Royal Bank of Canada US Wealth Management chief John Taft says brokerages must work to be considered the primary advisor by more of their customers if they expect to thrive and survive, according to Reuters.

RBC Wealth Management is focusing this year on increasing revenue from its existing brokers. Investing in technology is critical, Taft told the news service.

"The basic trend in our industry is do more things for fewer people. We want to broaden and deepen relationships," Taft was quoted as saying.

"All the numbers show that if we are primary advisor, we will manage three to four times the assets and generate three to four times the revenue," he said. "If you're not the primary advisor, you're competing for table scraps."

Finding growth from within has become critical as the industry shifts from a frenzied year of consolidation and recruiting wars to a period of integration and fine-tuning.

The flood of break-away brokers who helped swell RBC's ranks by more than 320 advisers last year has slowed as the Big 4 US brokers regain their footing, Taft said.

Among other initiatives, RBC recently completed its purchase of a JP Morgan Chase unit that supported registered investment advisors. Taft said the movement of big brokerage advisors to independent firms will continue.