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RBC Capital Markets, the broker-dealer for Royal Bank of Canada’s U. retail brokerage business, agreed to pay $3.88 million to settle charges that it recommended and sold classes of mutual fund shares to certain investors when less expensive shares were available. RBC failed to ensure that charitable organizations and some retirement plan customers understood they were eligible for the cheaper shares and received disclosure of brokers’ conflicts of interest in recommending share classes generating higher commissions, the Securities and Exchange Commission said in a cease-and-desist order published Friday. The findings follow dozens of such sanctions from regulators over more than a decade aimed at protecting investors from sales and administrative expenses that erode mutual fund returns. Last week the SEC ordered Merrill Lynch to pay $426,000 as part of a months-long self-reporting program in which 97 registered investment advisory firms returned more than $139 million to investors but avoided civil penalties. The SEC announced the settlements with RBC and Merrill in a rush of late Friday afternoon press releases. In accepting RBC’s settlement offer, the regulator said it “considered remedial acts promptly undertaken” by the broker-dealer. “The SEC’s review of our firm’s sales of mutual funds was part of a multi-firm review of these products in which we fully cooperated,” a bank spokesman said in an e-mailed statement. “In response to this particular issue, we converted affected accounts, as needed, to the correct mutual fund share class. We have also reviewed and updated all procedures and policies related to mutual fund share classes.” The alleged violations of anti-fraud sections of the Securities Act of 1933 involved RBC’s failure to sell load-waived Class A or Class R shares to almost 2,590 customers in more than 76,000 transactions. The actions occurred from July 2012 through August 2017 and led customers to overpayments of $2.6 million in front-end and back-end loads. “In the context of multiple-share-class mutual funds, in which the only reason for the differences in rate of return among classes is the cost structure of the different classes, information about this cost structure would accordingly be important to a reasonable investor,” the SEC order said. -Ron Kruszewski -Shirl Penney -Penny Pennington -Eric Clarkeand many more" title="The must listen-to podcast for financial advisors by Tony Sirianni. Guests to include: -Ron Kruszewski -Shirl Penney -Penny Pennington -Eric Clarkeand many more" Powering Independence Podcast, insights and ideas for RIAs, presented by Dynasty Financial Partners. A podcast dedicated to presenting fresh ideas and best practices for the wealth management industry. My employer offers contribution matching up to 3% into a group RSP with RBC. Within it I am restricted to owning GICs and RBC mutual funds. If you’ve done any of your own research or read some of my other pages you know that I am not a fan of mutual funds. At first I thought I could just open my own RRSP elsewhere and contribute there, but in doing so I’d give up the 3% salary contribution match. What if I just transferred any contributions from my RBC account into my other RRSP biweekly as they came? And that doesn’t include the opportunity cost of keeping that money out of the market for up to a month. Turns out RBC charges $50 to transfer funds, and it will take 2-4 weeks to transfer. My RRSP has upwards of 38 years to appreciate(since I’m only 27 right now), so an annual or even bi-annual transfer is almost certainly in my future. The promise of even marginal gains( Compounding interest is a magical thing! I can’t just let the money sit there and rot away until I accumulate enough to justify a $50 transfer. It’s time to take a close critical look at what my options are. When I started this job I knew next to nothing about investing, and I just assumed some magical thing was happening when money went into my RRSP. Turns out I was auto-investing in Guaranteed Investment Certificates (GIC), which DO have their place, but with 38 years ahead of me now is not the time to be conservative! The interest rate on these bad boys was a whopping 1.3%, and with inflation of 2% that’s a net loss of 0.7% per year! Our group RSP also gives access to the world of RBC mutual funds, and shortly after realizing I needed to ditch the GICs I called RBC, filled out my risk profile, and they recommended putting my money into RBC Select Aggressive Growth, which I blindly did. Fast forward to now and I thought I’d take a closer look at this fund. It has good allocation with 32.1% Canadian equity, 29.2% US equity, and 35.4% international equity. Good industry allocation with 25% in financials, and about 10% in the next top 4 (consumer products, IT, industrials, health care). Where it fails my criteria is a MER of 2.14%, and returns that don’t seem to be able to justify the high MER. But alas, maybe it is the best fund for me at this time. Data analysis and lots of assumptions on future performance! I’m only reviewing the funds I can actually own in my RRSP, which is most of them on this page, excluding any USD funds. I’ve summarized them all in an excel file which is where all the images on this page come from. I used the most up to date information they had, which ends July 31, 2015. I arbitrarily chose colours to differentiate between the types of funds according to the criteria below: I’m mostly considering funds based on my own needs, and the best funds for you, dear reader, may be different. Right now I have this RRSP, a TFSA, and a non-registered account. To make the most of my tax efficiency I need to hold bonds, US, and international equity in my RRSP. If you have questions about investing tax efficiency I recommend checking out Freedom Thirty Five’s blog post or Canadian Couch Potato. Here are the top 25 funds ranked according to their total return since inception. The first thing you should notice is that the top 13 funds are all less than 3.5 years old. Anything born after 2008 hasn’t lived through a market