RBC Wealth Management is tapping rising demand for complex cross-border wealth planning, supported by its bank-owned trust infrastructure, as it expands in Asia’s wealth market.

The Canadian wealth manager was among the most active hirers in Asia in 2025, with higher RM headcount and redesigned team structures that place greater accountability on team leaders.

“If we drill down to wealth, especially within Asia, we’ve made a number of significant changes that have contributed to our success,” said Victor Chao, who heads up the North Asia private banking business at RBC Wealth Management.

The strategy aligns with a broader push under Rod Ireland, head of wealth management Asia, to grow the business organically. Chao said the firm is tracking well across revenue, assets, headcount, RM productivity, and cost-to-income ratios.

Asia is also becoming a more meaningful part of the overall franchise. “You could say it’s our time to shine. We’re proud of what we’ve done so far, and we can continue to shine because we’re sustaining that growth across all of our KPIs and metrics,” Chao told Asian Private Banker in a recent interview.

While RBC WM does not disclose regional figures, APAC is becoming “much more significant” as a percentage of the business”, though the firm remains outside APB’s top 25 AUM League Table.

“When you look at opportunities where the business could pivot outside of North America, the UK and Asia are places where we are experienced and where we’ve had a foothold,” he said.

Hiring spree 

RBC WM Asia has expanded its RM headcount by more than 50% over the past two years, reflecting a more targeted hiring approach. Candidates meet multiple stakeholders during the recruitment process to align expectations on roles and outcomes.

“In our Hong Kong-based North Asia business, we were primarily more of a Hong Kong, Taiwan client base, and now we’re becoming a Hong Kong, Mainland China, and Taiwan client base. We’re diversifying rapidly,” Chao said.

Client onboarding is inherently unpredictable, he added, which is why the bank closely monitors and supports RMs’ core activities — including how they engage prospects, manage leads, and complete compliance documentation.

“We do a lot of client discovery. We’re happy to give a bit more time for the RM and the client to figure out what’s the first need that should happen and then work from there,” he said.

RBC WM’s North Asia hires in the past 24 months (as of 31 May 2026)

RBC WM Asia has restructured its teams so that team heads are now more focused on RM performance rather than pure production. This shift has fostered a more collaborative setup, with RMs supported by investment counsellors, product specialists, and a dedicated compliance advisory team.

“We’ve built on some very fundamental strengths with respect to the prudent and methodical Canadian banking process, and then built on top of that.”

Shifting client behaviour 

Chao, who has been in private banking since 1997, sees that differentiation today is less about product access and more about relationship strength, bank stability, and planning-led advice.

“If you’re an individual with assets that you want to entrust somewhere, you want to be with a big bank, a safe bank, and a growing bank. RBC fits all of those three criteria,” he said.

He noted a shift in client demand from investment-only solutions to broader wealth planning and structuring. High-net-worth families increasingly require cross-border solutions as beneficiaries live globally, often in higher-tax jurisdictions, making succession planning more complex.

In Greater China, he added, wealth preservation concerns also extend to protecting family assets from life events such as divorce or business risks linked to entrepreneurial activity by heirs.

“I think investments still are a key core product, but when we talk about leading the conversation with clients, it’s really about wealth planning, and this is where I think RBC is really differentiated,” Chao said.

RBC’s trust platform spans Canada, the US, Jersey, and Singapore, supporting both onshore and offshore planning. “We strategically expanded our trust capabilities into Singapore a few years back, and that dovetailed very well for us with respect to planning for North America, as well as other jurisdictions,” he said.

RBC WM hires from BoS, BNP Paribas WM for South Asia coverage

Canadian connections 

There has been growing cross-border interest in Canadian assets, particularly in the energy sector, amid geopolitical tensions, according to Chao.

The bank is also supporting APAC clients on US listings, acquisitions, and divestments, leveraging its North American platform. “RBC is a bank that lends strategically to clients. We’re still double A-rated with a balance sheet that we deploy globally,” he said.

Canada’s population of 40 million includes a sizeable Asian diaspora, while around 10% of Hong Kong’s population has ties to Canada through citizenship, residency, education, or family. These links continue to drive cross-border investment flows.

“Canada needs significant investment and a fair number of people look at Canada as a country with untapped resources. RBC can connect clients in Asia and draw on the capabilities across Asia and Canada,” Chao told APB.

Additional data reporting by Kylie Wong