RBC Phillips, Hager & North Investment Counsel Inc.

What RBC Phillips, Hager & North Investment Counsel Inc. does

RBC Phillips, Hager & North Investment Counsel Inc. is a Toronto-based, wholly-owned subsidiary of Royal Bank of Canada that provides discretionary investment management and integrated wealth planning to high-net-worth families, business owners, ultra-high-net-worth clients, and not-for-profit organizations in Canada. Founded in 1905 and operating under the RBC Wealth Management umbrella alongside RBC Dominion Securities (full-service brokerage), RBC Royal Trust (estate and trust services), RBC Private Banking, and RBC Direct Investing, the firm delivers investment counseling through dedicated Investment Counsellors and an integrated platform architecture. Digital capabilities are delivered through RBC Wealth Management Online and RBC Total Wealth, which unify client accounts and provide on-the-go practice management for advisors and clients, supported by a Family Office Services team of over 200 legal, tax, insurance, and accounting professionals.

The firm generates revenue through multiple streams: recurring investment management and advisory fees on assets under management (C$1.141 trillion) and administration (C$4.108 trillion globally; US$4.0 trillion as of April 30, 2026), brokerage commissions and trading, margin lending (with tiered Canadian and U.S. dollar rates), trust and estate services, and private banking solutions. Pricing for advisory mandates is quote-based and not publicly disclosed, while margin lending and FX are usage-based with published tier schedules. Distribution is direct and relationship-led through 4,800 financial consultants, advisors, private bankers, and trust officers worldwide, including approximately 2,200 financial advisors in the U.S. and 3,500 advisors within RBC Dominion Securities in Canada.

Geographic operations span Canada, the United States, Asia (Hong Kong branch regulated by HKMA/SFC since 2003 and Singapore branch regulated by MAS since 1975), the United Kingdom, Ireland, and Jersey, with multi-channel marketing via websites, market commentary, an Insights blog, podcasts, client events, and Asia-focused WeChat engagement. The firm holds multiple industry recognitions including Family Wealth Report Awards (2020 and 2021 Best Innovative Client Solution), Asiamoney Private Banking Award for Best Wealth Transfer/Inheritance Planning in Asia (2023), WealthBriefing Wealth for Good Award (2022), and reported 97% client satisfaction in a 2024 U.S. client survey.

Name

RBC Phillips, Hager & North Investment Counsel Inc.

Legal name

RBC Phillips, Hager & North Investment Counsel Inc.

Website

https://www.rbcwealthmanagement.com

Company type

Private

Operating status

Operating

Short description

RBC Phillips, Hager & North Investment Counsel Inc. is a Toronto-based, wholly-owned subsidiary of Royal Bank of Canada that provides discretionary investment management and integrated wealth planning to high-net-worth families, business owners, ultra-high-net-worth clients, and not-for-profit organizations.

Ownership category

akta.pro rank

Product category

Private Wealth Management

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394), Insurance Agencies and Brokerages (52421)

SIC

Investment Advice (6282), Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Comprehensive/Full-Service RIAs & Independent Wealth Managers (FSAAACAA)

akta.pro secondary industries

Discretionary Portfolio Management (Retail) (FSAAAAAH), Business Owner & Executive Financial Planning (FSAEAAAO)

Keywords

• Discretionary investment management
• Wealth planning services
• Portfolio management advisory
• Private wealth management
• Estate and trust services

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices6 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Investment Management and Advisory Fees: Fee-based investment counseling and portfolio management services for high-net-worth clients, including discretionary investment management and wealth planning.
2. Brokerage Commissions and Trading: Commission-based securities trading through RBC Dominion Securities, including equities, fixed income, and other investment products.
3. Margin Lending: Interest income from margin lending facilities extended to clients, with rates based on prime rate plus spread varying by account balance tier.
4. Trust and Estate Services: RBC Royal Trust provides wealth protection and transfer solutions including estate administration, trust services, and executor services.
5. Private Banking: Comprehensive private banking solutions including credit facilities, banking services, and integrated wealth management for ultra-high-net-worth individuals and families.

Pricing tiers

Go-to-market motion3 records

Distribution channels7 records

Marketing channels8 records

Core offering

RBC Phillips, Hager & North Investment Counsel Inc. delivers discretionary investment management and integrated wealth planning to high-net-worth and ultra-high-net-worth individuals and families, business owners and entrepreneurs, corporations and institutions, and not-for-profit organizations. Services include customized portfolio construction, estate and trust planning, charitable giving strategies, and family office solutions delivered by dedicated investment advisors under the firm's counsel mandate.

