RBC Wealth Management says its U.S. division tasked with helping advisors grow their practices has found a new leader.
Richard Beckel has been named senior manager of RBC’s Practice Management, Teams and Portfolio Efficiency Group, the firm announced Tuesday. A former senior consultant for the group himself, he will lead a team of six consultants working with advisors on how to expedite revenue growth, increase efficiency and improve the client experience, according to RBC.
A key part of Beckel’s division is a portfolio efficiency coaching program RBC advisors can enroll in. Beckel coached one such team of advisors based in the Midwest that was teetering on the edge of dissolving, according to RBC, helping them identify what needed to change and make improvements, without specifying additional details.
“Successful financial advisor teams need to be both smart and healthy,” Beckel said in a statement. “We focus on building strong teams with a solid foundation of trust where everyone is committed to the work and everyone is committed to achieving results.”
This type of consulting has been successful in a remote work environment, the firm says. An internal study found that advisors who participated in the program saw more than 1.5 times the asset growth and double the production growth over the past year than advisors who did not.
Beckel joined RBC in 2017. Before RBC, his over 20-year financial services career included roughly eight years with Ameriprise Financial, BrokerCheck records show. He got his start at American Express Financial Advisors in 1994.
Working with advisors to help grow their practices has been a priority for broker-dealer firms including RBC and Cetera Financial. In October, Cetera launched Growth360, a program that scores advisors against their fastest-growing peers and offers guidance on how to make improvements.