In their Global insight Outlook 2014, RBC Wealth Management highlighted a need for trust between wealth managers and their clients.
While confidence in both the markets and in regulators struggled globally, a high level of trust was maintained by clients.
In addition, according to the 2013 World Wealth Report which RBC compiled with Capgemini, total value of wealth and individuals in possession of wealth was on the rise. This shows a clear opportunity for advisors to start new relationships and provide valuable services to pool of wealthy individuals which is increasing in size.
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While RBC does not forecast any major shifts in the industry, they do believe that private banks will continue to refine their work. As regulation has tightened operations, banks will inevitably continue their consolidation processes and define their target markets more clearly.
Overall, RBC has seen 2013 to be a ‘year of the markets’ with equity in particular experiencing a powerful advance. They also see world economies as ‘doing better than they were a year ago’, which leads them to believe that investment returns will also be positive going into 2014.
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