Product overview

RBC Phillips, Hager & North Investment Counsel Inc. is part of RBC Wealth Management, one of Canada's largest and most comprehensive wealth management organizations. The company operates as a platform-plus-modules architecture consisting of four core business divisions: RBC PH&N Investment Counsel (premier investment counselling for high-net-worth families), RBC Dominion Securities (full-service brokerage), RBC Royal Trust (trust and estate services), and RBC Private Banking (tailored private banking). Supporting these divisions is the Family Office Services team of 200+ professionals and the RBC Wealth Management Services team providing integrated legal, tax, insurance and accounting expertise. Digital access is provided through RBC Wealth Management Online and RBC Total Wealth platforms. The organization also offers a Global Generalist Program for developing future leaders.

Differentiator

Problem solved

Functional benefit

Brands

• RBC Wealth Management: Integrated wealth management services division of Royal Bank of Canada, encompassing multiple business units including RBC Dominion Securities, RBC PH&N Investment Counsel, RBC Royal Trust, and RBC Private Banking.

Products and services

• Discretionary Investment Management (Investment Counsel) Discretionary portfolio management service in which a dedicated investment counsellor constructs and manages a customized multi-asset class portfolio on behalf of high-net-worth and ultra-high-net-worth clients, families, business owners, corporations, institutions, and not-for-profit organizations under an investment counselling mandate.
• Integrated Wealth Planning Coordinated wealth planning service combining investment policy, tax planning, retirement planning, risk management, and lifestyle considerations into a single household-level financial plan for affluent clients of RBC PH&N Investment Counsel.
• Trust and Estate Services Trust and estate administration and structuring services delivered in coordination with RBC Royal Trust, covering estate planning, trust setup and administration, and intergenerational wealth transfer for individuals and families.
• Family Office Services Family office support services consolidating investment management, financial administration, tax coordination, and reporting for ultra-high-net-worth families with complex wealth structures.
• Charitable Giving Solutions Charitable giving advisory and structuring solutions, including donor-advised funds and foundation support, integrated with the discretionary investment mandate for philanthropically inclined clients.
• Private Banking Services Banking, lending, and credit solutions tailored to high-net-worth and ultra-high-net-worth clients, delivered through RBC Private Banking in coordination with the investment counsel mandate.
• RBC Wealth Management Online Client Portal Digital client portal providing consolidated multi-account viewing, performance reporting, document delivery, and secure messaging for clients of RBC PH&N Investment Counsel and the broader RBC Wealth Management platform.

Quantifiable outcome

• 97% client satisfaction rating with RBC Wealth Management-U.S.
• +1 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• BMO Wealth Management: Bank of Montreal's wealth management arm offering investment advisory, private banking, and full-service brokerage to high-net-worth and ultra-high-net-worth Canadian clients. Directly comparable to RBC Wealth Management given parallel Canadian-bank wealth platform with similar advisory-led model, multi-channel structure, and UHNW focus.
• TD Wealth: TD Bank's wealth management division providing investment advisory, private banking, and estate/trust services across Canada and the U.S. Closely comparable peer given similar Big-6 Canadian bank heritage, integrated full-service brokerage, and high-net-worth client focus.
• CIBC Private Wealth: Canadian Imperial Bank of Commerce's private wealth business offering discretionary investment management, estate planning, and private banking. Direct competitor to PH&N Investment Counsel in the Canadian HNW/UHNW advisory market with comparable service model.
• Scotia Wealth Management: Scotiabank's wealth management arm offering full-service advisory, portfolio management, and private banking solutions. Direct peer as another Big-6 Canadian bank wealth franchise targeting affluent and high-net-worth households.
• National Bank of Canada Wealth Management: Wealth management arm of National Bank, with strong HNW/private wealth franchise in Canada including discretionary investment management. Comparable peer serving Canadian HNW segment through an advisory-led model with cross-border capabilities.

Broad incumbents

• J.P. Morgan Wealth Management: Global bulge-bracket private bank and wealth manager offering investment advisory, private banking, and estate planning for UHNW clients. Comparable as a much larger incumbent operating across the same wealth continuum (advisory, trust, banking) with greater scale.
• Morgan Stanley Wealth Management: Global wealth manager serving HNW and UHNW clients through financial advisors, self-directed platforms, and workplace wealth. Overlaps with PH&N in discretionary advisory and stock plan services for affluent clients, but at significantly larger scale.
• Merrill Lynch Wealth Management: Bank of America's wealth management division serving HNW clients through a large advisor force. Comparable as a broad incumbent offering integrated banking, brokerage, and investment advisory services across North America.
• UBS Wealth Management: World's largest wealth manager with strong UHNW and cross-border capabilities, especially in Asia. Overlaps with PH&N in serving UHNW families with discretionary investment management and integrated wealth planning, but at much greater global scale.
• Edward Jones: Large North American advisory-led wealth manager with thousands of branch-based financial advisors serving mass-affluent and HNW clients. Comparable in advisor-led distribution model and U.S./Canada footprint, though less concentrated in UHNW than PH&N.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xtwitter.com/rbc
• YouTubeyoutube.com/rbc
• LinkedInlinkedin.com/company/rbc
• Instagraminstagram.com/rbc

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about RBC Phillips, Hager & North Investment Counsel Inc.