Financial advisors today demand simple, streamlined ways to manage many clients at once, and clients increasingly demand access and convenience. For both advisors and clients, technology can help address these needs.
Brett Thorne, head of RBC Correspondent and Advisor Services, says that was the idea behind RBC BLACK, an integrated financial advisor platform. Thorne says his company aimed to harness the power of technology to create a platform that would help advisors elevate their business. RBC, which provides support services to broker/dealers and RIAs, especially wanted to cater to advisors looking to expand. “We’re the best home for advisors interested in growing their business,” he says.
RBC BLACK combines the services of five leading wealth technology providers in a single platform with features such as account aggregation, financial planning, risk alignment, trading and rebalancing.
The platform advances advisory services at a time when clients increasingly expect to play a role in their own financial planning and to have easy access to communicate with their advisor. As wealth transfers from baby boomers to younger generations, Thorne says, client expectations for accessibility and hands-on convenience will only continue to grow.
While designing BLACK, the firm made special considerations for the mass-affluent market—clients with cash assets between $100,000 and $1 million. This market presents a growth opportunity for many advisors, but tapping into that market requires advisors to be efficient and effective in their work.
“This product really allows an advisor to service a much bigger book of business and generate more revenue while still meeting the needs of a consumer base that’s largely underserved,” Thorne says.