crash, and actually has been riding the 5 year bull market after said crash. So it’s really only fair to consider funds that lived through at least 1 crash. In my opinion the best performing fund is #15, Canadian Dividend. It has managed to hold onto over 10% annualized return despite living through the 20 crash. A MER of 1.76% is high, but much lower than all the funds surrounding it. Except maybe the O’Shaughnessy Canadian Equity fund, but that fund returned 2.5% less than Canadian Dividend. The other two funds that really catch my eye are #21 and #25. They have similar performance but 24 has a proven track record over the past 40 years. And remember that interest from bonds is taxed at your full income tax rate. Anyway the most interesting thing about this ranking is that the #2 spot goes to an . Bonds are more conservative, but I’m not totally dismissing them just because I’m young. Think about it, the fund that just sat and did nothing outperformed ALL of the actively managed funds except Life Science/tech. Most appealing in this section: Lets see who took advantage of the recent bull market best. And not by a little bit, but by nearly 4% every year over 5 years! It’s pretty clear that Life Sciences and Technology won that race, those sectors have been booming recently. Checking the calendar returns shows that in the past 10 years, the index fund RBF557 outperformed the nearly identical equity mutual fund RBF263 in 8/10 years. I kept finding this trend over and over comparing RBC index funds to their mutual fund counterparts. It’s clear that USA was the place to put your money over the past 5 years. All those purple global funds hold a large percentage in US stocks, which explains why they are also living large up top. The fund my money is currently riding on finally made an appearance in spot #19. It’s clear now that my money is better put elsewhere. Most appealing this section: To reiterate, this is from Jan 1st 2015 to July 31st 2015. Meaning it doesn’t include the massive losses we’ve seen in August. In fact international stock has topped out most of the US funds. And a quick check reveals that life sciences has dropped to the #4 position. Largely thanks to Japan because #24 there excludes Japan and look where it got them (24th place). And good old Emerging Markets Bonds made it into the top 25! Since the August shenanigans it has only dropped about 1%, which is what normally occurs with bonds during market crashes. Just for kicks I made this list up to 26 to include my old slacker friend Aggressive Growth. Well I don’t know about you guys, but I’m not sure I can stomach the -44% in 2013 even if I got back to back years of 65% returns. It seems other people have done a similar analysis to what I’ve done. Not pictured is most of the complete portfolio funds falling between rank 26 and 47 (out of 88 funds total) Mostly for fun, I’ll talk about some winners and losers in a few interesting categories. You did make up for it in 2013 with a 43.1% gain in one year. Canadian equity income came out of nowhere on this one! The thing about Life/Tech is that for 3 years it did basically nothing, then lost 29% in 2008. I am willing to bet that the reason there is so much yellow here is because RBC advisors recommend those most. However your compatriots made up for it in 2009 (and 2007? The top 4 in this list also correspond to the worst returns of any fund in all 10 years. Bonds are the way to save yourself in a market crash! After 4 years you are heavily in the red on this fund, do you realistically think you would have kept your money in what appeared to be a dying fund like that? Not that there’s anything wrong with any of these funds. For pure returns you can do better though based on everything that I’ve mentioned so far. It’s interesting to see that the #5 spot goes to a fund started only 6 years ago, compared to the second youngest fund being 22 years old. I assume that there was a big demand for a “very conservative” fund after the 2008 crash. It has performed well so far with its worst year being 2.5%. These are NOT ranked, they are ordered according to their tracking number. Speaking for myself, I plan to hold all my Canadian equity in my taxable account, and most of my international and US equity in my TFSA. My RRSP is going to be home for bonds and some more US equity. I included the Canadian and international equity funds just in case you feel like creating your own “balanced portfolio solution” instead of using RBCs prepackaged ones. This way you could decide exactly how much of each sector you wanted to invest. A possible portfolio might be: I hesitated including Canadian Dividend on this list because of how favorably dividends are taxed. Since the gains in your RRSP are all tax-free (sort of) you are better off keeping Canadian equity in a taxable account and saving tax-sheltered RRSP space for investments that are heavily taxed. Ultimately it’s more important to get started investing than it is to find the “perfect” investment. If you only have one of the prepackaged portfolio funds you’ll be fine. If you want to stretch your RRSP as far as you can you should start customizing your investments. Remember that a 0.2% higher return can get you an extra $25,000! This is a good time to mention that what you have read here or anywhere on this website is for educational purposes only and does not constitute professional financial advice. Do your own research and accept the consequences of your actions. I am not responsible for any financial losses that may result from you acting on the information you received by using this site. Once again, click the link below to download the file I used in my research (Don’t worry it’s clean). Or you can click here to be taken to the RBC webpage that should have the latest statistics on these funds. I’m changing three of my recommendations since I didn’t realize that I’m contradicting myself with the verdict above. RBC Mutual Fund Comparison excel file If you found anything else worth mentioning about these funds I’d love to hear about it. I should follow my own advice and not buy funds with a high MER. Here are