RBC global asset management Guide 2022

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RBC life Insurance is a brand name for all insurance operating entities of the Royal Bank of Canada. It is one of Canada’s most trusted insurance providers. If so, you may be wondering if RBC is a good option. In this post, we’ll take a look at what RBC offers and compare it to some of the other options out there.

By the end, you should have a good idea of whether or not RBC is right for you.

Strong FinanciallyMight be expensive for smokers
Competitive RatesNo digital policy option
Pick your own term — 10, 15, 20, 30, or 40 years (and anything in between)
Wide range of life insurance products

Who is RBC Insurance?

RBC Insurance is the brand name for the insurance operating entities of Royal Bank of Canada, Canada’s biggest bank, and one of the largest in the world based on market capitalization.

.RBC Insurance is the single largest bank-owned insurance provider in Canada, with roughly 2,500 employees and more than four million customers worldwide.

RBC Facts & Financial Information

The Facts

Founded in 1864

Headquartered in Downtown, Toronto, ON

Financial Information

$15 billion in Financial Assets

~$ 4 billion in annual insurance premiums

When purchasing insurance, the majority of people place the greatest importance on cost. Although it makes sense, that is not the only factor to consider. For instance, the financial stability of an insurer is crucial. This metric illustrates the insurer’s capacity to honor its agreements and policies. Here, a high rating is crucial. Otherwise, when your loved ones go to make a claim, they might discover that the insurance company no longer exists.

On this count, RBC Insurance gives you peace of mind. AM Best, a credit rating company that specializes in the insurance sector, gave the insurer an A rating (Excellent). This means that when the time comes—20, 30, or even 50 years from now—you can rely on RBC’s insurance to deliver your policy pay-out.

  • Is RBC Insurance owned by RBC?

RBC Insurance is the brand name for the insurance operating entities of the Royal Bank of Canada. Among the largest Canadian bank-owned insurance organizations, RBC Insurance has approximately 2,900 employees who serve more than five million clients globally.

RBC Life Insurance Reviews

RBC Life Insurance Review:

Customer Complaints: 1.6 / 5 based on Insureye Reviews and Google Reviews

Dundaslife.com Rating: 4.0 / 5 stars ★★★★

To learn more about an insurer’s customer service, many people read online reviews on sites like Google Reviews and Insureye.

The fact is that these platforms might not always be able to provide a complete picture.

The majority of the time, people use these platforms to voice their dissatisfaction with an experience. Since they received the expected level of service, you are less likely to hear from someone who has a positive experience.

However, if a customer has a poor experience working with the insurer’s customer service staff, they are more likely to post a review because they did not receive the level of service they were expecting. Sometimes, small administrative mistakes can result in a poor rating, but this does not automatically imply that the insurance provider is bad overall.

Regrettably, RBC’s ratings on Insureye and Google Reviews do not inspire much confidence. The evaluation results for RBC Insurance are 1.6 and 1.7 (out of 5), respectively.

Products and Features

YourTerm Life Insurance

With this product, RBC offers its most popular option, applicants can select any term between 10 and 40 years. Canadians who want term life insurance for a set period of time can use your term. The length of the policy term will affect the premium rate. The premium increases with the length of the policy.

All those who require a term life policy for a specific period of time—until they pay off their mortgage, their children become financially independent, or they retire—might find this product useful. Take a 21-year YourTerm policy from RBC Insurance, for instance, to cover the remaining 21 years of your home loan. Your family can utilize the in the event that you pass away during this time.

A single-life or two lives can be covered by a YourTerm policy (that is, as a joint first-to-die policy). Two lives are covered by a first-to-die policy, but only one death results in payment. To be eligible, you’ll probably need to complete a medical exam and a health questionnaire.

Main features:

  • Coverage Amount Available: $1,000,001 – $25,000,000
  • Flexible: Pick any policy term from 10 to 40 years
  • Convertible: Convert your term life policy to a permanent one without submitting proof of insurability
  • Exchangeable: Exchange a 10-year term policy for a longer-term policy (like 15 or 20 years) without a medical exam

Simplified Term Life Insurance

Main features:

  • Coverage Amount Available: $1,000,000 or less
  • Flexible: Pick any policy term from 10 to 40 years
  • Convertible: Convert your term life policy to a permanent one without submitting proof of insurability
  • Exchangeable: Exchange a 10-year term policy for a long term policy (like 15 or 20 years) without a medical exam
  • 30-Day Review Period: You get a full refund if you cancel your policy within the first 30 days
  • Accidental Death Benefit: Your beneficiary gets an additional death benefit if your death occurs as the result of a covered accident

RBC Life Insurance Provides Additional Insurance Coverage

Whole Life Insurance

RBC Insurance offers eligible Canadians participating whole life insurance. Specifically, a whole life insurance policy that allows you to receive dividends. The policy can be purchased to cover one or two lives.

