Explore how we help
We create a plan tailored to your complex needs
WHO WE HELP
Individuals and families
Your wealth, goals and family priorities
Business owners and entrepreneurs
Your business, wealth and next steps
Corporate executives
Complex income, equity and career transitions
International individuals and families
Life and wealth across multiple countries
UHNW and Family Offices
Significant, complex and multi-generational wealth
YOUR IDEAS & GOALS
Plan for growth
Grow your wealth and open up new opportunities
Live well
Live life to the fullest, today and into the future
Secure your future
Be prepared for whatever may happen
Make a difference
Support the people and causes you care about
WORKING WITH PROFESSIONALS
Intermediaries
Scale, security and investment discipline for your clients
Professional partners
Specialist support to enhance your client offering
Charities
Effective governance, oversight and long-term sustainability
About RBC Wealth Management
Experienced local advisers, backed by global strength
Our offices
Over 30 offices in the UK, Ireland and Jersey
WHO WE ARE
Our history
Generations of clients have relied on RBC Wealth Management and RBC Brewin Dolphin
Awards and recognition
Recognising our service and industry leadership
Leadership
The people guiding our strategy and client experience
SUSTAINABILITY
Responsible investing
Our approach to responsible investment
Community involvement
Supporting communities where we live and work
CAREERS
Work with us
You can thrive here
Diversity and inclusion
Our differences make us stronger
Search careers
Find your opportunity
Explore our solutions
Let’s set your ideas in motion
RBC Private Wealth
Integrated solutions for significant and complex wealth
RBC Brewin Dolphin
Personalised financial planning and investment advice
Brewin Portfolio Service (BPS)
Simple, guided investing through an online platform
RBC International Trusts
Specialist structures for long-term wealth preservation
OUR CORE SOLUTIONS
Wealth planning and management
A bespoke plan to manage and grow your wealth
Investment management
Tailored portfolios aligned with your goals
Pensions and retirement planning
Plan for the retirement you want
Inheritance tax and estate planning
Helping you pass on more of your wealth efficiently
UHNW and Family Office services
Coordinating complex and multi-generational wealth
Banking
Dedicated banking for your personal and global needs
Financial advice for business owners
Guidance for growth, exit and managing proceeds
Responsible and sustainable investing
Invest with greater purpose in line with your values
Philanthropy
Create a lasting impact through strategic giving
Trusts and foundations
Protect and preserve wealth for future generations
Self-directed investing
Choose from a range of ready-made portfolios
Explore our insights and ideas
Analysis, insights and research from our local and global networks
Our newsletter
Subscribe to receive email updates on news, insights and upcoming events
Ideas for thriving in your third quarter
Living longer is one thing. Living well is another. Explore our third quarter longevity series – research, expert insight and practical guidance to help you plan the years ahead.
ADDITIONAL RESOURCES
Insights
Articles exploring the events and trends driving the world and your wealth
Market perspectives
Expert analysis and commentary on current market trends
Case studies
Real experiences showing how we turn ideas into action
Guides
Practical information to help you make informed decisions
Webinars
Conversations with our experts on the topics shaping wealth today
For those tired of the hustle and bustle of city life, the pandemic has prompted them to wonder whether living in a city is even necessary – in turn raising the question of what this means for the cities of tomorrow.
12 September 2021 | 8 minute read
From the time we wake up until the time we go to sleep, countless moments throughout our day connect us to the people around us and the place we live. Collectively, these interactions make a city hum with life, fuelled by a galaxy of information responding simultaneously to the needs of millions of citizens every second of every day. This has never been more true, as metropolitan centres like London grow into the smart cities of tomorrow.
Over the last two decades, the idea of a smart city has evolved beyond the centralised, futuristic metropolis people once envisioned. Today’s smart city focuses on those who live in it rather than technology, says Dr. Ayesha Khanna, co-founder and CEO of ADDO AI, an artificial intelligence (AI) solutions firm and incubator.
They are built on the backs of public-private partnerships, with private enterprises providing the expertise and funding that governments require to carry out innovative solutions.
“It’s really going back to the basics and thinking, ‘What is the specific problem that a citizen faces … from the moment that a citizen is born to the moment that they cease to exist?’” Khanna says.
“How can we make it higher quality, more efficient and more sustainable? That is really the smart city people talk about now.”
London has ambitious goals: to make walking, cycling or public transportation 80 percent of all trips in the city by 2041; to become a zero-waste city by 2026; to recycle 65 percent of its municipal waste and transition to zero emissions by 2030.
Building a smart city is a growth and development process that spans years – and sometimes decades, says Khanna, who is a strategic advisor on artificial intelligence (AI) and smart cities and serves on the board of Infocomm Media Development Authority (IMDA) in Singapore, which develops and regulates the city-state’s technology sector.
