Agreement to adopt next-generation wealth management platform is latest step in firm's multi-year transformation
RBC’s U.S. wealth arm has selected Broadridge Financial Solutions’ integrated front-to-back office wealthtech platform to power its growing U.S. business.
Under a multi-year agreement, RBC Wealth Management – U.S. (RBCWM) will adopt the Broadridge Wealth Management Platform, which promises to create a better client experience, improve advisor productivity, and digitize back-office functions. RBCWM will also be migrating to Broadridge’s Asset Servicing platform.
“We’ve been on a multi-year journey to digitize our business and drive value not only for our clients, but for our nearly 2,100 advisors,” said Michael Armstrong, CEO of RBC Wealth Management-U.S.
Prior to this latest partnership with Broadridge, RBCWM has also invested in other state-of-the-art third-party Fintech tools and services, including integrations with Salesforce and Addepar to give advisors better client insights, performance reporting, and portfolio management tools.
“Leveraging the Broadridge Wealth Management Platform … will enable us to increase advisor productivity, enhance our client experience, and grow our business in the U.S. with a scalable, cost-efficient service model,” Armstrong said.
An open architecture solution, the Broadridge Wealth Management Platform uses state-of-the-art APIs and micro-services that allow seamless connectivity to clients’ applications. With a modernized advisor desktop and customizable tool set, the platform supports various advisory functions and features including performance reporting, managed accounts support, multi-market order management, and more.
“We are excited to have RBC Wealth Management-U.S. join our industry-leading wealth platform,” said Broadridge CEO Tim Gokey. “As we renew and expand our relationship, we look forward to continuing to work with RBC to innovate and win amidst accelerating changes in wealth and investment management.”