Main Features

  • Security for Life: The policy lasts as long as you do
  • Dividend: Four different options for receiving dividends
  • Coverage Amount Available: $25,000 to $25,000,000
  • Juvenile Guaranteed Insurability Benefit: In case you purchase a policy for a child, they can buy additional coverage when they turn 18 without a medical exam

Permanent Life Insurance

In addition to whole life insurance, RBC Insurance also provides Guaranteed Acceptance Life Insurance and Term 100 Life Insurance. Both policies are lifetime contracts that do not accrue cash value.

Guaranteed Acceptance Life Insurance

This is a good choice for Canadians looking for a life insurance policy to pay for their final expenses, especially if their age or health make it impossible for them to obtain a standard policy. As long as you meet the age requirements, you can apply without having to undergo a medical exam.

RBC Term Life Insurance Rates

A term life insurance policy is a wise choice for the majority of people. It is inexpensive and simple to comprehend. To find out how much RBC Insurance would cost, we requested quotes.

Here are the monthly premium costs for healthy, non-smoking, male and female applicants of various ages. These prices represent a $400,000 policy with a 20-year term.

65Contact Us for OptionsContact Us for Options

2. RBC InvestEase

According to our in-depth research, RBC InvestEase is the best robot-advisor service provided by the major Canadian banks. In terms of fees, investment options, and design, it compares favorably to the best robot advisors in Canada. For investors who want to reduce fees while also keeping their portfolio with a large bank, RBC InvestEase is a clear winner.

About RBC InvestEase

Between RBC’s full-service mutual fund lineup and its self-directed RBC Direct Investing platform for do-it-yourself investors, RBC InvestEase fits in perfectly. With the strength and security of a large bank behind it, RBC InvestEase not only offers RBC clients a great way to reduce fees and grow their portfolios, but it also competes with the country’s top Robo-advisors. In fact, they charge the same annual fees as Canada’s top Robo-advisor,

As an investor, all you have to do is select your account type and add funds to your account; you only need $100 to get started. Next, RBC InvestEase makes a personalized recommendation for the best investment strategy for you. Accredited portfolio advisors will then invest your money on your behalf in a portfolio of carefully chosen ETFs, monitor your investments, and rebalance your money as needed to keep you on track.

If you are an existing client of RBC, there are additional benefits. In order to view all of your accounts in one location without using another app on your phone, InvestEase, for instance, is fully integrated into the RBC Mobile app and RBC Online Banking. Instant transfers from your bank account to your investment are also advantageous to you.

RBC InvestEase Features

Minimum investment$0 to open (Invested at $100+)
AccountsRRSP, TFSA, Non-registered
Tax loss HarvestingNo
Portfolio re-balancingYes
Automatic depositsYes
Advice TypeAccess to RBC portfolio advisors by phone or by email
Fractional sharesNo
Responsible investingYes
AccessRBC Online Banking
Transfer feesCovers transfer fees on all transfers above $1000
Customer ServiceGood. Live access to accredited portfolio advisors from 8am to 8pm ET.

Best-in-Class Investments: The most extensive ETF selection in Canada, RBC iShares ETFs, are used to build RBC InvestEase portfolios. With about $60 billion in assets under management, it manages a total of 150 ETFs.

RBC’s Reliability and Security: Unlike the majority of robo-advisors, which are start-ups that have only recently begun operations, RBC InvestEase is supported by RBC, Canada’s largest bank by market capitalization and a company that has been around for more than 150 years.

Portfolios for responsible investing are created by RBC Invest Ease using passive exchange-traded funds (ETFs) from RBC iShares, which combine conventional investment strategies with environmental, social, and governance (ESG) considerations. The Responsible Investing ETFs from RBC iShares are screened to keep out businesses related to tobacco, contentious weapons, and firearms for civilian use.

RBC InvestEase portfolio advisors will automatically rebalance your portfolio if it becomes out of balance due to having too much of one asset class or too little of another by buying or selling the necessary (ETF) units to return you to your initial target allocation. Rebalancing aids in ensuring that your portfolio adheres to your goals.

Professional (Human) Advice: RBC InvestEase customers can reach a group of certified Portfolio Advisors by dialing 1-800-769-2531 from 8 am to 8 pm ET during regular business hours.

