Project Plan - RBC.docx - Project Plan- RBC Group #1...

Project Plan- RBC
Group #1
Problem Statement
How can RBC Wealth Management Canada acquire and retain HENRY customers? while facing
changes in demographic, economic uncertainties, and threat of innovative competitors?
New Key Issues (based on client)
1. Henrys Don’t know WHERE to invest (they have high income don’t know where to put it)?
2. Engaging HENRY demographic / they are currently not interested in traditional forms of
investing / looking for impactful products
3. Customer experience
a. UI / navigation ease of use - robo advisors more attractive
b. Pricing - RBC more expensive than robo advisers
Solution: Build relationships, millennial-centric products (impact invest, green stocks), tech infusion,
through business competence and technological innovations
Key Metric: / KPI / KRA: # of people/customers, relationships (Net Promoter Score)
What business are they in?
What are their goals and strategies? Is the company successful? Why?

Kick-off Meeting Questions for Client:
1. How big is the HENRY pie? (What % of WM rev comes from managing HENRY assets)
a. What is the targeted rev share?
2. Current strategies to target HENRY?
a. Passive investing vs active investing products
b. What is the HENRY key demographic?
3. Initiatives in pipeline?
a. Robo-advisory, AI/ML-based platforms? Or is advisory still a P2P process?
b. Apart from advisory, any other financial services/product ?
4. RBC wants to maintain its number one position in the market, so what makes RBC think it's
falling behind (profit lower, no new customer, .... ). What aspect of the current strategy might not
be effective anymore? Who does RBC think is catching up to them and what have they been
doing that is better than RBC?
a. Why are HENRY’s *not* investing enough?
5. What is the business model / fee structure for managing HENRY assets (%AUM or flat fee)?
6. How has/will the current economic downturn affect sales/acquisition of new clients?
7. What is HENRY's risk profile?
a. What are the most popular products amongst HENRYs? (Stocks, bonds, ETFs…)
8. Key competitors excluding Big 4 banks?
a. Betterment, Wealthfront, Charles Schwab, Vanguard?
b. Fintech Startups?
9. What kind of issues does RBC face when acquiring HNWI that might be translated to
HENRYs?