Singapore has been a test bed for innovation and is considered among the smartest cities in the world. London, a city with some 2,000 years of history and now a global FinTech leader, has been on its own smart-city journey for quite some time, says Khanna.
In the early days of the COVID-19 pandemic, the enormous impact it had on the global food supply chain could be felt around the world, accelerating concerns about global food security. By 2050, the planet’s projected population will approach 10 billion, with food demand expected to increase by more than 55 percent from 2010 levels, according to the World Economic Forum.
Now, imagine growing fresh produce year-round in a perfect, pesticide-free environment using 100 percent renewable energy and 70 percent less water. Oblivious to seasonal weather changes, the produce can be on your dinner table the same day it’s harvested.
Deep under the bustling streets of south London, less than a mile from New Covent Garden Market, there is a farm doing just that. Located 33 metres below the street, in a former World War II raid shelter in Clapham, Growing Underground is a carbon-neutral farm that aims to produce more than 60 tonnes of produce per year from a space about the size of a single tennis court. That’s 12 times more per unit area than a traditional greenhouse, meeting the produce needs of 10,000 people, according to the University of Cambridge, a collaborator in the enterprise. Meanwhile, a “digital twin” located at the university, roughly two hours away, monitors, adjusts and optimises all aspects of the farm, including light, humidity, water levels and temperature.
“That is very unique. And that is precisely the kind of thing where, once this is done in London, there’s a great opportunity not only to provide that for the city’s residents, but then to export it across the world,” says Khanna.
Innovative projects like Growing Underground demonstrate not only how sustainable cities can be built, but also how challenges such as food security can be resolved.
Khanna is not worried about a mass exodus.
“Cities will continue to attract talent and capital,” she says, adding that the appeal of research and development access, test beds to work on and investment money will never diminish.
People’s desire for short commutes has also been exacerbated by the pandemic, Khanna says. Having what we need readily accessible within 15 minutes – whether it is our child’s school, our doctor or even the grocery store – has become more important, according to Khanna. It may mean living in multifunctional spaces, buildings that have terraces that can receive drone deliveries, and smaller hospital clinics nearby that use AI for triaging.
Babylon Health, a London-based digital health company, allows patients to connect with different kinds of physicians through telemedicine, but also incorporates an AI doctor who can assist with personalised health assessments right from the patient’s home. The company, which describes its mission as making healthcare more accessible and affordable, already provides services for the NHS.
It is an example of how private-public partnerships can benefit residents, Khanna says.
With the enormous amount of personal information required to facilitate millions of lives, however, issues around data become inevitable points of contention, Khanna says.
“When we live amongst machines, we have to take the best that they offer, but we also have to mitigate all the risks,” she says.
In Toronto, Alphabet Inc.’s Sidewalk Labs had an ambitious vision to build a data-driven, sustainable and affordable high-tech community. The plan was scrapped in 2020 due to the economic uncertainty driven by the pandemic, but the project had long been plagued by concerns around data privacy, governance and transparency.
Still, Khanna says data governance has matured alongside the explosion in information and that many of the ethical concerns are being addressed through education, regulatory frameworks and data localisation.
The strict standards set by the European Commission through the General Data Protection Regulation (GDPR), for example, are becoming a global model. Individuals have the right to be “forgotten” and can request their information be deleted, and there are proposals for tough rules around when facial recognition can and can not be used. Increasingly, countries also view data as a national asset, Khanna adds, preventing private companies from transferring it across borders.
Another concern is the issue of bias in algorithms and AI systems. If a program is trained primarily on an incomplete or imbalanced set of data, the results will inevitably be wrong.
There are ways to mitigate this issue too, Khanna says: through data governance, tools that flag biases, having a diverse group of employees who can identify these issues and a board of governors that sets the right tone for a company.
Smart cities are meant to improve the lives of their citizens, but there are also concerns they will leave some behind, including those who have difficulty navigating a technology-driven world and those whose jobs are replaced by digital automation.
If deployed correctly, smart cities can actually bridge the gap between those with access to technology, a good education and good healthcare, and those who do not, Khanna says. What was once out of reach, like an expensive education, becomes more accessible and affordable. For example, online education programmes such as Coursera offer access to courses and certificates from respected universities for a very modest cost.
In London, a number of FinTech companies are helping to build that bridge, from digital banks like Starling to start-ups like car insurance provider Marshmallow. These companies use data and AI to bring better, more affordable services to a broader and more diverse group of users.
“They’re able to access these services through their mobile phones for a fraction of the cost,” Khanna says.
In Singapore, the job of a “digital ambassador” is to help teach seniors how to use technology, from smart devices to making e-payments. At the same time, the government has programmes, such as subsidised internships, that help retrain people who have lost their jobs, Khanna notes.
