RBC Wealth Management-U.S. Accelerates Digital Transformation with Selection of New Broadridge Platform

Rhea-AI Summary

RBC Wealth Management-U.S. has partnered with Broadridge Financial Solutions to implement the Broadridge Wealth Management Platform, enhancing its digital transformation goals. This multi-year agreement aims to boost advisor productivity and improve the client experience through modern technology. The platform offers advanced features, including performance reporting and asset servicing. Broadridge, a key Fintech player with over $4.5 billion in revenues, will support RBCWM's strategy to modernize its services and integrate other Fintech solutions, further solidifying its competitive market position.

Positive

• RBC Wealth Management-U.S. enhances advisor productivity and client experience through the Broadridge Wealth Management Platform.
• Broadridge's platform supports advanced technology integration, including other Fintech solutions like Salesforce and Addepar.
• The partnership marks a significant step in RBCWM's multi-year technology transformation, aimed at modernizing services.

Negative

• None.

MINNEAPOLIS and NEW YORK, July 29, 2021 /PRNewswire/ -- RBC Wealth Management-U.S. (RBCWM) and Broadridge Financial Solutions, Inc. (NYSE:BR), a global Fintech leader, announced today that RBCWM will utilize the Broadridge Wealth Management Platform to power its growing U.S. business.

Broadridge's next-generation Wealth Management Platform is an open, industry-level platform offering an integrated and modern front-to-back-office solution, leveraging best-in-class technology. The platform enables wealth management firms and their advisors to drive their business to the next level by creating a better client experience, improving advisor productivity, and digitizing the back-office. As part of this multi-year agreement, RBCWM will also be migrating to Broadridge's next-generation Asset Servicing platform.

The move, part of RBCWM's multi-year technology transformation, represents the latest in a series of investments in state-of-the-art, third-party Fintech tools and services. The firm has also integrated Salesforce and Addepar into the business to give advisors better client insights, performance reporting and portfolio management tools to more quickly and more easily serve a client's needs.

"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," said Michael Armstrong, CEO of RBC Wealth Management-U.S. "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."

"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," said Tim Gokey, CEO of Broadridge. "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 open architecture powered by state-of-the-art APIs and micro-services that facilitate seamless connectivity to a client's proprietary and third-party applications. The platform includes a modernized advisor desktop and customizable tool set. Key advisory features include 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.

About Broadridge
Broadridge Financial Solutions (NYSE: BR), a global Fintech leader with over $4.5 billion in revenues, provides the critical infrastructure that powers investing, corporate governance, and communications to enable better financial lives. We deliver technology-driven solutions to banks, broker-dealers, asset and wealth managers and public companies. Broadridge's infrastructure serves as a global communications hub enabling corporate governance by linking thousands of public companies and mutual funds to tens of millions of individual and institutional investors around the world. In addition, Broadridge's technology and operations platforms underpin the daily trading of on average more than U.S. $10 trillion of equities, fixed income and other securities globally. A certified Great Place to Work®, Broadridge is a part of the S&P 500® Index, employing over 12,000 associates in 21 countries. For more information about us and what we can do for you, please visit www.broadridge.com.

About RBC Wealth Management – U.S.
In the United States, RBC Wealth Management operates as a division of RBC Capital Markets, LLC. Founded in 1909, RBC Wealth Management is a member of the New York Stock Exchange, the Financial Industry Regulatory Authority, the Securities Investor Protection Corporation, and other major securities exchanges. RBC Wealth Management has $500 billion in total client assets with more than 2,000 financial advisors operating in 180 locations in 42 states.

Broadridge Investors:
W. Edings Thibault
Investor Relations
(516) 472-5129

Media:
Gregg Rosenberg
Broadridge Corporate Communications
Gregg.Rosenberg@Broadridge.com
(929) 288-0774

Nicole Garrison
RBC Wealth Management Corporate Communications
Nicole.Garrison@rbc.com
(612) 371-2999

View original content to download multimedia:https://www.prnewswire.com/news-releases/rbc-wealth-management-us-accelerates-digital-transformation-with-selection-of-new-broadridge-platform-301343988.html

SOURCE Broadridge Financial Solutions, Inc.

FAQ

What is the significance of RBC Wealth Management selecting Broadridge's platform?

The selection enhances RBC Wealth Management's digital transformation and advisor productivity while modernizing client services.

What key features does the Broadridge Wealth Management Platform offer?

The platform includes performance reporting, asset servicing, and integrated back-office functionality.

When was the partnership between RBC Wealth Management and Broadridge announced?

The partnership was announced on July 29, 2021.

How does Broadridge Financial Solutions contribute to the financial industry?

Broadridge provides critical infrastructure for investing and corporate governance, powering over $10 trillion in daily trading.

What are RBC Wealth Management's client asset figures?

RBC Wealth Management has $500 billion in total client assets.