The firm is also the first in the industry to
sponsor SIFMA's Senior Investor Protection Toolkit, aligning with
its efforts to advocate for vulnerable and aging clients
MINNEAPOLIS, MN, Dec. 6, 2018
/PRNewswire/ - RBC Wealth Management – U.S. announced today
the launch of its Client Risk Prevention Division, an effort
designed to better arm employees with the resources and training to
prevent, detect and report suspected financial abuse. In
conjunction with the launch of the new division, the firm signed on
as the first sponsor of SIFMA's Senior Investor Protection Toolkit
initiative.
Financial exploitation costs Americans almost $3 billion
dollars each year, according to SIFMA, the national trade
organization representing the securities industry. And this figure,
based on the small number of cases reported in the media, doesn't
reflect the magnitude of the issue, as only 1 in 44 cases is ever
reported to the authorities.
"Anyone can become the target of financial fraud," said
Michael Armstrong, CEO of RBC Wealth
Management-U.S. "Despite the prevalence, it's not something that
most people want to talk about. But open conversations about the
risks, the signs and what we can all do to prevent financial
abuse are critical to addressing the issue. In launching the
Client Risk Protection Division and sponsoring SIFMA's new tool
kits, we hope to open that dialogue not only with our clients, but
with the broader community."
While FINRA recently enacted new rules aimed at protecting
clients from financial exploitation, RBC Wealth Management's
efforts will extend well beyond those requirements. In addition to
receiving robust and proactive training and resources to
help them root out and combat this abuse, RBC financial
advisors will integrate these topics into their
interaction with clients, including annual reviews and the wealth
planning process. The team will also work with the broader
communities where RBC's advisors live and work, creating new
partnerships with community resource groups and local law
enforcement agencies, with the goal of sharing knowledge and
building awareness.
"We believe it is our responsibility to do everything in our
power to preserve and protect the dignity and financial wellbeing
of our clients," said Jen McGarry,
who heads the Client Risk Prevention Division at RBC Wealth
Management - US. "Our financial advisors – and all the
employees that support them – are in a unique position to help
mitigate the risk of financial exploitation. By establishing this
dedicated division and supporting SIFMA in its Senior Investor
Protection Initiative, we're taking proactive steps to address a
very real and growing concern."
Supported by SIFMA's member firms, the Senior Investment
Protection Toolkit will serve as an informational resource to help
educate and protect elder investors as well as those who serve to
support and protect them. RBC Wealth Management – U.S.' sponsorship
will provide special support for distribution in the Minnesota, Texas, California, New York
City and Washington, D.C.
markets.
In addition, RBC Wealth Management – U.S. has dedicated
significant resources to dementia research and supporting
individuals who struggle with the disease. Earlier this year, the
firm announced a $25,000 sponsorship
of the Women's Brain Health Initiative, in addition to training for
its 1,800 advisors to help them better understand the signs and
symptoms of dementia, particularly in the context of how
individuals may be managing or mismanaging their finances.
"Protecting our clients from fraud and financial exploitation is
about more than just preserving and strengthening our professional
relationships," McGarry added. "What it really comes down to is
doing the right thing."
About RBC Wealth Management – U.S.
In the United States, RBC Wealth Management
operates as a division of RBC Capital Markets, LLC. Founded in
1909, RBC Capital Markets, LLC. is a member of the New York Stock
Exchange, the Financial Industry Regulatory Authority, the
Securities Investor Protection Corporation, and other major
securities exchanges. RBC Wealth Management has $344 billion in total client assets with
approximately 1,800 financial advisors operating in 200 locations
in 42 states.
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SOURCE RBC
