RBC Wealth Review

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RBC Wealth Management customer reviews, ratings, complaints. Financial advisors pros, cons, and fees. Is RBC Wealth Management good and safe?

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RBC Wealth Management Customer Reviews

by Dave, 8/7/2018

Pros:

Cons: SERVICE BAD

10-15 mins delays when looking at the charts! commission should be free here if im guessing ridiculous!

by MATT, 8/6/2018

Pros:

Cons:

CANT EVEN TRADE ON HOLIDAYS WHEN THE U.S IS NOT COMPLETE GARBAGE. LOGS YOU OUT WHEN YOUR WORKING ON YOUR PROFILE ITS ANNOYING!! THE CRAPPIEST PLATFORM IN THE WORLD VERY LIMITED TO WHATS OUT THERE.

by Frustrated Investor, 6/21/2018

Pros: None

Cons: Way too many to list

I had the displeasure of being stuck w/ these clowns and their WM advisor for years until I saw the day of light. They simply do not do any active management. My one account laggard for seven years and all I did was pay fees (it was in mutual funds). I made zero dollars believe it or not (due to fees I paid them). My other account w/ 1m+ finally was put in equity but the portfolio is simply comprised of various equity that are given to him by their analyst. There is zero active management and no self-service capabilities. For first account, it cost me to get the money out WTF!
Horrible.

by Warren, 6/17/2018

Pros: None

Cons: Too many to list

Worst of the worst. Incompetent morons, do not invest any money with these scam artists.
Interactive brokers is a professional brokerage 100% better than RBC Direct investing.
You are guaranteed to lose money with RBC.

by User anon, 5/7/2018

Pros: None

Cons: Irresinsponsible uncaring incapable

Don’t invest with the Wealth Management branch. Completely irresponsible, uncommunicative and uncaring. They dropped the ball, lost $50k of my money (I’m disabled and count on every dollar to live on) and after being treated like a second class citizen in trying to pull out and calling the headquarters, you realize there are no stops in place. I wrote to the president of RBC and received no response. After a 10 year relationship I would have hoped for more. There are better places to invest with.

by Morley Evans, 5/5/2018

Pros: Zero

Cons: Unbelievably terrible.

DO NOT WASTE YOUR TIME OR RISK YOUR MONEY WITH RBC Direct Investing. After banking with the Royal Bank of Canada for fifty years, I expected the same high quality of service I was used to when they introduced Direct Investing. They do not provide feedback from customers. Options I bought and sold months ago are still in my portfolio. NO COMPLAINTS DEPARTMENT. Instead, they have a "procedure" to submit a report to their "Ombudsman". The RBC upper management must be graduates of the "Suicide of the West" management school. RBC used to be Canada's biggest and best bank. That may change. This is a bad omen.

by Randy Pickett, 4/19/2018

Pros: Nothing good to say

Cons: To many to list

My family received two accounts managed by them when my father-in-law passed last summer. It has now been 10 months and they still don't have the accounts totally dispersed to the beneficiaries. The representative has not been truthful in all our dealing and has contradicted many things that he has told us. He was suppose to provide an investing plan but as of yet, we have not see it. I would assume that 6 months to get that work done would be enough but I guess these things take time.

If you are considering investing with them, DON'T. We will be removing all our money ASAP

by Taken, 4/18/2018

Pros: Nothing Pro about them scum

Cons: Dan Bubalo .google him

Dans brother Gary who gets a check from RBC every week for screwing people works in Duluth Branch . They all belong in jail. Do some research before investing a dime with these crooks.

by Shaun, 3/31/2018

Pros: Invite you to Nice dinners.

Cons: I made 2% on my investments with RBC in 2017.

Last year was the worst year with RBC. Investments went from 4% 2 years ago to 2% last year. My contact said the markets were down last year. He said the news was wrong reporting how the markets were up but he said it wasn’t true. Some of my friends got 8-9% last year. Mine told me I could go elsewhere if I wasn’t satisfied. Not only will I go elsewhere I will tell everyone I know how deceptive RBC is.

by Shaun, 3/31/2018

Pros: Invite you to Nice dinners.

Cons: I made 2% on my investments with RBC in 2017.

Last year was the worst year with RBC. Investments went from 4% 2 years ago to 2% last year. My contact said the markets were down last year. He said the news was wrong reporting how the markets were up but he said it wasn’t true. Some of my friends got 8-9% last year. Mine told me I could go elsewhere if I wasn’t satisfied. Not only will I go elsewhere I will tell everyone I know how deceptive RBC is.

by Stewart Home, 3/20/2018

Pros: Nice people

Cons: They make money not you

I had well over $5M with RBC and they put me in 200+ securities and bonds and they brought and sold daily. My 1099 was 200 pages and I lost $250k in one year. Then $150k year 2, then nothing year 3. They make the money on commissions and loaded funds. I made -5% on my money they made 5%. Stay away!!!!

by David, 3/13/2018

Pros:

Cons: Failed online trading system, which crashed right before my eyes!

Back in Feb, when volatility was high, was watching over my investment account, and while trading the whole system froze and wouldnt accept orders. I was in the middle of placing a sell stop on hvu.To. when the system froze and after 30~40 min to reach a representative on the phone, lost over 10%...Dont think they will compensate much, is thinking about pulling out all my rrsp, tfsa and dirct Investing with them. Also considering suing them.

by Bob, 3/5/2018

Pros: None

Cons: Scum, Leeches, crooks

This organization is nothing but leeches sucking their money from your hard earned money. No fiduciary responsibility, claiming to really care about you, but just sucking fees for their own benefit.

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: 40. Rating: 1.