RBC Benefits FAQ
- As an educational standard-setting organization, why is the Royal College working with a financial institution?
The Royal College’s primary business is, and remains, the setting of standards for postgraduate medical education and lifelong learning, accreditation, examinations and professional development support. We have heard consistently from our Fellows that they are seeking more value from the Royal College and are looking for additional services and support. The relationship with RBC is an example of our ongoing efforts to provide increased value to members.
- How much funding did the Royal College receive from RBC as part of this agreement?
The Royal College and RBC have entered into a multi-year relationship which includes funding of just over $2 million. The significant majority of these funds will support educational initiatives including unrestricted educational grants and conference sponsorships. The balance will support resident, medical student, and Fellow outreach activities. None of the funding is contingent on members’ participation in an RBC program.
- How much influence does RBC have on educational content funded through the agreement?
For accredited activities funded under the agreement, all CPD accreditation standards will be vigorously maintained. Accredited activities are supported through an unrestricted grant; all content and planning will be made without RBC involvement. Some activities in the agreement related to business training opportunities are unaccredited and will be offered by RBC directly.
- As an existing RBC client, can I take advantage of this Royal College offer?
If you are already an RBC Private Banking client, talk to your private banker to discuss enrolment and eligibility to have your standard monthly fees rebated. If you are an RBC client but not managed by Private Banking, please use the enrolment form on the RBC website to change your current banking relationship to RBC Private Banking. Enrolment in the RBC Healthcare Advantage Private Banking Plan for Royal College members is optional. Existing RBC clients can learn more about the offering and registration process at rbc.com/royalcollege or by speaking with their existing RBC advisor.
- In general, what is RBC Private Banking?
RBC Private Banking is a personalized service where your RBC Private Banking team will take the time to get to know you, your family and your goals. A Private Banking team will then work with you one-on-one, drawing on the full resources of RBC to implement a comprehensive wealth plan for your personal and professional financial affairs, and provide convenient banking and sophisticated credit solutions. You can find out more about Private Banking by visiting RBC’s website.
- What do I maintain eligibility for the RBC Private Banking services?
The RBC Healthcare Advantage Private Banking Plan offer is available to Royal College Fellows and Resident Affiliates who maintain an active membership with the Royal College and meet certain conditions. For full details on eligibility requirements and conditions, visit rbc.com/royalcollege
- What does the sign-up process for RBC Private Banking services entail?
To sign up for the RBC Healthcare Advantage Private Banking Plan, please submit a registration form on the RBC website. A Private Banker will contact you to set up a meeting to learn more about you and your family to understand your financial needs. Meetings can be conducted virtually or in-person. RBC can also verify your identification and have you sign most documents electronically. Some additional documents may be requested, including a personal statement of affairs, a copy of your tax returns or proof of income statements.
- Who is eligible for the Private Banking service offering?
The RBC Healthcare Advantage Private Banking Plan offer is for
- Royal College Fellows (Active or Retired) and Resident Affiliates (status to be confirmed by the RBC Private Banker);
- Canadian residents (Exceptions can be considered; however, you would need to contact RBC Private Banking to discuss your situation.);
- Family members within your household (additional fees may be required).
- How long can I have the benefit?
To continue receiving the benefit, you will need to maintain the RBC Private Banking minimum product holding requirements of this offer and participate in the Royal College Membership program as either a Fellow or a Resident Affiliate. For complete details and defined terms, refer to the full Terms & Conditions of this offer. Please note that this offer and associated benefit may end at any time.
- What is the RBC Financial Learning Centre?
The RBC Financial Learning Centre is a website developed by RBC exclusively for Royal College members. It includes the private banking offer introduced in early 2021 as well as customized guidance and advice for specialist physicians. This website addresses topics such as wealth building, estate planning, and retirement planning. To enhance the information available online, RBC is offering virtual advice events in both English and French. Explore the RBC Financial Learning Centre.
- What can I expect at an advice event
An advice event is a live virtual session conducted by RBC experts to expand your knowledge on the topic discussed and offer a unique learning opportunity with a live Q&A. Post event, you can choose to connect with a RBC Private Banker to evaluate your financial goals and action learnings. Each live event will be recorded (without the Q&A portion for privacy reasons) and available to watch on demand. Visit the website to see the schedule of upcoming advice events, register or watch a recording.
- Who verifies with RBC that I am an active member? How do I get a copy of my proof of membership?
In order to preserve your privacy, your RBC Private Banking advisor will confirm your active Royal College membership status on a recurring (approximately biennial) basis. Your continued eligibility as a Fellow or Resident Affiliate will be confirmed through a request for your Royal College digital ID Card. Your ID Card can be downloaded from the Royal College website.
- Can I opt-out of receiving communications from RBC or the Royal College about this partnership agreement?
If you would prefer not to receive emails about the RBC services, you can opt out by clicking on the unsubscribe link contained in the email messages. Note that if messages are included in Royal College corporate communications such as Dialogue or CEO Message, the unsubscribe link will remove you from that corporate communication list. To discuss opt-out options, you can speak to a Royal College Services Centre representative at 1-800-461-9598 (Mon-Fri, 8 AM – 5 PM ET).