RBC Wealth Management – US has launched a client risk prevention division, which aims to give employees resources and training to prevent, detect and report suspected financial abuse.
The firm has also signed on as a sponsor of the Securities Industry and Financial Markets Association’s (Sifma) senior investor protection toolkit initiative.
In addition to receiving training and resources to help them root out and combat abuse, RBC financial advisers will integrate these topics into their interactions with clients, such as during annual reviews and the wealth planning process.
The team will work with the broader communities where RBC’s advisers live and work, creating partnerships with community resource groups and local law enforcement agencies, with the goal of sharing knowledge and building awareness.
Jen McGarry, head of client risk prevention at RBC Wealth Management – US, said: “We believe it is our responsibility to do everything in our power to preserve and protect the dignity and financial wellbeing of our clients.
“Our financial advisers – and all the employees that support them – are in a unique position to help mitigate the risk of financial exploitation.”
Financial exploitation costs Americans almost $3bn (£2.37bn, €2.6bn) dollars each year, according to Sifma, the national trade organisation representing the securities industry.
Michael Armstrong, chief executive of RBC Wealth Management US, said: “Anyone can become the target of financial fraud.
Despite the prevalence, it’s not something that most people want to talk about.
“But open conversations about the risks, the signs and what we can all do to prevent financial abuse are critical to addressing the issue.”
Supported by Sifma’s member firms, the senior investment protection toolkit will serve as an informational resource to help educate and protect elder investors as well as those who serve to support and protect them.
RBC Wealth Management – US’ sponsorship will provide special support for distribution in the Minnesota, Texas, California, New York City and Washington, DC markets.