John G. Taft is CEO of RBC Wealth Management in the U.S. Mr. Taft is responsible for RBC's wealth management growth strategy in the U.S. which consists of helping clients achieve their financial objectives through a full- service wealth management offering (investment management, retirement planning, cash management, credit and lending, insurance trust, estate planning and other solutions); and enhancing the productivity of financial advisors and relationship managers in RBC's Private Client Group, Correspondent Services, Advisor Services and U.S.-based international businesses.
Mr. Taft has worked in financial services since 1981. He has served as Chairman-Elect and Chairman of the Securities Industry and Financial Markets Association (SIFMA), the leading securities industry trade group representing securities firms, banks and asset managers in the United States. He is an industry thought leader who frequently speaks at government and industry events and who is widely quoted in the media. He is also executive sponsor of the firm's PRIDE group, representing the interests of LGBT employees and clients.
He is the author of “A Force for Good: How Enlightened Finance Can Restore Faith in Capitalism,” for which Mr. Taft gathered more than 20 industry leaders to share their fresh perspectives on creating solutions for positive social outcomes and a sustainable financial future. He is also the author of "Stewardship: Lessons Learned from the Lost Culture of Wall Street," which explores the importance of stewardship as a core principle.
Jason talks with John about the state of the financial services industry today, what it COULD be, and how we can get it there again.
[4:10] Why Wall Street falls into the cycle of corruption at least once every generation
[5:22] If anyone actually goes to work on Wall Street to help people
[6:39] John gives a surprise example of a country whose financial sector is doing what we want ours to do, but with a lot fewer financial institutions
[7:33] Why financial services institutions actually exist (hint: it's not to make money for the share holders)
[8:56] Why the original reasoning for Wall Street is so important, and where you can look today to prove that it's still true
[10:22] The important fact about capitalism that gets lost in the income inequality discussion
[12:37] Real markets vs the expectations market and the importance of keeping them separate
[15:36] Trying to find a solution to the reoccurring financial services industry problems, whether that be more regulation, less regulation, or something out of left field
[18:11] The "Future of Finance" initiative being done by the Charter Financial Analysts to try and bring morality back into the financial services industry
[19:03] Why the term "financial innovation" doesn't have to make you cringe and shield your wallet
[20:48] RBC Wealth Management's views on their belief that we're in a long term secular bull market for equities
Robert Shiller's book - Finance and the Good Society