the replacements: I left in RBF274 and RBF497 because I feel they are a good way to increase the risk (and hopefully reward) in a young person’s portfolio. They come at the cost of a higher MER, but RBC doesn’t offer any low cost index funds in these sectors. Like I mentioned above, in some rare cases a high MER can be justified if it’s the only way to get those returns. The four index funds are the same ones recommended by the Canadian Couch Potato. Rbc mutual fund rbc mission RBC Capital Markets, the broker-dealer for Royal Bank of Canada’s U. S. retail brokerage business, agreed to pay $3.88 million to settle charges that it recommended and sold classes of mutual. When you invest in a mutual fund, you're investing in a diversified portfolio of investments that can include stocks, bonds and cash. Save on Fees with Series D Mutual Funds. Series D is a lower fee mutual fund option designed for do-it-yourself investors that offers Professional money management. Investment minimums as low as $500. The SEC recently concluded a program allowing firms to come clean on past failures to disclose conflicts of interest related to mutual fund fees, but a new case that’s not part of the program shows the agency will continue to take action on the issue. The agency alleged the firm failed to disclose that it sold some brokerage customers more expensive classes of shares in mutual funds when less-costly shares in the same funds were available. “As a result of RBC’s failures, approximately 4,571 customer accounts paid a total of $2,607,676 in sales charges, ongoing fees, and other expenses,” the SEC said in a statement about its settlement with RBC, which neither admitted nor denied the charges. Law360 (April 27, 2020, PM EDT) -- RBC Capital Markets LLC will pay $3.8 million to end U. Securities and Exchange Commission allegations that the investment adviser failed to offer the best mutual fund share price available to some of its customers, the federal regulator said. The order states that RBC, the American subsidiary of the Royal Bank of Canada, will disgorge the $2.6 million it earned in connection with its alleged actions with prejudgment interest of $631,331. The adviser also owes a $650,000 fine, agreed to stop the problematic practice it's accused of, and will be censured by the regulator. In an administrative cease-and-desist order Friday, the... In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


Funds with some key metrics, such as their net assets under management (in millions), 1-year return, 1-year return rank in primary category, expense ratio, and primary manager tenure. The lower the 1-year return rank in the primary category the better. The table also includes the 5-year and 10-year returns ranks. The table below illustrates valuable information regarding the primary fund manager for RBC Global Asset Management. You can use this table to compare the performance of the funds with the tenure of each manager. In this table you will find short term historical return data, including 1-year returns and 3-year returns on RBC Global Asset Management. The table also includes the 1-year and 3-year returns ranks. This table presents long term historical returns data for RBC Global Asset Management. The manager with the longest tenure in each fund is considered the primary manager. is a company that sells mutual funds with $26,261M in assets under management. The average expense ratio from all mutual funds is 0.69%. And professional expertise when you invest in mutual funds. Whether you’re looking for equity, fixed income or money market mutual funds, it’s easy to find the best one to match your investment objectives. Choosing a mutual fund can seem like a daunting task. Thousands of funds exist, and the same fund can be available in more than one series with different fees or investment minimums. The matches you receive will be the lowest-cost versions available, including Series D funds wherever possible. Higher-priced versions of funds, the ones designed for financial advisors and their clients, are typically excluded. Mutual Fund companies may assess additional fees – for example, deferred sales charges on back-end load funds, early redemption fees, setup fees and charges for insufficient funds on pre-authorized purchases. Management fees and operating expenses are paid by the mutual fund. There may be trailing commissions associated with these mutual fund investments. There may be commissions, trailing commissions, management fees and expenses associated with mutual fund investments. Please read the prospectus or Fund Facts before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. For money market funds there can be no assurances that the fund will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment in the fund will be returned to you. Rbc mutual fund banque royale rdp The SEC recently concluded a program allowing firms to come clean on past failures to disclose conflicts of interest related to mutual fund fees, but a new case that’s not part of the program. Series A. No-load funds with low investment minimums typically $500 per fund. These funds pay management fees to RBC GAM. A portion of the management fee is paid by RBC GAM as a trailing commission to the dealer for investment advice and other services. RBC Capital Markets, the broker-dealer for Royal Bank of Canada’s U. S. retail brokerage business, agreed to pay $3.88 million to settle charges that it recommended and sold classes of mutual. A cookie is a small text file containing a unique identification number that a website sends to your computer's web browser. When you visit a website, a cookie may be used to track the activities of your browser as well as provide you with a consistent, more efficient experience. Cookies cannot view or retrieve data from other cookies, or capture files or information stored on your computer. Only the website that sends you cookies is able to read them. This website uses cookies to monitor and improve operations and functionality. These cookies do not contain personal or financial information. 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