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Expert Review

Bob McCarthy: Exposed with the Hidden Fees, Disclosures & Lawsuits (Update 2024)

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Who is Bob McCarthy (CRD#: 2482834)?Everything you need to know about Bob McCarthy and their accolades

The McCarthy Wealth Group was established by Bob, a managing director, to cater to the interests of business owners, executives, professional athletes, and their families. In 1989, he started his lengthy career in the financial services industry in New York City.

In 2000, he joined RBC Wealth Management. As a wealth manager, Bob is a part of RBC Private Wealth, a group of international resources and specialized advice created to satisfy the particular demands of high-net-worth customers, together with his colleagues Grant and Mike, and associates Adrienne and Josh.

He also belongs to the Senior Portfolio Manager Group – Portfolio Focus, a limited group of advisors with the expertise, moral character, and dedication to client care necessary to exercise complete discretion over investment portfolios. He is also a member of the firm’s Alternative Investments Advisory Council.

Bob has earned the Accredited Wealth Manager (AWM) title, a joint initiative of RBC and Michigan State University. Advisors who concentrate on complicated wealth management concerns, such as wealth transfer, financial and estate planning, trust services, and insurance, can earn the AWM designation.

Bob holds his insurance licenses, has passed the Series 7, 6, and 65 tests, and has a bachelor’s degree from Villanova University.

As one of the top 150 financial advisers at RBC Wealth Management, Bob has consistently been a member of the Chairman’s Council. The Financial Times’ Top 400 U.S.-based Financial Advisors in 2020, Barron’s Top 1,200 Financial Advisor in 2020, 2021, 2022, and 2023, and a Forbes Best-In-State Wealth Advisor in 2020, 2021, 2022, and 2023 are just a few of the national magazines that have given Bob distinction. He participates in a lot of humanitarian organizations, notably those that support youth golf and education.

Bob, a resident of Raleigh, lives there with his wife Denise and their four kids. Bob is a native of Spring Lake, New Jersey. Spending time with his family, cheering for the Villanova Wildcats, playing golf, and caddying for his kids are some of his favorite pastimes.

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About FIRM:History, achievements, leadership, lawsuits, & disputes

What is RBC Wealth Management?

As mentioned earlier, RBC Wealth Management is a division of the Royal Bank of Canada that provides wealth management services to high-net-worth individuals, families, and institutions. These services include investment management, financial planning, tax planning, insurance solutions, and estate planning.

One of the key benefits of using RBC Wealth Management is the personalized service clients receive. Each client is assigned a dedicated financial advisor who works with them to create a customized plan that takes into account their unique financial goals, risk tolerance, and overall financial situation. Advisors also provide ongoing support to help clients stay on track and adjust their plans as needed.

RBC Wealth Management Services

Now that we know what RBC Wealth Management is, let’s take a closer look at the specific services they offer.

Investment Management

RBC Wealth Management provides investment management services to help clients grow their wealth over time. This includes creating a diversified investment portfolio that is tailored to the client’s risk tolerance and financial goals. Advisors also provide ongoing monitoring and rebalancing of the portfolio to ensure it stays aligned with the client’s objectives.

Financial Planning

In addition to investment management, RBC Wealth Management offers financial planning services to help clients achieve their long-term financial goals. This includes creating a comprehensive financial plan that takes into account retirement planning, tax planning, estate planning, and risk management. Advisors work with clients to identify their financial goals and develop a plan that is customized to their unique situation.

What is a Financial Advisor?

A financial advisor is a specialist who offers professional financial advice to people looking to accomplish particular financial goals. You work with a financial advisor to develop a thorough financial plan that is specific to your situation, much like you would hire an architect to construct the blueprint for your home. Understanding your existing financial condition, including your income, costs, savings, and spending patterns, is a requirement for this collaboration.

Tax Planning

RBC Wealth Management also provides tax planning services to help clients minimize their tax liabilities and maximize their after-tax returns. Advisors work with clients to identify tax-efficient investment strategies and help them navigate complex tax laws and regulations.

Insurance Solutions

RBC Wealth Management offers a range of insurance solutions to help clients protect their wealth and minimize their financial risk. This includes life insurance, disability insurance, long-term care insurance, and liability insurance. Advisors work with clients to identify their insurance needs and develop a plan that provides the appropriate level of coverage.

Estate Planning

Finally, RBC Wealth Management provides estate planning services to help clients plan for the transfer of their wealth to future generations. This includes creating a comprehensive estate plan that takes into account tax planning, charitable giving, and the distribution of assets. Advisors work with clients to create a plan that is customized to their unique needs and goals.

Who is RBC Wealth Management for?

Now that we have a better understanding of what services RBC Wealth Management offers, let’s discuss who it is for. RBC Wealth Management primarily caters to high-net-worth individuals, families, and institutions. According to their website, clients typically have investable assets of at least $1 million CAD.

