Although 53 percent of advisors are telling their retired clients to "stay the course," 53 percent also said Trump's win "increased their concern somewhat regarding the future retirement security of their retired clients," according to a survey by The American College of Financial Services. Not surprisingly, the same survey found only 5 percent of advisors are encouraging retired clients to invest more heavily in the market, and half of advisors are rebalancing their retired clients' investment mix to lock in gains and reduce risk.
RBC Wealth Management-U.S. is rolling out the first of a series of new tools aimed at bolstering the firm's fee advisory business with RBC WealthPlan, a customized version of PIEtech's MoneyGuidePro software. RBC WealthPlan integrates RBC Wealth Management's existing software with the MoneyGuidePro wealth planning tool, allowing advisors to help clients identify, quantify and prioritize their goals, according to a statement. RBC Wealth Management plans to launch additional tools throughout the year.
Apex Clearing, the independent clearing firm that acts as custodian for a number of the robo advisor startups, announced Tuesday that it will integrate rebalancing technology from Smartleaf into its core custody and clearing services. The companies said they intend to target firms that are interested in adding digital advice into their existing offering. According to a new poll conducted by Vestmark, 70 percent of firms are embracing robo technology to complement their existing service in order to meet evolving regulations and client demands. Eventually, Smartleaf and Apex will expand beyond digital advice to support rebalancing across wealth managers’ entire client base.