Updated Thursday, September 3, 2015 as of 8:53 AM ET

6 Questions for the CEO of RBC Wealth Management-U.S.

John Taft, CEO of RBC Wealth Management-U.S., recently sat down with On Wall Street on the sidelines of SIFMA’s Private Client Conference. Taft, a former chairman of SIFMA who currently oversees over 2,000 advisors at RBC, shared his insights on increasing regulatory scrutiny, the growing complexity of the marketplace and the role that leadership plays in wealth management firms.

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Comments (1)
John Taft has a daunting position, as a former SIFMA Chairman he forged the best interest of the brokerage industry which has opposed the acknowledgement and support of the fiduciary standing of the broker, while as CEO of RBC Wealth Management he must work to assure the professional standing of its brokers--mutually exclusive objectives.

The complexity the industry is largely self imposed by the industry's wish not to acknowledge or support fiduciary standing of the broker(based on non-negotiable fiduciary criteria of statute, case law and regulatory opinion letters)which has thwarted much needed modernity and innovation. Many brokers committed to serving the best interests of the investing public wonder when will the industry do the right thing and allow brokers to be accountable and responsible for their recommendations, not possible today in a brokerage format, prohibited by compliance protocol.

The elegantly simple and far less expensive solution is simply to acknowledge and support the expert fiduciary standing of the broker in the consumer's best interest. The only complexity is embracing the best interest of the investing public which is essential to restore the trust and confidence of the investing public.

Taft is correct it is a matter of leadership at the top.

Posted by Stephen W | Thursday, April 17 2014 at 9:33AM ET
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