable assets to switch financial institutions, and convert them to paying clients down the road. It is not your typical flavour of banking. Wealth management for high-net-worth clients can include specialized lawyers, tax planners, estate planners, accountants and investment strategists who normally command a premium for their work. But as banks place a high priority on adding such clients, RBC has decided to be more aggressive. "We may not get any immediate business from this interaction," said Anthony Maiorino, head of RBC Wealth Management. "But there may be an opportunity that ends up coming out of this two to three years down the road." The hunt for clients is intensifying.



 
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