Building something bigger

Wherever Doug Coulter has gone, he has held positions where he was able to make an impact. Now, in his current role as president of RBC Global Asset Management, Coulter is looking to help the company continue being a leader in delivering an exceptional investment experience for advisors and their clients.

Coulter knows the advisor side well. After earning a bachelor’s degree in economics from Concordia University, he began his career as an investment advisor with Dominion Securities in Montreal, attracted by the dynamic nature of the business, which continues to challenge him.

“It can change by the second or day and is very plugged into geopolitical events around the world,” he says. “I liked the fact that it was so dynamic and quick-paced. I related it to playing sports – you must react to what’s unfolding right in front of you. In this role, over the last 10 years, the changes that have happened – whether product development, technology, consumer demand, regulatory – never end.”

Coulter briefly moved to TD Bank but then returned to Dominion Securities in Toronto in 1993. He worked in a front-office role, developing the firm’s fee-based programs.

“I was involved in establishing them, which was a great experience because they didn’t exist,” he says. “Building from the ground up, I had to set the strategy and then build the programs. This included operations, legal, compliance, technology and marketing. I was able to get the full spectrum of experience.”

That turned out to be a stepping stone for Coulter, who went on to manage RBC US Wealth Services’ fee-based platforms after its purchase of Dain Rauscher. When he came back to Canada, he ran RBC Direct Investing, which he considers a career highlight.

“I really enjoyed having exposure to that part of the business,” he says. “It was something that wasn’t natural for me – I am not that tech-savvy. Delivering investment experiences through technology platforms, rather than people, I found rewarding and a great learning.”

While he didn’t know it at the time, the experience would end up paying off, especially in the current environment. “Getting exposure to a direct environment where you are interacting with your clients through technology and a digital experience was a key learning for me,” Coulter says. “Right now, in COVID, the importance can’t be underscored enough.”

Building something bigger
Since moving from Direct Investing to become president of RBC GAM, Coulter has been part of many major projects. One of the biggest was the working relationship RBC established with BlackRock, which helped it become the largest ETF provider in Canada through RBC iShares.

“From a strategy point of view, we didn’t see a future where ETFs weren’t part of our lineup,” Coulter says. “We concluded that some sort of partnership with a global leader would be an interesting option, and BlackRock, as the global leader, was our first choice. They had a Canadian operation, so we contacted them and asked if they would be interested in some discussions. They came back said they would – Canada was a business they needed to grow more rapidly. What was interesting to me was getting the group, the Canadian team and the senior team from New York together to figure out how we could do it and what would it look like.”

Coulter says that after those initial discussions, things happened quickly. “[It was] probably a six- or seven-month process from our initial conversation to come together to create the new entity,” he says. “The first year, we spent a lot of time setting up processes to lay the track for growth.  Since then, business has really taken off, and we are having some strong success.”   

While that project was a key milestone in Coulter’s career, he says his greatest highlight has been the culture he’s been able to create on various teams.

“The big thing for me is creating work environments where you can enable success,” he says. “I am very much a team player, so creating environments that are based on people collaborating, working together, challenging each other, wanting a sense of achievement, but also enjoying going to work is something I enjoy. I have been fortunate to have been in leadership roles and created cultures that gave us the best chance to succeed.”

What’s next?
Looking ahead, Coulter is focused on the future for RBC GAM. He says that while the asset manager been recognized as a leader for individual investors and in the mutual fund space, it has room to expand as an ETF provider and to enhance its digital experience.

“I think the combination of iShares, BlackRock and RBC GAM has all kinds of opportunities to create better client experiences,” he says. “Continuing to expand our digital footprint also can’t be underscored enough. We want to deliver rich client experiences with technology embedded as part of the solution. Even though advisors have strong relationships with clients, we want them to augment that with a solid digital footprint.”

Finally, Coulter believes RBC GAM needs to further expand its solution set by examining the global pension market, including private markets, real estate and infrastructure, and to continue to evolve its focus on responsible investment.

“Our success in our global public markets platform and our leadership position in responsible investment have been huge growth drivers for GAM,” he says. “The next phase to explore is private markets and continuing to evolve our already strong capabilities in ESG integration.”

Coulter’s impact at RBC, the company where he has spent most of his 33-year career, is evident. Looking back, he says it has given him quite a sense of accomplishment.

“What has been most satisfying for me is creating a place where people want to go to work and have the drive to make an impact and be successful,” he says. “I have never been disappointed. What originally attracted me to RBC and Dominion Securities, and what I think is still true today, is they are market leaders in the country. Having the opportunity to work alongside some of the best in the industry is something I have really enjoyed.”