RBC Wealth Management Boosts Fiduciary Tech Offering

Throughout 2017, the firm plans to offer new tools that can keep advisers focused on fiduciary responsibilities, customized investment strategies, and goals-based planning. 

RBC Wealth Management will be releasing a series of tools designed to enhance its fee-advisory business while further refining its focus on goals-based planning.

By the end of January, all of the firm’s more than 1,000 U.S.-based advisers will have access to RBC WealthPlan, a customized version of PIEtech’s MoneyGuidePro wealth-planning software. Throughout 2017, the product will be upgraded with additional tools designed by leading fintech providers, the firm notes.

“While goals-based planning has long been a part of what we do at RBC Wealth Management, this year we are making significant investments in new tools and technologies to create a best-in-class offering for both our clients and our advisers,” says Michael Armstrong, CEO of RBC Wealth Management-U.S. “Our end goal with all of these investments is to equip each one of our advisers with the tools they need to help their clients create and implement customized investment strategies while focusing on a more holistic picture.”

The new system will aim to facilitate retirement planning along with other scenario-based objectives. Advisers will be able to monitor client plans and provide timely recommendations in response to changing situations.

RBC Wealth Management’s latest initiative coincides with that of several firms which are fiduciary focused despite the uncertainty behind the fate of the Department of Labor (DOL)’s Conflict of Interest rule under the Donald Trump presidency.  

“Financial planning continues to move to the center of the adviser/client relationship – regardless of whether the Department of Labor’s Conflict of Interest rules remain in effect, simply because planning yields the highest ROI of any additional activity,” says Kevin Knull, CFP, president of PIEtech. “Our goal is to help enhance the adviser’s value by enhancing the value and quality of the advice provided to each client. We are thrilled to be working with RBC Wealth Management – while their roots and success date all the way back to 1858, we expect the addition of our software to their platform will help accelerate their advisers’ growth and their clients’ success in the years to come.”