RBC Private Counsel (USA)

It operates as a division within RBC Wealth Management-US, itself part of Royal Bank of Canada, a globally systemically important bank. This structure allows the private counsel group to offer bank lending, custody and institutional investment access that independent multi-family offices typically source from third parties. The model functions more like a bank-integrated multi-family office than an autonomous single-family office.

The firm relies primarily on an open-architecture manager-selection platform, vetting and allocating to third-party private equity, private credit, hedge fund and real estate funds. It does not typically operate large in-house direct-investment teams but can co-invest or structure direct deals using RBC's capital markets desk for custom transactions. This sourcing model positions RBC as a gatekeeper and allocator rather than a proprietary deal sponsor.

RBC Private Counsel extends securities-based lending, art-backed loans, mortgages, aircraft financing and commercial credit lines through the parent bank's balance sheet. For UHNW clients with concentrated stock positions, the group structures lending arrangements that preserve equity upside while generating liquidity. These lending capabilities are core to the value proposition and a structural differentiator from non-bank multi-family offices.

The primary client base is US-domiciled, but the practice has substantial cross-border expertise, especially for families with both US and Canadian interests. Following RBC's 2023 acquisition of HSBC Canada, the platform gained additional cross-border assets and deepened its ability to manage dual-jurisdiction planning. For non-North American clients, RBC typically routes relationships through other international wealth-management hubs.

Portfolio construction and manager selection are handled by RBC Wealth Management's centralized investment team, though individual private counsel advisors shape asset allocations based on each family's specific liquidity, tax and estate-planning needs. The firm publicly identifies its US wealth management chief executive, but day-to-day investment committee members are typically not promoted as named principals in the way a boutique multi-family office would feature a CIO.

The group provides donor-advised funds and grant-making administration through the RBC Foundation and related charitable vehicles. These structures allow families to separate philanthropic capital from core investment assets while retaining advisory input. The foundation platform also supports multi-generational giving strategies common among its UHNW clientele.

RBC does not break out assets under advisement for the private counsel unit individually; only aggregate RBC Wealth Management-US assets are reported publicly. As of late 2023, RBC Wealth Management-US managed roughly $500 billion in total client assets, with the private counsel group representing the ultra-high-net-worth subset of that figure. Because the unit is integrated into the larger wealth division, a standalone AUM number is not available.