RBC Wealth Review

Customer's Rating:   brokerage firms reviews


RBC Wealth Management USA and Canada: customer reviews: complaints, feedback from clients, pros and cons. Is the full-service brokerage, wealth management service good and safe?


About RBC Wealth Management

RBC Wealth Management-U.S. has roots over a century deep in our numerous regional firms from coast to coast that came together through thoughtful acquisitions to become one of the largest wealth management firms in the country.

BC Wealth Management, a division of RBC Capital Markets, LLC, member of FINRA and SIPC. The compnay is not BBB accredited.



 

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RBC Wealth Management Customer Reviews

by Steve, 2/7/2018

Pros:

Cons:

I wanted to sell a stock and happened to mention I was calling from Arizona. I was notified the agent did not have a US licence and a person with a licence was needed. Another 30 minutes to sell a stock. After that, a note was placed on my account and I'm required to notify RBC when I'm back in Canada. After that, restrictions have been placed on my account and I can no longer trade online. I guess taking a vacation is forbidden.

by Stanley Borkowitz, 2/2/2018

Pros:

Cons:

I have been attempting to contact a live person from your firm for close to 4 months. My accounts, RRIF and TFSA have disappeared, I emailed on 4 occaisions and never received a live response. Instead I was given a phone number, 1 800 769 2560, I have called more than 10 times and have been put in line, disconnected and when I finally got a live person was told I would be given a number, wasn't, and was disconnected. Today I called again and was told that the wait would be one hour!!! This Company has the most incompetent back office. Today a stock that I own (?) is subject to a take-over and I would like to sell, Can't , no one to talk to.

by Harold, 2/2/2018

Pros:

Cons: long waiting times to answer calls

They really need to improve the telephone answering system. Wait times are unnacceptable. Sometimes I have to wait 30, 45 minutes on hold. I am sure they have enough reenue to hire new staff. Unnaceptable if you ask me

by Cody David, 1/31/2018

Pros: Good at being dumb and disorganized

Cons: -To lazy to get paper work started - Talked me out of investing in stocks that made a lot of money - didn’t fill out paper work to transfer money

Don’t waste your time unless you are an experienced investor, trying to get anyone on the phone to help you is hopeless. They’re extremely understaffed and anyone that does talk to you is going to have less knowledge then you because you know how to use google. I’ve banked with RBC for years, (15+) after two months of attempting to open investment accounts I have lost all confidence and will be switching my credit cards, mortgage, business & personal bank accounts else where.

by Brian Sullivan, 1/22/2018

Pros:

Cons: Hopeless phone service waits always 40 minutes to an hour, several calls to add an account to transfer in...rep could not figure out what the bank transit is 003 for RBC!

Terrible service, the worst I have ever seen

by Ricardo, 1/11/2018

Pros:

Cons: Impossible to get a broker on the phone only an answering mc telling how busy they are

I try for a week to get a broker on the phone I waited for hours every day and only a answering machine was telling me that due to volume of work the waiting time was for 60 min.
What kind of business are they running ( I really don’t have words to express my frustation.

by Geri, 10/27/2017

Pros: None

Cons:

The only wealth they manage is their own with commissions and fees. No fiduciary responsibilities. Beware!

by J. Jones, 10/3/2017

Pros: Personalized Service

Cons: Poor performance and high fees

Highly dissatisfied. Performance has been poor, fees too high.

by Fleeced, 9/12/2017

Pros: At Fleecing people

Cons:

If you do business with RBC you might as well send your money straight to Bernie Madoff or Gordon Gekko. Not kidding. RBC was fined by the SEC Securities and Exchange Commission 11-3-16 $975,000 for overstatements and inaccuracies. Another fine was 12-21-16 failure to retain records in WORM format. Also failure to implement an audit system of electronic storage media. RBC paid the SEC a fine of $3,500,000 dollars. I took what was left of my money out. "Due Diligence

by Frank, 7/5/2017

Pros:

Cons:

Lost a lot of money, with RBC Sugarland

by William, 6/1/2017

Pros:

Cons:

They very simply do not listen. If I call with a question it becomes a selling opportunity for them and my questions remain unanswered. They are coercive pushing their "FA" services. Most recently I was lied to at a meeting, they saying they needed info for regulatory and that the meeting was for cost basis --
neither of which were true. IMHO they string out purchases to make more fees without giving out advice. I am currently looking for a place to move my accounts.

by JAL, 4/24/2017

Pros: I have an assigned broker who calls monthly

Cons: The courtesy phone calls are not honest

My broker is a vice president. How my money was invested was not discussed with me. I've never been consulted. That alone should have been a red flag. Churning seems to be a thing along with exorbitant fees. In this last year I lost one third of what I invested in a matter of 6 months..all while going through cancer. Yet he calls every month to say "We're on target". Any time I try to ask questions,I get snapped at! I depend on the interest to make ends meet. I'm worried beyond belief..Our family trusted this investor because he managed my mom's accounts. It now makes me angry to think how frugally she lived at his expense. Buyer Beware!

by John, 4/11/2017

Pros: I would never use this firm. Every facet is bad.

Cons: I dislike everything about this firm.

