Financial Advisor Staff
RBC Wealth Management has partnered with fintech firm Envestnet to improve RBC’s advisor-client technology.
RBC announced in June that it launched AdvisoryLink, a platform that offers financial advisors a portal view of their clients’ portfolios, and in conjunction with that the firm also introduced an enhanced unified managed account (UMA) program for clients called RBC Unified Portfolio. Both programs use Envestnet technology.
Envestnet provides open architecture platforms that integrate portfolio, practice management and reporting systems for financial advisors. It serves over 80,000 advisors and thousands of broker-dealers, registered investment advisors and banks.
RBC tapped Envestnet to map out its design for AdvisoryLink and Unified Portfolio onto a platform. AdvisoryLink delivers a more comprehensive view of a client’s financial picture to its advisors. The platform consolidates various separate accounts into a single desktop portal, simplifies the account opening process and also improves RBC’s account management tools.
A unified managed account is a single private investment account that offers investors asset allocation and various types of investments such as mutual funds, stocks, exchange-traded funds and bonds to give investors more control and be more cost effective.
RBC’s Unified Portfolio, which will be managed by RBC Wealth Management’s in-house and third-party experts, will give clients the ability to add fixed-income vehicles to their mutual funds and ETFs. The portal will also offer more than 200 strategist portfolios, more than 4,000 individual mutual funds and nearly 2,000 individual ETFs.