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Best Wealth Management Banks In Canada

Best Wealth Management Banks In Canada

If you are looking to invest as an expat or high-net-worth individual, which is what I specialize in, you can email me (advice@adamfayed.com) or use WhatsApp (+44-7393-450-837).

Introduction

Here are the best wealth management banks in Canada for high-net-worth individuals living in the country.

A prestigious service provided by banks to customers with high net worth is private banking which includes wealth management.

With private banking, one person—your dedicated private banker—replaces the conventional bank branch system. Your main point of contact with them will be for anything from paying a bill to specialized credit solutions.

Major Canadian banks’ private banking offerings are very similar. If your financial situation is extremely complicated, private banking may be worthwhile even though it is offered at high costs.

Three client groups are typically serviced by Canadian private bankers within the private banking offer:

  • Regular high-net-worth individuals, up to a $5M net worth
  • Very high-net-worth, between $5M and $30M net worth
  • Ultra high-net-worth, above $30M net worth

7 Best Wealth Management Banks in Canada

1. Royal Bank of Canada (RBC) Private Banking & Wealth Management

The Royal Bank of Canada was started in 1864 and has its main offices in Toronto. RBC offers services through the following five divisions: Investor and Treasury Services, Capital Markets, Personal and Commercial Banking, Wealth Management.

The bank currently serves 16 million customers and has a workforce of about 84,000.

For those with a minimum of $1 million in investable assets or $3 million in net worth, RBC offers private banking. It is one of the best wealth management banks in Canada.

Cash management, credit and lending, as well as cross-border banking, are all offered by RBC’s private banking.

RBC offers a wide range of services in the area of financial planning, whether you use a dedicated private banker or a member of their network of advisors.

2. Canadian Imperial Bank of Commerce (CIBC) Private Wealth Management

Toronto is home to CIBC, which was established in 1867. Retail and Business Banking, Wealth Management, and Capital Markets are the three strategic business units through which the bank conducts its operations.

According to Bloomberg Markets magazine, CIBC is the third-strongest bank in the world, making it also as one of the best wealth management banks in Canada. It can be found in America, the Caribbean, Asia, and Europe. At the moment, the bank has 43,890 employees.

The minimum requirements for CIBC’s offer are not specified on its private banking website, but one can anticipate that they are comparable to those of RBC.

Cash management, investments, credit and lending, and wealth planning are all part of CIBC’s offer.

The majority of the offerings mention introductions to particular people other than the private banker, like estate planning experts for insurance (under financial planning).

Best Wealth Management Banks In Canada
CIBC. Photo from Benefits Canada.

3. Bank of Montreal (BMO) Private Banking & Wealth Management Services

One of Canada’s top five banks and one of the best wealth management banks in Canada, Bank of Montreal was established in 1817. Currently, the bank serves about 12 million customers and has a workforce of over 45,000 employees. It offers goods and services in retail banking, wealth management, and investment banking.

The private wealth page of BMO is linked to its private banking online resources. Although BMO does not specify any minimum standards for private banking, they are probably comparable to RBC’s.

The private banking offerings from CIBC and RBC are likely nearly identical to those from BMO in terms of services offered.

The best private bank in Canada for 2020 and the best private bank between 2011 and 2022, according to the World Finance Banking Awards, were both given to BMO’s private banking.

4. Toronto-Dominion Bank (TD) Private Wealth Management

In Canada, the US, and a number of other nations, Toronto-Dominion Bank offers both personal and business banking goods and services.

With 1,150 branches, the bank employs about 90,000 people and serves 11 million customers.

According to TD’s private banking website, customers with investable assets of at least $750,000 are eligible for the bank’s services (with TD). This is considerably less than TD’s competing banks.

Liquidity, deposit solutions, payment solutions, and services for business owners are the main areas of focus for TD Private Banking.

TD’s private banking offers referral-based wealth planning, estate planning, and investment management services. This is why TD is one of the best wealth management banks in Canada.

Best Wealth Management Banks In Canada
Toronto-Dominion Bank. Photo from CNBC.

5. Bank of Nova Scotia (Scotiabank) Private Banking & Wealth Management

The province of Nova Scotia’s capital city of Halifax is home to Scotiabank, which was founded there in 1832.

The bank engages in corporate and investment banking, wealth management, and personal and commercial banking. Serving 23 million customers across 55 countries, it currently has a workforce of about 90,000.

Similar features to those of the other banks are available in Scotiabank’s private banking. When you sign up, you receive 10,000 Scene+ points as well as access to Scotiabank Pursuits, a concierge and travel management service, which are a couple of the unique features.

Inputs from tax and investment advisors are mentioned in Scotiabank’s Total Wealth Credit Solution.

Global Finance has also recognized Scotiabank as the best private bank worldwide for a net worth between $1 million and $24.9 million. It has also named Scotiabank the best private bank in Canada.

6. Desjardins Group Private Wealth Management

The largest cooperative group bank in Canada, Desjardins Group, was founded in 1900. It is one of the best wealth management banks in Canada.

Desjardins operates in 30 countries and serves more than 7 million members and clients. Wealth Management and Life and Health Insurance, Property and Casualty Insurance, Personal Services, and Business Services make up its four business segments.

The organization has locations in Ontario and Quebec and over 50,000 employees.

Best Wealth Management Banks In Canada
Desjardins Bank. Photo from Desjardins Bank.

7. HSBC Bank of Canada Wealth Management

HSBC Bank of Canada, a division of HSBC Holding PLC, is headquartered in Vancouver and conducts business through three divisions: commercial banking, global banking and markets, and retail banking and wealth management.

It is the ninth-largest bank in Canada and employs about 6,000 people.

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