Horrible Customer Service.
Over 9 phone calls into them and no one knows

by RK, 1/19/2017

Pros: None

Cons: Broker cons is correct

Money sucking leeches. No fiduciary responsibility. Will suck you dry with fees.

by J. R., 11/20/2016

Pros: Secretary is very pleasant to speak with

Cons: Wothless ... never any advice ... try to talk you out of stock purchases' ... slow when they do what you ask ...

not satisfied

by Investor, 10/19/2016

Pros: Used to be good .

Cons: Now are not good .

They talked me out of buying apple at 10$ a share in the late 90s
They talked me out of buying Netflix at $60 a share in 2010 or so before it went up like 500 percent.
They want you to buy boring safe stocks with little upside basically , and a lot of downside.

by Wisconsin Resident, 10/19/2016

Pros: None

Cons: incompetent

Sent out almost 5K from an IRA account to the State as unclaimed money, even though we spoke with them 8 months ago to update our details.

Told us over the phone that it was an error on their side, but there was nothing they could/ would do.

Watch your money!
move it out of RBC!

by Drew, 9/1/2016

Pros: Monthly statement is mailed to me.

Cons: Doesn't make money, takes forever to get tax documents

I have had an account here for 5 years and closed it today. Overall, this investment account has made virtually no money when compared to my other investments accounts. I strongly recommend looking at other companies as most offer free investment help.

by Pete H, 5/11/2016

Pros: None

Cons: Invested in mortgages as the market collapsed because of high commissions. Lost almost everything.

Worst ethics EVER.

by GTS, 5/2/2016

Pros: User interface is ok; many tools for managing acct; access to stocks, bonds, mf's, ipo's, etc

Cons: not up to the moment; not instant; sometimes off line

I have been ambivalent about RBCDI since I started trading in it about 5 years ago. Made money/ lost money based on what I purchased. Small trades so no big loss. Jumped at opportunities hinted at by online gurus. Some worked some didn't. Costs have become reasonable since 2015 - $10 a trade instead of $30 (for stocks).

by bm, 4/20/2016

Pros:

Cons:

All about COMPLACENCY! but they lose your money in my case 78000.while making close to 20000 in a commission.WHAT!

by Caldev, 3/22/2016

Pros: Good support staff

Cons: Expensive, questionable ethics

Made trades in my account without my permission. Does not record phone calls so there is no record when trades are mis-executed. High fees. Reacted very badly when I questioned a bookkeeping error.

by Dale Plourde, 10/9/2014

Pros:

Cons:

For your best interest stay clear of RBC’s platform, it is not dependable. It just randomly will stop working properly, especially first thing in the morning at the start of trading 6:30am pacific time. You can’t put your online buy and sells in as the trading tab during these outage times will not even open, or the order status tab to cancel your trades, stay clear of their investing site. I lost out on many great opportunities as I couldn’t get do my trade, as their system was down. When I would try to call in, my price point had past as it can take up to 10-15 minutes to get a rep. on the phone. I have since switched to another provider. I have no idea how they can even operate with their system.

As well RBC does not offer premarket or aftermarket online trading which is really important to have.

by LM, 8/12/2014

Pros:

Cons: Bad service, terrible online tools

In my 30 years of investing, I have NEVER experienced as bad of service, incompetence of information or stupidity as I experienced with RBC. Their online tools are terrible, the three advisors who "worked" on my accounts were each looking to boost their own commissions rather than actually choose appropriate investments for my accounts. The straw that broke the camels back was when I discovered they had sold a 60-month CD after 43 months which meant I lost every penny of interest that had accrued. Even after I explained how stupid that was, they still didn't get it. Idiots! Putting your money under a mattress is better than paying them to "handle" your savings accounts.

by SLC, 3/2/2014

Pros:

Cons: High fees

RBC Wealth Management charges exorbitant fees regardless of whether or not they are successful with your account. They lost over 50% of my investment, and charged their fees regardless. I strongly suggest you steer clear of this type of an organization that focuses on making their brokers wealthy, and not on their customer.

by Carlos, 6/19/2013

Pros:

Cons:

If you are trading options, this is one of the worse platforms you can use to trade. I recently joined RBC DI, stock trading is OK. Not great. It still feels like I am using a 1998 web page. My biggest problem with this platform is that you cannot place a stop loss order on options. Add to that the 20 minute delay and the slow order processing and what you have is a perfect formula to loose all your money. It is impossible to keep up with the options price (up or down) and it seems I am always pricing myself out of the market. I had to modify my order at least 15 times before I finally got my order filled. When that happened the price had fallen more than 50% when I could have stopped my loses at 20%. THIS IS UNFORGIVABLE for a company that claims to be conservative.
I hope RBC reads this post and correct this problem as quickly as possible.

by LJN, 1/8/2013

Pros:

Cons: Ridiculous fees

I am more than unhappy with RBC. They make sure they make more than you do by taking ridiculous fees for any and everything. They will only improve your account to take their fees. So sorry I invested with this group. I find them to be scam artists.

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RBC Wealth Management reviewed by former and current clients. RBC Wealth Management customer reviews: 27. Rating: 1.