  • RBC InvestEase Fees

The annual management fee for RBC InvestEase clients is 0.50 percent plus applicable sales tax, which is billed on a monthly basis based on the average assets under management for your account. Both a Standard Portfolio and a Responsible Investing Portfolio have the same management fee.

The weighted average management expense ratio (MER) of the ETFs held in your portfolio, as is the case with all robo-advisors, makes up the subsequent layer of fees. Depending on the asset allocation you have set up, the ETF MERs for the Standard Portfolio range from 0.11 percent to 0.22 percent. With MERs ranging from 0.18 percent to 0.30 percent, the Responsible Investing Portfolio has access to a number of ETFs.

Customers of RBC InvestEase pay an annual management fee of 0.50 percent plus applicable sales tax, which is based on the typical assets under management for your account and is billed on a monthly basis. The management fee for a Standard Portfolio and a Responsible Investing Portfolio is the same.

The next level of fees is determined by the weighted average management expense ratio (MER) of the ETFs held in your portfolio, as is the case with all robo-advisors. The ETF MERs for the Standard Portfolio range from 0.11 percent to 0.22 percent, depending on the asset mix you have chosen. The Responsible Investing Portfolio has access to a number of ETFs with MERs ranging from 0.18 percent to 0.30 percent.

  • RBC InvestEase’s Investing Model

RBC InvestEase markets itself as an easy-to-use, automated investing platform that doesn’t require any prior investing knowledge. The ETFs that are suggested for your portfolio are determined by the answers you provide to a brief online survey. A different portfolio recommendation will be given to someone investing for retirement with 30 years to save than to someone investing for a down payment on a house who needs the money in five years.

Blackrock iShares ETFs are used to construct their portfolios. When RBC InvestEase first debuted, RBC Global Asset Management was the only provider of ETFs available. RBC and iShares formed a strategic partnership in the beginning of 2019, managing assets worth about $60 billion across more than 150 ETFs.

ETFs are used by RBC InvestEase because they provide diversification across asset classes, market sectors, industries, and geographical regions. They charge less in fees than mutual funds and provide liquidity, making it simple to buy and sell them on the market.

Your money is invested in a portfolio of low-cost ETFs and cash. To meet your goals, your investment portfolio will hold a diverse mix of asset classes. You can hold your investment portfolio in a TFSA, RRSP, or non-registered account.

  • How Does RBC Invest Ease Compare?

First, as the only other major Canadian bank with a robo-advisor platform, RBC InvestEase beats BMO SmartFolio. Due to its strategic partnership with iShares and lower fees, RBC InvestEase now offers a broad selection of ETFs from which to construct portfolios.

For investors with less than $100,000 to invest, RBC InvestEase’s fees of 0.50 percent plus a very reasonable MER of 0.11 percent to 0.22 percent are comparable. The distinction is that RBC InvestEase charges a flat 0.50 percent management fee for every client and does not provide discounts for investors with larger accounts.

RBC InvestEase’s 0.50 percent fees and a very reasonable MER of 0.11 percent to 0.22 percent are comparable for investors with less than $100,000 to invest. The difference is that RBC InvestEase does not offer discounts to investors with larger accounts and instead charges a flat 0.50 percent management fee for each client.

RBC InvestEase offers two portfolio options: the Standard Portfolio and the Responsible Investing Portfolio.

Portfolio Options

  • The Standard Portfolio

The Standard Portfolio is suitable for investors who want to meet their objectives while paying as little in fees as possible. Here is a list of what it contains:

  • lobally diversified and built with low-cost, passive ETFs
  • Low fees (management fee of just 0.5% per year on your investment balance, plus a weighted average MER of 0.11%-0.22%)
  • Professionally rebalanced and managed by RBC InvestEase

Your risk tolerance, prior investment experience, and time horizon will all be taken into account when determining the precise asset mix. What is certain is that your investment portfolio will consist of a combination of fixed income, equity, and cash to meet your financial objectives and risk tolerance. The following ETFs are used in the Standard Portfolios:

  • iShares Core Canadian Short-Term Bond Index ETF
  • iShares Core Canadian Universe Bond Index ETF
  • iShares Global Government Bond Index ETF (CAD-Hedged)
  • iShares Core S&P/TSX Capped Composite Index ETF
  • iShares Core S&P 500 Index ETF
  • iShares Core MSCI EAFE IMI Index ETF
  • iShares Core MSCI Emerging Markets IMI Index ETF

The Responsible Investing Portfolio

Investors who want to reach their long-term objectives and have a positive impact on the world should consider the Responsible Investing Portfolio. Its foundation is as follows:

  • globally diversified and built with low-cost, passive ETFs with an in-depth environmental, social, and governance (ESG) integrated assessment
  • Excludes companies involved in tobacco, controversial weapons, civilian firearms, and other companies involved in severe controversies
  • Low fees (management fee of just 0.5% per year on your investment balance, plus a weighted average MER of 0.18%-0.30%)
  • Professionally rebalanced and managed by RBC InvestEase

Here are the ETFs used in the Responsible Investing Portfolios:

  • iShares ESG Canadian Short-Term Bond Index ETF
  • iShares ESG Canadian Aggregate Bond Index ETF
  • iShares Global Government Bond Index ETF (CAD-Hedged)
  • iShares ESG MSCI Canada Index ETF
  • iShares ESG MSCI USA Index ETF
  • iShares ESG MSCI EAFE Index ETF
  • iShares ESG MSCI Emerging Markets Index ETF

Even though it might seem like there are only two portfolio options, RBC InvestEase customizes each portfolio based on the investor’s objectives, time horizon, risk tolerance, and investing expertise. The end result is a portfolio that consists of a variety of the aforementioned ETFs in various weightings and combinations depending on the client’s profile.

Sign-Up Process

Here are the criteria needed for you to open an RBC InvestEase account:

  • You are a resident in Canada
  • You’ve reached the age of majority in your province/territory of residence
  • You have a Social Insurance Number that starts with a number from 1 to 7
  • You are opening this account on your own behalf and are not a General Power of Attorney, Public Trust or third party
  • You’re the only person with a financial interest in and exerting control over the assets in this account

RBC InvestEase’s sign-up procedure was incredibly quick and easy. Start by completing a brief questionnaire with your age and investment objectives (retirement, a major purchase, the future). Then decide whether you’re a novice investor, a financial advisor-acquired investor, or a self-directed investor.

The next step is to respond to a question about your investing experience, including whether you’re new to it or have been doing it for some time. Describe how frequently you fund your account and your investment plans.

3.RBC PayEdge

RBC PayEdge is an innovative platform that automates payments to suppliers by integrating with your accounts payable system. Enabling seamless payment and reconciliation, businesses of all sizes can save time and money, whether or not they’re RBC banking clients. With funds easily accessed from any Canadian bank account or credit card, RBC PayEdge makes it easy to pay suppliers anywhere.

  • How does RBC PayEdge work?

RBC PayEdge is an innovative platform that automates payments to suppliers by integrating with your accounts payable system. Enabling seamless payment and reconciliation, businesses of all sizes can save time and money, whether or not they’re RBC banking clients.

  • Why Choose RBC PayEdge?

Fast & Easy Payments

Combine multiple funding sources from any Canadian bank or credit union and credit card to make supplier payments, with same-day or next-day payment options.

Every Bank. Every Credit Union and Credit Cards.

Unlock new funding sources and pay suppliers in more ways by connecting multiple bank accounts or credit cards from any Canadian financial institution to make payments.

Empower Your Suppliers

Provide your suppliers with better remittance information and increase the adoption of electronic payments. Our supplier database contains hundreds of thousands of suppliers, with each one’s preferred electronic payment type.

Pay Suppliers Globally

No matter where you need to send money to your suppliers, RBC PayEdge makes the foreign exchange and global payments easy with access to over 130 countries in more than 100 currencies.

RBC PayEdge Works For You

Refine your workflow and free up precious time spent on manual processes and reconciliation by automating tedious repetitive tasks. Pay your entire list of suppliers with ease.

Integrated For Business

With seamless integration by connecting to QuickBooks, Sage, Xero, and others, RBC PayEdge delivers more efficiency by bringing your payments workflow into one place. Businesses can also connect through API and Secure File Transfer Protocol (SFTP) for easy integration.

How do I get my free $60 from RBC?

Get $60 when you open an RBC bank account for students 1

  1. Open an RBC Advantage Banking account for students2
  2. Use your new RBC bank account to complete 2 of the following transactions by June 17, 2022: Mobile cheque deposit. …
  3. We will deposit your cash into your new RBC bank account.

What is the RBC transaction fee?

Assisted Transactions Cheques / In-branch bill payments/transfers/withdrawals$1.50 each$1.50 each
Electronic/Self-serve Transactions RBC ATM withdrawals/transfers/bill payments/ Online & Telephone Banking transfers/payments/PAPs/IDP purchases$1.00 each$1.25 each
Interac ATM withdrawal at non-RBC ATM in Canada$1.50$2.00

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