Russell Mansfield, Senior Vice President & Branch Director, RBC Wealth Management

In an interview with Invest:, Russell Mansfield, senior vice president and branch director at RBC Wealth Management, discussed the recent achievements and strategic direction of the Charlotte branch. He highlighted the branch’s stability, significant milestones, and how it is adapting to evolving trends and economic conditions.

What were the significant milestones and achievements for the Charlotte branch of RBC Wealth Management over the last year?

We haven’t introduced new staff, but we haven’t lost anyone either. Our team has remained stable with 12 advisers in the Charlotte office, as well as managing branches in Greenville, South Carolina, and Hickory. Maintaining our team and support staff for 15 years is significant, especially in an industry with high turnover. Over half of our advisers have had record years, and we’re at an all-time high in terms of assets managed. This is consistent with trends across many money management firms, but it’s a testament to our ongoing success and stability. We’ve continued to grow and manage a record amount of assets over the past 12 to 18 months, and we believe we’re doing it well.

How has the economic environment, with rising interest rates and inflation, impacted your clients’ wealth management strategies?

There’s more concern than actual problems. We manage expectations and solve client issues, but much of the worry comes from what people read in the news. Inflation, although present, seems manageable and is starting to decrease. The economic conditions in Charlotte are strong — business is good, real estate is thriving, and people are making money. Nationally, we’re also in good shape, despite what the media portrays. A big part of our job is managing client expectations and keeping them focused on their goals. We do a lot of hand-holding to keep clients calm and reassured, especially during tough times.

Are there any key trends you’re seeing in the wealth management sphere, and how are you adapting to them?

One significant trend is the rise of younger investors who prefer managing their investments online. There’s a perception that financial advisers might become obsolete. However, I believe many people, especially as they grow older and accumulate more wealth, still seek professional advice. They want the reassurance that their investments are being managed properly. I often compare it to changing your oil — you can do it yourself, but many prefer to have a professional handle it to ensure it’s done right.

There’s also an increasing trend toward online financial planning and self-directed investing, particularly when the markets are performing well. However, we truly earn our keep during tough times, like during the COVID-19 pandemic, when we worked long hours to guide and reassure our clients. When the market is booming, people might not feel they need us, but during downturns, our expertise becomes invaluable. Just like people rely on doctors when they’re sick, they turn to us when the financial landscape is challenging.

How do you incorporate ESG into your wealth management practices?

At RBC, we are deeply committed to ESG principles. We have a dedicated department focused on ESG, both in our daily operations and in the investment portfolios we offer. Many clients are interested in ESG-focused investments, and we provide a variety of portfolios that cater to this demand, filtering out companies that don’t align with these values. Our U.S. headquarters in Minneapolis and our parent company in Toronto are both heavily invested in ESG initiatives.

We regularly include ESG topics in our meetings and training sessions. For instance, every manager’s meeting features presentations on ESG. Additionally, we offer continuous professional development opportunities related to ESG and other areas. These resources are available almost daily, providing training and updates on new products and financial planning skills. As a Certified Financial Planner, I am required to engage in continuing education, which I find valuable for staying current in the industry. RBC’s extensive training program ensures that all our advisers, regardless of their experience level, are well-equipped to meet the evolving needs of our clients.

What is RBC’s approach to diversity, equity, and inclusion?

RBC is very committed to diversity and inclusion. We actively encourage more women and minorities to join our industry. However, the financial advisory space, particularly in Charlotte, still lacks diversity — many advisers look like me: middle-aged white men. While we are making an effort, there’s still a long way to go. On a positive note, our research and product calls, as well as our executive board, reflect greater diversity. RBC is well-known for promoting inclusion, with many women in leadership roles. We’re committed to improving diversity, but there’s still significant work ahead.

What opportunities do you think Charlotte offers to a firm like yours?

Charlotte presents significant opportunities, particularly with its younger population. Most of my clients are pre-retirees or retirees, but we’re striving to connect with their children and grandchildren — the next generation who will inherit wealth. Additionally, Charlotte is experiencing a substantial influx of people from other areas, drawn by its reputation as a great place to live. This migration brings opportunities to assist newcomers with their financial planning needs. Many are moving here without prior family connections, seeking local advisers to replace those they had in other states.

The city’s growth is evident in its bustling traffic, crowded restaurants, and busy shopping malls. While some may see these as inconveniences, I view them as indicators of economic vitality and opportunity. I prefer living in a place where people are moving to rather than from. This growth represents a significant chance for us at RBC and other firms to expand our client base and help new residents with their financial needs.

What are your top priorities and goals for RBC over the next few years?

One of my primary goals is to add a few more advisers to our team. We currently have 12 advisers, and I would like to increase that to around 15 to 18. We have the physical space in our office, located near South Park Mall, to accommodate this growth. However, we are selective in our hiring, aiming to bring in the right people who align with our values and goals. Additionally, we’re considering expanding into areas like Lake Norman if it makes sense strategically.

Another important focus is attracting younger advisers. We need individuals in their 30s who are eager to work hard, develop their own businesses, and eventually take over from us when we retire. This infusion of younger talent will bring fresh perspectives and ensure the continuity of our services.

I believe RBC has a unique offering in the wealth management industry. While we provide the global access and resources of a large firm, we maintain a close-knit, family-like atmosphere. With only about 2,000 advisers nationwide, compared to the much larger numbers at other firms, we can offer a more personalized and welcoming environment. Many of our clients are good friends, and our office often feels like a community hub, where people know each other and feel at home.