The year 2017 is a year of economic growth and technology boost. However, there is something else in this year that leads it to this title, the jaw-dropping growth of wealth management service industry. According to the report issued by the Royal bank f Canada’s U.S wealth management business, the revenue of the brokerage has been increased 17 percent from the last quarter. The overall business generated by the wealth management company was $ 992 as compared to the prior quarter’s $ 963. In this article, I want to discuss the few factors that lead to this enormous growth of the wealth management industry.
The growth of any industry depends on the particular factors and conditions and today we are going to reveal some of them for the wealth management industry.
So here comes the first factor, Salesforce is the driving factor that drove the company to its ultimate goal. The real labor could also earn you the competitive edge over your competitors. As far as the wealth management companies are concerned the advisors are the backbone. The more engaging talent you hire, the more likely you achieve the goal more swiftly. The RBC also put stress on the recruitment of more financial advisors in the year 2017. It has to boost up its recruitment efforts and recruit up to 4884 brokers until now.
The recruitment of talented labor force and specifically in the wealth management industry the hiring of the advisors is the key to success but how they achieve success? We are talking about the cash profit that our Salesforce gain for us. A financial advisor will be of no use if he does not fit in the role of an ideal employee. However, actually how we got all this done? As in brokerage industry, there is nothing more important than fees and compensations. The more the firm earns in the area of taxes and pays the more will be the growth. In 2017, the RBC US wealth management company makes a better interest income with a volume growth of 13 percent in deposits and loans.
Technology is a most prominent part of our lives now, and we are not only diverting our routine lives towards the excessive use of technology but also gain significant success by leveraging it into the professional experience. We discuss in this piece the factors that influence the growth of wealth management service industry generally and RBC’s US management brokerage in specific. So here comes the most significant factor, the tech genie.
This year in May, Amit Sahasrbudhe, a leading firm in the area of technology introduce the artificial Bot. the artificial Bot, NORA, is going to assist the advisers in better decision making. There are various other technological changes shift the industry growth at much higher pace. However, the introduction of technology does not mean this industry does not need the human force.
Wealth management services industry is experiencing growth, due to the factors as mentioned above. However, if you do have some of the other elements in mind then do share with us.