However, it is important to note that RBC Wealth Management also offers services to clients with lower investable assets through their RBC Dominion Securities subsidiary. This subsidiary provides full-service brokerage and investment advisory services to clients with a minimum of $100,000 CAD to invest.

RBC Wealth Management Disadvantages

While RBC Wealth Management offers many benefits to clients, there are also some potential disadvantages to consider. One of the most significant drawbacks is the cost. RBC Wealth Management charges a set fee based on a percentage of the client’s assets under management. This fee can range from 1% to 2% or more, depending on the amount of assets being managed.

Another potential disadvantage is the lack of transparency. Some critics argue that RBC Wealth Management’s fees are not always clear and that clients may not know exactly what they are paying for. Additionally, there have been concerns about conflicts of interest, particularly with regard to the sale of in-house products.

RBC Wealth Management Fees

As mentioned earlier, RBC Wealth Management charges a set fee based on a percentage of the client’s assets under management. This fee can range from 1% to 2% or more, depending on the amount of assets being managed.

It is important to note that there may be additional fees associated with specific services, such as financial planning or tax planning. Clients should be sure to discuss all fees and charges with their financial advisor before agreeing to any services.

RBC Wealth Management Boys Club Controversy

In 2019, RBC Wealth Management was embroiled in a controversy surrounding allegations of gender discrimination and a toxic work environment. A group of female financial advisors filed a class-action lawsuit against the bank, alleging that they were subjected to a hostile work environment and denied equal pay and opportunities for promotion.

RBC denied the allegations and stated that they were committed to creating a workplace that is free from discrimination and harassment. The case is ongoing, and it remains to be seen what the outcome will be.

RBC Wealth Management Lawsuit

In addition to the Boys Club controversy, RBC Wealth Management has also faced other legal challenges in recent years. In 2018, the bank was fined CAD 1 million by the Ontario Securities Commission for failing to adequately supervise a former financial advisor who engaged in unauthorized trading.

More recently, RBC Wealth Management was named in a lawsuit filed by victims of a Ponzi scheme perpetrated by a former financial advisor. The lawsuit alleges that RBC failed to adequately supervise the advisor and ignored warning signs of the scheme.

22/11/2023 Update
As of now, Bob McCarthy has not responded nor has he apologized for his misdeeds. He has ignored our efforts to highlight the problems faced by their victims. Furthermore, he has only focused on propagating his fake PR.
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Bob McCarthy Disclosures: BrokerCheck, FINRA, And SEC ReportsEvery complaint, disclosure, litigation against Bob McCarthy

The brokerCheck report of Bob McCarthy includes information such as employment history, professional qualification, disciplinary actions, criminal convictions, civil judgment, and arbitration awards as well as disclosure events.

No disclosure is mentioned about Bob McCarthy.

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Financial Advisors often take down their client disputes from FINRA’s Public database through Disclosure Expungement. Even law firms provide expungement services to FAs so that they can hide or remove their client disputes and maintain a clean record. So the lack of any disclosures on BrokerCheck doesn’t necessarily mean that the broker hasn’t had any disputes in the past.

FINRA’s BrokerCheck

individual_2482834.pdf (finra.org)

SEC Litigations & Forms

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Source: Bob McCarthy – SEC Site Search Search Results

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Bob McCarthy Lawsuits, Legal Battles, & DisputesActive database of all lawsuit documents (subject to availability) against Bob McCarthy

The following websites/directories are the best sources for finding complaints, litigations, and disputes against finance advisors. You can find all the complaints against Bob McCarthy using the websites down below:

There might be more pending lawsuits against Bob McCarthy that are not listed on these directories. Lawsuit files are often deleted from online directories. So if you cannot find any lawsuits against Bob McCarthy on these websites, you can contact the local authorities and check if they have a physical copy of any cases.

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Bob McCarthy Complaints, Class Action Lawsuits & Legal BattlesRead all class action lawsuits and SEC complaints against Bob McCarthy (if available)

The following websites/directories are the best sources for finding complaints, litigations, and disputes against finance advisors. You can find all the complaints against Bob McCarthy using the websites down below:

You can contact the law firms mentioned above if facing issues with Bob McCarthy or any financial advisor.

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Better Alternatives To Bob McCarthy (By Experts):Find the top 3 alternatives to Bob McCarthy

These recommendations are based on the ratings of SmartAsset.com, the biggest financial advisor review platform on the internet.
You can check out the top 10 financial advisors in the U.S. to learn more.
Screenshot 2023 05 23 at 11.26.30 PM

Manages Assets Worth

  • $714,587,898,072

Services

  • Financial planning
  • Portfolio management
  • Pension consulting
  • Selection of other advisors
  • Publication of periodicals
1625686851535

Manages Assets Worth

  • $173,418,270,044

Services

  • Financial planning
  • Portfolio management
  • Portfolio assessment
Screenshot 2023 05 23 at 11.45.48 PM

Manages Assets Worth

  • $46,803,858,104

Services

  • Portfolio management

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