Services on the Echelon platform range from bespoke travel concierge to private healthcare.

RBC Wealth Management has expanded RBC Echelon, its premier platform for ultra-high net worth clients, adding three lifestyle services providers: a luxury travel concierge, a premium collections storage and logistics specialist, and expanded fine art advisory to include collectibles and appraisal services. 

The additions bring the curated network to 16 external providers.

"By expanding our network of trusted providers across a broad range of lifestyle categories, we remove the burden of research and due diligence so our clients can focus on what truly matters – their families, passions and legacies,” Angie O'Leary, head of wealth strategies at RBC Wealth Management, said. 

The lifestyle network is available for all RBC Wealth Management financial advisors to offer to clients. Service areas include art advisory; bespoke travel concierge services; bill pay services; cyber and personal security solutions; donor-advised funds; education consulting; family dynamics consulting; logistics and storage for art and luxury collectibles; philanthropic consulting; private aviation; private healthcare; and property and casualty and risk management. 

RBC explained to Family Wealth Report about the Echelon service’s evolution and what has changed.

FWR: Why is RBC launching these services and what sort of gap in the market did it notice that led towards this?
RBC Echelon is rooted in a singular focus: simplifying our clients' lives. We recognized that ultra-high-net-worth families face a heightened level of complexity in their lives, and RBC wants to be a one-stop-shop not only in serving their investment, tailored lending and estate needs, but also providing a curated list of lifestyle providers across various categories - from luxury travel to fine art advisory to premium collections storage. 

By expanding our network of trusted providers across a broad range of lifestyle categories, we help clients navigate a broader set of services, which helps simplify their life.  The gap we identified is that many wealth management platforms either don't offer these comprehensive lifestyle services at all, or they come with significant access restrictions that limit their utility for families or advisors.

FWR: How would you sum up the importance of these enhancements?
The goal of RBC Echelon is to strengthen the firm's deep commitment to helping families enjoy their lives, make a lasting impact and preserve their wealth for generations.

FWR: How are you hoping to lead this new area?
Ultra-high net worth families want financial advisors who can manage complex wealth planning, prepare the next generation and simplify their lives. They are looking for their advisor to provide “family office” type services. We can offer many of the same services in a more efficient a’ la carte manner. What also sets us apart is our commitment to accessibility. RBC Echelon services are available for all RBC Wealth Management financial advisors to offer without the access restrictions that accompany many other UHNW service platforms. This approach, combined with our extensive resources as one of the world's strongest financial institutions positions us to be the partner of choice for ultra-high-net-worth families seeking truly integrated wealth and lifestyle management.

FWR: What sort of clients is it aimed at and are the services part of clients' existing fee packages, or is this a service that carries an additional fee?
RBC Echelon is designed for wealthy families with complex needs and often, time, is their most valuable asset. This includes individuals and multigenerational families, business owners, corporate executives, and sports and entertainment professionals - essentially anyone with complex wealth management needs who values the integration of sophisticated financial planning with premium lifestyle services. 

Importantly, the lifestyle network is available for all RBC Wealth Management financial advisors to offer as part of our comprehensive platform. The key value we provide is the access to our curated providers and the preferential terms we've negotiated on behalf of our clients.

FWR: Who does RBC see as its competitors on such a service?
We’ve observed that while some family offices and wealth management firms offer similar lifestyle services, but they're often restricted or available only through platforms with a limited scope. What differentiates RBC Echelon is our comprehensive approach. We're providing a fully integrated wealth and lifestyle management platform that combines best-in-class financial services with a carefully curated network of lifestyle providers. Our competition isn't just other firms with lifestyle programs, but any service that fragments ultra-high net worth families’ time and attention across multiple, unvetted providers.

FWR: Where, in terms of geography, does the service apply to?
RBC Echelon services are available to clients throughout the United States and even those with global interests. With 195 offices across 43 states, RBC Wealth Management has an extensive physical presence. This geographic reach is particularly important for ultra-high net worth families, who often have homes and interests in multiple locations and need seamless access to both financial and lifestyle services wherever they are. Our national and global footprint, combined with our global resources as part of Royal Bank of Canada, enables us to deliver consistent, high-quality service across all our markets.

The service is available now.