RBC Wealth Management signs multi-year deal for Broadridge’s platform in US

Rick Steves

The Broadridge Wealth Management Platform is powered by APIs and micro-services that facilitate seamless connectivity to a client’s proprietary and third-party applications.

Broadridge Financial Solutions has signed RBC Wealth Management-U.S. as a client who will utilize the Broadridge Wealth Management Platform to power its growing U.S. business.

The open, industry-level platform offers an integrated and modern front-to-back-office solution that enables wealth management firms and their advisors to drive their business by creating a better client experience, improving advisor productivity, and digitizing the back-office.

The multi-year agreement also includes the migration to Broadridge’s next-generation Asset Servicing platform. RBCWM’s move represents the latest in a series of investments in state-of-the-art, third-party Fintech tools and services.

The firm has recently integrated Salesforce and Addepar to give advisors better client insights, performance reporting, and portfolio management tools to more quickly and more easily serve a client’s needs.

Michael Armstrong, CEO of RBC Wealth Management-U.S., said: “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.”

Tim Gokey, CEO of Broadridge, commented: “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.”

The Broadridge Wealth Management Platform is powered by APIs and micro-services that facilitate seamless connectivity to a client’s proprietary and third-party applications.

It includes a modernized advisor desktop and customizable toolset featuring performance reporting, managed accounts support and sleeve accounting; multi-market order management and trade routing; and full back-office functionality that handles multi-currency, global clearance and settlement, asset servicing, and integrated workflow across the entire enterprise to accelerate client on-boarding and other key functions.

Broadridge has recently partnered with data cloud company Snowflake to enhance its global asset management clients’ decision-making processes through data visualization and analysis.

Broadridge has recently acquired the cloud-based Execution Compliance and Surveillance Service (ECS) assets from Jordan & Jordan.

The deal will further enhance the firm’s surveillance and regulatory reporting as well as compliance consulting capabilities for broker-dealers in the United States.

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