April 2016: People on the Move

Named RBC branch director of the year

B_POM_CyrilMouaikel_0416 WEBCyril Mouaikel, branch director for the Watertown office of RBC Wealth Management, was recently named Branch Director of the Year for RBC Wealth Management – U.S., CEO John Taft announced in a letter to clients. [Read more…]

Business of the Year award recipients honored by Watertown chamber

Krafft Cleaning services’ Lynn E. Krafft, left, and Justin Krafft receive the For Profit, Fifty or Fewer Employees Business of the Year Award Thursday from Kylie Peck, president of Greater Watertown-North Country Chamber of Commerce at Savory Downtown. Photo by Justin Sorensen, Watertown Daily Times.

Krafft Cleaning Services’ Lynn E. Krafft, left, and Justin Krafft receive the For Profit, Fifty or Fewer Employees Business of the Year Award Thursday from Kylie Peck, president of Greater Watertown-North Country Chamber of Commerce at Savory Downtown. Photo by Justin Sorensen, Watertown Daily Times.

With roots in the city that go back to 1915, RBC Wealth Management was among the 2015 Business of the Year award recipients honored Thursday by the Greater Watertown-North Country Chamber of Commerce. [Read more…]

February 2016: Business Briefcase

MILESTONES

Watertown Chamber names award winners

The Greater Watertown-North Country Chamber of Commerce recently announced recipients of 2015 Business of the Year awards. [Read more…]

September 2015 Feature Story: RBC Wealth Management

All eyes on the future

RBC Wealth Management-U.S. CEO John G. Taft, left, with Cyril Mouaikel, managing director-branch director of RBC’s Watertown branch, in Mr. Mouaikel’s new office atop Washington Street, Watertown. The investment advisory firm built a new branch office at 19485 U.S. Route 11, across from the CANI building in the new Washington Street Business Park under development by Purcell Construction Co. Photo by Justin Sorensen, NNY Business.

RBC Wealth Management-U.S. CEO John G. Taft, left, with Cyril Mouaikel, managing director-branch director of RBC’s Watertown branch, in Mr. Mouaikel’s new office atop Washington Street, Watertown. The investment advisory firm built a new branch office at 19485 U.S. Route 11, across from the CANI building in the new Washington Street Business Park under development by Purcell Construction Co. Photo by Justin Sorensen, NNY Business.

RBC’s Watertown branch digs in atop Washington Street

By Joleene Moody, NNY Business [Read more…]

September 2015 Business History: RBC Wealth Management

A century of service

Clockwise from above: Clients make their way to RBC Wealth Management’s new Watertown branch office during an open house last month. Photo by Justin Sorensen, NNY Business.

Clockwise from above: Clients make their way to RBC Wealth Management’s new Watertown branch office during an open house last month. Photo by Justin Sorensen, NNY Business.

Watertown investment firm traces roots to 1915

NNY Business

RBC Wealth Management’s Watertown branch traces its roots to October 1915 when the Wall Street brokerage firm Foster & Adams opened an office in the city. It is the oldest, continuously operating investment advisory firm in Watertown. [Read more…]

March 2015 What’s Happening Here: RBC Wealth Management

RBC Wealth Management

Photo by Justin Sorensen, NNY Business.

Photo by Justin Sorensen, NNY Business.

What: Professional office building [Read more…]

RBC Wealth Management Watertown branch to move to Washington Street Business Park

After 100 years in downtown Watertown, RBC Wealth Management is moving to a new 5,200-square-foot office building in the Washington Street Business Park on outer Washington Street across from the CANI building, 19742 Route 11.

Construction has already begun on the building and is scheduled to be completed by August 2015, according to branch director Cyril Mouaikel.

A ribbon-cutting ceremony is tentatively scheduled for Aug. 28 and RBC CEO John Taft is slated to be in attendance.

“We’re looking to have fun with this,” Mr. Mouaikel said. “It’s not every day you celebrate 100 years. We’re very excited because this sets us up for the next 100 years.”

The new building is being developed by KDM Alliance and Purcell Construction.

This year, the Watertown RBC branch, 111 Washington St., finished in the top 10 of all American branches in terms of productivity and investment, according to Mr. Mouaikel. There are between 150 and 160 RBC branches in the country, Mr. Mouaikel said.

