RBC hires another Fidelity alumnus to boost its RIA unit's sales
Sanjeev Rajput has 'hit the ground running'
3 min read- RBC hires Sanjeev Rajput, former Fidelity VP, to bolster RIA sales efforts.
- Rajput's West Coast presence and experience aim to accelerate RBC's growth.
- RBC emphasizes commitment to attracting top advisors with sophisticated platforms.
Brooke’s Note: We watch the young RIA custody effort of RBC Advisor Services closely. It has a number of interesting qualities – the sheer size and quality of its mother institution, the chunk of big advisory business and service personnel it pulled over from JPMorgan (the old Bear Stearns RIA unit) and its ability to bring full service-style services (from RBC Wealth Management) like capital markets to RIAs without sweating channel conflicts. Then there’s the quality most often mentioned by RIAs themselves — that it has a Midwestern likeability. In other words, the company has the feel of an organization that is competent, rich and different enough to chip away at the oligopolistic hold of Pershing, Schwab, Fidelity and TD Ameritrade. But what it seems to have lacked is a sales spark – or in business-speak, results. Its hire here of a known West Coast talent may signal that it has moved on toward this stage in its development.
RBC Advisor Services has hired Sanjeev Rajput to shake up its sales efforts and the company says that he has hit the ground running.
The former Fidelity vice president of institutional sales was brought on a couple of months ago and he’s already working his magic, according to Craig Gordon, director of RBC correspondent and advisor services.
Royal Bank of Canada is hustling to become an RIA custody force
Sixty-two days
“He’s been aboard 62 days and we’ve got several opportunities in the final stages. Clearing and custody is known for a long sales cycle because advisors and broker-dealers don’t change (providers) that often and we’ve got (several prospects in decision-making mode).
Story Timeline
Rajput is located In Newport Beach and before that he worked for Pershing from San Francisco and was a trust officer at The Northern Trust Company. He is particularly valuable for RBC because he knows both the broker-dealer and advisory business from these last two stops on his career track, Gordon says.
“He’s a known person on the West Coast.” He adds that Rajput’s hire augments the sales effort of another former Fidelity talent, Dan Cronin, who handles business on the East Coast.
Dan Cronin jumps from key RIA role at RBC to a new spot at BNY Mellon Investment Management
Gordon says, Rajput aside, his company has enjoyed some successes lately including a breakaway from Piper Jaffray that brought over $250 million.
“Sanjeev’s deep experience in working with registered investment advisors, particularly within the high-net-worth market, reinforces our commitment to connecting with top-notch advisors and providing them with a sophisticated platform that supports their growth.”
Promise
He sees promise in working for RBC.
“RBC has the reputation and legacy of providing sophisticated financial solutions,” Rajput says in a release.
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