“It gives them a stepping stone to their next career or the evolution of their career,” she says. In other countries, solutions involving universal basic income, subsidies and grants are also offered to bridge the divide and ensure no one is left behind in the digital revolution.
Whether it’s checking things like a bus schedule, the weather or the air quality, avoiding traffic jams, paying bills or sending money to family overseas, smart cities today are designed with a focus on building a better quality of life. The innovations flourishing in London exemplify the transformational journey towards a smarter, more efficient city.
“Everybody starts to move up the social mobility ladder, and that’s what we really want,” says Khanna.
“I think that is a huge promise of this digitisation – that it’s not a threat. It’s one of the promises we can look forward to.”
This publication has been issued by RBC’s Wealth Management international division in the United Kingdom and the Channel Islands which is comprised of an international network of RBC® companies located in these jurisdictions and includes RBC Europe Limited and Royal Bank of Canada (Channel Islands) Limited. You should carefully read any risk warnings or regulatory disclosures in this publication or in any other literature accompanying this publication or transmitted to you by RBC’s Wealth Management international division.
This publication has been compiled from sources believed to be reliable, but no representation or warranty, express or implied is made to its accuracy, completeness or correctness. All opinions and estimates contained in this report are judgements as of the date of this report, are subject to change without notice and are provided in good faith but without legal responsibility. This report is not an offer to sell or a solicitation of an offer to buy any securities. Past performance is not a guide to future performance, the value of investments and income arising can go down, future returns are not guaranteed, and an investor may not get back the amount originally invested. Countries throughout the world have their own laws regulating the types of securities and other investment products and services which may be offered to their residents, as well as the process for doing so. As a result, any securities or services discussed in this report may not be eligible for sale in some jurisdictions. This report is not, and under no circumstances should be construed as, a solicitation to act as a securities broker or dealer in any jurisdiction by any person or company that is not legally permitted to carry on the business of a securities broker or dealer in that jurisdiction. Nothing in this report constitutes legal, accounting or tax advice or individually tailored investment advice.
This material is prepared for general circulation and does not have regard to the particular circumstances or needs of any specific person who may read it. The investments or services contained in this report may not be suitable for you and it is recommended that you consult an independent investment advisor if you are in doubt about the suitability of such investments or services. To the full extent permitted by law none of the entities which comprise the international division of RBC Wealth Management nor any of their affiliates, nor any other person, accepts any liability whatsoever for any direct or consequential loss arising from any use of this report or the information contained herein. No matter contained in this document may be reproduced or copied by any means without the prior consent of RBC Wealth Management.
Clients of RBC Europe Limited may be entitled to compensation from the UK Financial Services Compensation Scheme (FSCS) if it cannot meet its obligations. This depends on the type of business and the circumstances of the claim. For further information about the compensation provided by the FSCS scheme (including the amounts covered and eligibility to claim) please refer to the FSCS website FSCS.org.uk. Please note only compensation related queries should be directed to the FSCS. Royal Bank of Canada (Channel Islands) Limited is not covered by the UK Financial Services Compensation Scheme. RBC Europe Limited is registered in England and Wales with company number 995939. Its registered office is 100 Bishopsgate, London EC2N 4AA. RBC Europe Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Royal Bank of Canada (Channel Islands) Limited (“the Bank”) is regulated by the Jersey Financial Services Commission in the conduct of deposit taking, fund services and investment business in Jersey. The Bank’s general terms and conditions are updated from time to time and can be found at https://www.rbcwealthmanagement.com/en-uk/terms-and-conditions. Registered office: Gaspé House, 66-72 Esplanade, St. Helier, Jersey JE2 3QT, Channel Islands. Deposits made with Royal Bank of Canada (Channel Islands) Limited in Jersey are not covered by the UK Financial Services Compensation Scheme. Royal Bank of Canada (Channel Islands) Limited is a participant in the Jersey Bank Depositors Compensation Scheme (the Scheme). The Scheme aims to provide protection for eligible depositors of up to £50,000. For further information about the Scheme and to understand your eligibility, please refer to www.jrdca.org.je/jdcs.
Investment services offered by the Bank are not covered by an investor compensation scheme as there is currently no such scheme operating in Jersey, however ‘eligible deposits’ held pursuant to investment services may be protected under the Bank Depositors Compensation Scheme described above – for more information see the Bank’s general terms and conditions. Some of the products that the Bank might recommend to you could be registered overseas and may be covered by a local compensation scheme. Your investment counsellor will provide you with the details of any overseas compensation schemes (where applicable) at the time of making an investment recommendation.
Copies of the latest audited accounts are available upon request from the registered office. ® / ™ Trademark(s) of Royal Bank of Canada. Used under licence.