Who is Rhett Neuman (CRD#: 2351584)?Everything you need to know about Rhett Neuman and their accolades
Recently, Rhett Neuman, Managing Director – Financial Advisor in the Stillwater office of RBC Wealth Management, was chosen to join the organization’s Senior Portfolio Manager – Portfolio Focus Group.
The highest degree of recognition given by the company to its fee-based discretionary financial advisors is Senior Portfolio Manager – Portfolio Focus Group.
To be accepted into the group, Rhett had to show a dedication to building and managing specialized portfolios that were tailored to each client’s unique financial needs, advancing their expert understanding and portfolio management abilities, and preserving a stellar reputation for client service.
Financial advisors at RBC Wealth Management offer a variety of Wealth Management solutions, including equities, taxable and tax-exempt bonds, options, mutual funds, and more, to help individual, company, and institutional clients. They also help clients with money management and retirement plans.
Rhett has worked in the financial services sector for 29 years. Summa cum laude, he graduated from Minnesota State University – Moorhead in 1991 with a bachelor’s degree in finance and a minor in accounting. In 1998, he acquired his CERTIFIED FINANCIAL PLANNERTM designation. A member of the Chairman’s, Investment Advisory Group, and Financial Advisory Councils since 2009, he joined RBC Wealth Management.
Rhett was included in the Financial Times Top 400 Advisors lists for 2018 and 2019 as well as the Forbes/SHOOK Best-In-State Wealth Advisors lists for the years 2019, 2020, 2021, 2022, and 2023 in the United States. Additionally, in 2021, 2022, and 2023, he was included on Barron’s Top 1200 State by State Advisor list.
Rhett is involved in the neighborhood and has served on the boards of Camp Odayin and Youth Advantage. He lives in St. Croix Falls and loves the outdoors, playing golf and hunting all the time.
In this article, we will go deep into Rhett Neuman’s past, discovering hidden disclosures and analyzing the consequences of the lawsuits.
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 $1 million CAD 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.
Rhett Neuman Disclosures: BrokerCheck, FINRA, And SEC ReportsEvery complaint, disclosure, and litigation against Rhett Neuman
The brokerCheck report of Rhett Neuman includes information such as employment history, professional qualification, disciplinary actions, criminal convictions, civil judgment, and arbitration awards as well as disclosures events.
In this case, the broker has been reported along with the notification regarding a customer dispute.
This type of disclosure event involves:
(1) a consumer-initiated, investment-related arbitration or civil suit containing allegations of sales practice violations against the individual broker that was dismissed, withdrawn, or denied; or
(2) a consumer-initiated, Investment-related written complaint containing allegations that the broker engaged in sales practice violations resulting in compensatory damages of at least $5,000, forgery, theft, or misappropriation, or conversion of funds or securities, which was closed without action, withdrawn, or denied.
Florida Client argues that her investments were conflicting with her stated goals in this particular circumstance. The customer also said that she lost $25,000 in one account between September 2000 & August 2001 & about $5,000 in another.
FINRA’s BrokerCheck
individual_2351584.pdf (finra.org)
SEC Litigations & Forms
Source: Rhett Neuman – SEC Site Search Search Results
Rhett Neuman Lawsuits, Legal Battles, & DisputesActive database of all lawsuit documents (subject to availability) against Rhett Neuman
The following websites/directories are the best sources for finding complaints, litigations, and disputes against finance advisors. You can find all the complaints against Rhett Neuman using the websites down below:
There might be more pending lawsuits against Rhett Neuman which are not listed on these directories. Lawsuit files are often deleted from online directories. So if you cannot find any lawsuits against Rhett Neuman 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
Rhett Neuman Complaints, Class Action Lawsuits & Legal BattlesRead all class action lawsuits and SEC complaints against Rhett Neuman (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 Rhett Neuman 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 facing issues with Rhett Neuman or any financial advisor.
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