RBC Wealth Management -U.S. is collaborating with digital wealth management provider FutureAdvisor on a pilot program for select clients in the United States. The pilot began this week. It is one of many initiatives RBC Wealth Management is working on across its businesses to provide more flexibility to both advisors and their clients. Called RBC Investor Gateway™, the new service will provide RBC Wealth Management financial advisors with the opportunity to reach a broader range of clients through FutureAdvisor’s digital advice platform.
“Integrating digital advice into our platform will never be a replacement for the deep relationships and high-touch service that our financial advisors provide,” said John Taft, CEO of RBC Wealth Management-U.S. “But we also recognize that investors have many different needs and want choice. By including a digital advice option through RBC Investor Gateway, we can serve a broader group of clients today, and also meet the changing needs of investors over the course of their investment lifetime.”
Through the collaboration with FutureAdvisor, RBC Wealth Management will act as the custodian of all RBC Investor Gateway client assets, producing client statements, trade confirmations and tax documents, and FutureAdvisor will provide personalized digital advice based on a holistic look across a client’s portfolio, including when to make critical investment decisions.
RBC Investor Gateway will initially be targeted at investors who also want to use automated investment strategies and tools, or investors who are just beginning to build wealth. But as clients mature in their needs, and as the complexity of their investments increases, they will have the ability to seamlessly establish a larger relationship with RBC Wealth Management and a financial advisor.
FutureAdvisor, which was acquired in August 2015 by BlackRock, the world’s largest asset manager, has more than $700 million in client investments since its founding in 2010.
RBC Wealth Management and FutureAdvisor are non-affiliated entities. Securities and investment advice offered through FutureAdvisor may differ from what is offered through RBC Wealth Management. All investments have inherent risks and investors may experience a loss.