RBC Wealth Management has named Catie Tobin chief administrative officer of its RBC Correspondent and Advisor Services unit. Tobin will oversee clearing, custodian, brokerage and wealth management services for registered investment advisors.
Tobin, who currently heads business development, will replace Mike Kavanagh when he retires at the end of the year. Kavanagh is a 25-year veteran of the firm.
Tobin said in an interview Wednesday that under her leadership the unit would capitalize on the growth in popularity among advisors of the independent channel. She aims grow the firm’s advisor client base by adding products and services that will aid advisors in financial, trust and estate planning as well as some credit lending.
“We’re looking for advisors who are a strategic fit for us,” she said. “We want lead advisors who work in the high-net-worth marketplace.” RBC currently counts 85 RIAs and 110 independent broker-dealers as clients.
Tobin anticipates her business will also get a boost from RBC’s U.S. CEO John Taft, who is the chair-elect of f the Securities Industry and Financial Markets Association (SIFMA) this year. “We have a front-row seat on regulatory reform,” Tobin said. “With fiduciary care at issue, we’re at an advantage because [Taft] is at the forefront as chair of SIFMA.”
It won’t be easy, though. Tobin conceded that RBC is far from the only firm targeting the RIA market. “We compete with anyone vying for the independent channel,” she said.