MINNEAPOLIS (February 2, 2016) – RBC Wealth Management-U.S. is collaborating with digital wealth management provider FutureAdvisor on a pilot program for select clients in the United States. The pilot began this week. It is one of many initiatives RBC Wealth Management is working on across its businesses to provide more flexibility to both advisors and their clients. Called RBC Investor Gateway™, the new service will provide RBC Wealth Management financial advisors with the opportunity to reach a broader range of clients through FutureAdvisor’s digital advice platform.
“Integrating digital advice into our platform will never be a replacement for the deep relationships and high-touch service that our financial advisors provide,” said John Taft, CEO of RBC Wealth Management-U.S. “But we also recognize that investors have many different needs and want choice. By including a digital advice option through RBC Investor Gateway, we can serve a broader group of clients today, and also meet the changing needs of investors over the course of their investment lifetime.”
Through the collaboration with FutureAdvisor, RBC Wealth Management will act as the custodian of all RBC Investor Gateway client assets, producing client statements, trade confirmations and tax documents, and FutureAdvisor will provide personalized digital advice based on a holistic look across a client’s portfolio, including when to make critical investment decisions.
RBC Investor Gateway will initially be targeted at investors who also want to use automated investment strategies and tools, or investors who are just beginning to build wealth. But as clients mature in their needs, and as the complexity of their investments increases, they will have the ability to seamlessly establish a larger relationship with RBC Wealth Management and a financial advisor.
FutureAdvisor, which was acquired in August 2015 by BlackRock, the world’s largest asset manager, has more than $700 million in client investments since its founding in 2010.
RBC Wealth Management and FutureAdvisor are non-affiliated entities. Securities and investment advice offered through FutureAdvisor may differ from what is offered through RBC Wealth Management. All investments have inherent risks and investors may experience a loss.
In the United States, RBC Wealth Management operates as a division of RBC Capital Markets, LLC. Founded in 1909, RBC Capital Markets, LLC. 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 $273 billion in total client assets with 1,900 financial advisors operating in 200 locations in 41 states.
FutureAdvisor is an award-winning digital advisory firm based in San Francisco serving clients nationwide. With a focus on collaborating with major financial institutions, FutureAdvisor’s technology helps firms provide financial advice digitally to their customers. Their software actively monitors and manages clients existing 401(k)s, IRAs and taxable accounts from a household-wide, long term perspective. FutureAdvisor was awarded the World Economic Forum’s Technology Pioneer award in 2015, and Euromoney’s Best American Wealth Management Innovator award in 2014. They were acquired by BlackRock in October 2015.
BlackRock is a global leader in investment management, risk management and advisory services for institutional and retail clients. At September 30, 2015, BlackRock’s AUM was $4.506 trillion. BlackRock helps clients around the world meet their goals and overcome challenges with a range of products that include separate accounts, mutual funds, iShares® (exchange-traded funds), and other pooled investment vehicles.
BlackRock also offers risk management, advisory and enterprise investment system services to a broad base of institutional investors through BlackRock Solutions®. As of September 30, 2015, the firm had approximately 12,900 employees in more than 30 countries and a major presence in key global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa. For additional information, please visit the Company’s website at www.blackrock.com | Twitter: @blackrock_news | Blog: www.blackrockblog.com | LinkedIn: www.linkedin.com/company/blackrock | FutureAdvisor: FutureAdvisor.com
Nicole Garrison, RBC Wealth Management, 612-371-2999, nicole.garrison@rbc.com
Investment and insurance products offered through RBC Wealth Management are not insured by the FDIC or any other federal government agency, are not deposits or other obligations of, or guaranteed by, a bank or any bank affiliate, and are subject to investment risks, including possible loss of the principal amount invested.