RBC Benefits FAQ
- What was the member input into this agreement?
Royal College Council and other committees, which are composed of volunteer Fellows from across the country, were actively involved at various stages of the decision-making process. The agreement with RBC responds to our members’ calls for additional value, services and supports in return for their annual membership dues; and wishes we’ve heard consistently through our Member Value Survey (2018) and direct interactions with our Fellows. Delivering on a financial service for Fellows has been a key item in our Member Value Strategy, which was developed by Fellows on our Regional Advisory and Fellowship Affairs Committees.
- I thought the Royal College was an educational standard-setting organization. Why are you working with a bank?
The Royal College’s primary business is, and remains, the setting of standards for post-graduate medical education and lifelong learning, accreditation, examinations and professional development support. We have heard consistently from our Fellows that they are seeking more value for their Fellowship dues, and are looking to the Royal College for additional services and support. We strongly believe that supporting our members in their lives outside of medical practice helps enable them to provide excellent patient care. Our new strategic partnership with RBC is an example of our ongoing efforts to provide increased value to our 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 multiyear strategic partnership which includes funding to the Royal College of just over $2 million. The significant majority of these funds will support educational initiatives including unrestricted educational grants; CPD grant funding to help support COVID-related disruptions in training; 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 this agreement?
For accredited activities funded under the strategic partnership agreement, all CPD accreditation standards will be vigorously maintained. Accredited activities are supported through an unrestricted grant and all content, 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.
- I am already an RBC client. Can I take advantage of this Royal College offer?
Yes, you can. 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 waived. 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.
- 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. Your RBC Private Banking team will use this information to analyze your liquidity, debt and risk management, investments, tax strategies and estate plan.
RBC Private Banking will also draw upon a range of top experts in the RBC global wealth management team to provide you with an innovative range of products and services. This enables the RBC Private Banking team to implement a comprehensive wealth plan that provides sophisticated solutions to help address your needs today and help you create the path to a better future.
Your team will also work with you to provide advice or assistance on the most convenient day to day banking solutions for your transactional needs.
- What do I need to do to 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
- Are the RBC Private-Banking services an automatic benefit if I am an existing RBC client?
No. 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 speak with their existing RBC advisor.
- 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 available on the Royal College – 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 virtual using WebEx. RBC can also verify your identification and 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.
- Is this service offered to Canadian residents only?
The RBC Healthcare Advantage Private Banking Plan offers are intended for Canadian residents. Exceptions can be considered however you would need to contact RBC Private Banking to discuss your situation.
- Can my friends, staff or family members who are not physicians benefit from this? Can I hold a joint account?
Family members who you elect to include in your RBC Private Banking household can also benefit from the RBC Private Banking package. Accounts do not need to be joint to be included in your household. Additional monthly fees may be required if you exceed the accounts included in the standard RBC Private Banking package. Unfortunately, this offer is not available to friends or colleagues outside of your household who are not Royal College Fellows or Resident Affiliates.
- I am retired, or plan to retire soon. Will retiring adversely affect my member benefit?
Royal College Fellows (Active or Retired) are eligible to benefit from the RBC Healthcare Advantage Private Banking Plan offers. You should see no changes to your benefit with RBC upon retirement. Just ensure that you complete a Confirmation of Retired Status form, available on the Royal College website, to ensure your continued membership following retirement.
- How do I know if I qualify to be a client of the Royal College-RBC Private Banking benefit program?
The RBC Healthcare Advantage Private Banking Plan offers are available to Fellows and Resident Affiliates of the Royal College. Membership / Affiliate status will be confirmed by your RBC Private Banker. Your Private Banker will also confirm with you your ongoing Royal College membership status to establish continuing eligibility.
- Are other benefits planned?
RBC and the Royal College have discussed a number of benefit opportunities, and our intent is that this be a long and beneficial relationship for all parties, with more to come in direct benefits for Fellows and Resident Affiliates.
- 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 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 RC about this partnership agreement?
Absolutely. If you would prefer not to receive e-mails about the RBC services, you can opt out by clicking on the unsubscribe link contained in e-mail messages about RBC. Note that if messages are included in Royal College corporate communications such as Dialogue or CEO’s messages, the unsubscribe link will remove you from that corporate communication. 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)