RBC stands for Royal Bank of Canada. The brokerage firm now operating under the bank’s auspices was formerly known as Tucker Anthony. Before that, it was called Foster & Adams. It has been doing business in and around Public Square since the early decades of the 20th Century, according to Mr. Mouaikel, who first came to work at Tucker Anthony’s Watertown branch in 1978.

The RBC Wealth Management Watertown office employs six financial advisors, a senior investment associate and five senior support staff, Mr. Mouaikel said.

 

By Daniel Flatley, Times Staff Writer

Survey says: Back on top: J.D. Power ranks RBC Wealth Management No. 1 in satisfaction

Cyril Mouaikel, senior vice president and branch director for RBC Wealth Management’s Watertown office. Justin Sorensen/ NNY Business

Global investment house RBC Wealth Management, a firm with a Watertown branch, ranks highest in overall investor satisfaction, according to a 2013 study released last month by J.D. Power & Associates.

The study measures overall investor satisfaction in seven areas, in order of importance: investment advisor; investment performance; account information; account offerings; commissions and fees; website; and problem resolution. Overall investor satisfaction improved 14 points from 2012, to 789 on a 1,000-point scale, based on responses to the study from more than 4,750 investors who make some or all investment decisions with an investment advisor. RBC’s score is 820, while Fidelity Investment ranks second with a score of 810, and Edward Jones, which ranked the highest in 2012, ranks third with a score of 808.

The study also found that investors prefer a “collaborative relationship” with their investment firm and that communication is a key driver of investor satisfaction. Investors contacted 12 or more times a year gave their firms the highest ratings.

Cyril Mouaikel, senior vice president and branch director of RBC’s Watertown office, said that his firm’s service reflects the finding that excellent communication is essential. The branch has the unique characteristic that if a customer calls one person with a question or problem, that person is on the phone to fix it. RBC also does not use voicemail, for example, so messages from clients are returned on the same day when possible, or within 24 hours when not, Mr. Mouaikel said.

“Clients get information to the top right away,” Mr. Mouaikel said. “You can have excellent service, but if you’re not listening to customers, then what’s the point? Communication is key.”
Mr. Mouaikel added that RBC is “very proud” of J.D. Power’s recognition and that it is “great to see that our services our being appreciated.” RBC ranked eighth with a score of 770 in the 2012 study. It ranked first in 2011.

“We’re always at the top of the list,” Mr. Mouaikel said. “We got back to the position we were in.”

He added that while many other firms in the industry have cut staff and instated requirements on account minimums, his office has grown and created financial advisor “teams” to better serve customers.

“We enjoy client relationships of all size,” he said.

While some advisors are limiting practices to mutual funds and “pre-packaged annuities,” RBC still sees value in individual investments, “even if it requires more work and more attention,” Mr. Mouaikel said.

The study further found that while investor satisfaction and actual market performance have a high correlation, some firms have a lower satisfaction score than might be expected given market results. Two factors are responsible for the discrepancy between firms with high and low satisfaction: the person who investors credit with their investment performance and the relationship investors have with their advisor.

While communication is key, the type of communication matters as well, the study found. Firms should be aware that some investors want regular email updates, while some prefer a phone call or an in-person conversation, and others a combination of the three. Content of the communication also matters — investors want insights into stocks to watch and tips for savings, not just a check-in.

In addition to communication, the study found four characteristics that are key to investment performance satisfaction: Advisors who develop a financial plan that effectively incorporates risk and provide this plan in an easily understood form to investors; advisors who clearly communicate the reasons for investment performance and the firm’s fee structure; advisors who strive for an equal partnership with investors and make them feel involved in decisions; and advisors who define the appropriate level and method of contact that adequately addresses the needs of investors.

Going forward, RBC aims to keep improving, particularly with respect to listening to clients, Mr. Mouaikel said.

“Our service will decline if we don’t keep excelling so we can never sit on our laurels,” he said. “We welcome feedback and aim to continue anticipating the needs of customers.”

Leah Buletti is a staff writer for NNY magazines. Contact her at 661-2381 or lbuletti@wdt.net.