Who is Brian Clement (CRD#: 2066312)?
Brian Clement works for RBC Wealth Management in Toronto, Ontario as a Managing Director and Financial Advisor. He graduated with an undergraduate diploma in American Government and Politics. Clement works as an advisor with RBC Capital Markets, which is based in Portland.
He has been employed for 32 years. He is currently employed by RBC Capital Markets. Brian Clement has taken the Securities and Exchange Commission’s Series 63 and Class 65 exams and is licensed to provide investment guidance in states such as Florida, California, Maine, New Hampshire, and North Carolina.
Brian can offer guidance in other states where certification or notice filing is not required. RBC Capital Markets management team consists of 2,024 advisors. The average manager-to-client ratio is one advisor for every 128 consumers, although consultants could be working with a greater number of clients depending on firm standards.
About RBC Wealth Management:
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.
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 CAD 1 million.
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 CAD 100,000 to invest.
What is SEC?
The Securities and Exchange Commission (SEC) in the United States is a federal government regulatory agency that works independently. Its main responsibility is to safeguard investors, ensure the securities markets operate in a fair and orderly manner, and facilitate capital formation.
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 concerning 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 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.
Brian Clement Disclosures: BrokerCheck, FINRA, And SEC Reports
Based on the BrokerCheck reveal, Brian Clement has had zero disclosure events. Anyone allowed to market securities or provide investment counsel must disclose all customer complaints and conciliation, regulatory proceedings, employment cessations, bankruptcy filings, and civil and criminal legal processes.
FINRA’s BrokerCheck
individual_2066312.pdf (finra.org)
SEC Litigations & Forms
Source: Brian Clement – SEC Site Search Search Results
Brian Clement Lawsuits, Legal Battles, & Disputes
Whether Brian Clement is indeed associated with an incident, you can learn more about it by following the hyperlinks listed below. The great majority of court cases filed in the United States of America are saved by CourtListener, UniCourt, Law.com, Justia, Trellis Law, and Law360.
There might be more pending lawsuits against Brian Clement which are not listed on these directories. Lawsuit files are often deleted from online directories. So if you cannot find any lawsuits against Brian Clement on these websites, you can contact the local authorities and check if they have a physical copy of any cases.
CourtListener
UniCourt
Law.com
Law360.com
Trellis. law
Justia
Brian Clement Complaints, Class Action Lawsuits & Legal Battles
The following websites/directories are the best sources for finding complaints, litigations, and disputes against finance advisors. You can find all the complaints against Brian Clement using the websites down below:
Sonn Law Group
SEC.gov
White Law Group
MDF Law
Israels & Neuman, PLC
Klayman Toskes
You can contact the law firms mentioned above if you are facing issues with Brian Clement or any financial advisor.
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