RBC Wealth Management-U.S. selects Broadridge to accelerate its digital transformation

By Pavithra R

RBC Wealth Management (RBCWM) and Broadridge Financial Solutions, a provider of investor communications, technology-driven solutions, data and analytics to the financial services industry, announced that RBCWM will utilize the Broadridge Wealth Management Platform to power its growing U.S. business.

Broadridge’s next-generation Wealth Management Platform is an open, industry-level platform, offering an integrated and modern front-to-back-office solution, leveraging best-in-class technology. The platform enables wealth management firms and their advisors to drive their business to the next level by enhancing the client experience, improving advisor productivity, and digitizing the back-office. As part of this multi-year agreement, RBCWM will also be migrating to Broadridge’s next-generation 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. The end-goal to which is a modernized platform that is competitive in the market, innovative, flexible and scalable yet provides a best-in-class, simple and intuitive client experience. Leveraging the Broadridge Wealth Management Platform enhances the capabilities we’ve recently added with other Fintech solutions and 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,” said Michael Armstrong, CEO of RBC Wealth Management-U.S. 

The move is part of RBCWM’s multi-year technology transformation and represents the latest in a series of investments in state-of-the-art, third-party Fintech tools and services. The firm has also integrated Salesforce and Addepar into the business to give advisors better client insights, performance reporting and portfolio management tools to quickly and easily serve a client’s needs.

“We are excited to have RBC Wealth Management-U.S. join our industry-leading wealth platform to optimize productivity for advisors, create richer experiences for clients, and digitize enterprise-wide operations. 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,” said Tim Gokey, CEO of Broadridge.