{"id":1539,"date":"2021-02-15T00:00:00","date_gmt":"2021-02-15T00:00:00","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/en-us\/newsroom\/2021-02-15\/new-business-compass-planning-tool-leverages-rbc-wealth-managements-tech-and-practice-management-expertise-to-help-advisors-succeed\/"},"modified":"2023-10-03T12:38:01","modified_gmt":"2023-10-03T16:38:01","slug":"new-business-compass-planning-tool-leverages-rbc-wealth-managements-tech-and-practice-management-expertise-to-help-advisors-succeed","status":"publish","type":"rbcwm_newsroom","link":"https:\/\/www.rbcwealthmanagement.com\/en-us\/newsroom\/2021-02-15\/new-business-compass-planning-tool-leverages-rbc-wealth-managements-tech-and-practice-management-expertise-to-help-advisors-succeed","title":{"rendered":"New Business Compass planning tool leverages RBC Wealth Management\u2019s tech and practice management expertise to help advisors succeed"},"content":{"rendered":"<p class=\"heading-4 text-center italic wp-block-paragraph\">Following successful pilot implementation, online tool is now available to more than 2,000 advisors<\/p> <p>     MINNEAPOLIS (February 16, 2021) \u2013 Financial advisors with a clear and documented business plan are 92% more productive in their practices than those without; however, a 2018 study by Business Health revealed that only one in five practices hold such a plan. <\/p> <p>     To close that gap in business planning and help advisors succeed, RBC Wealth Management \u2013 U.S. has introduced Business Compass: a proprietary, online planning tool developed by the firm\u2019s Practice Management and Teams division.&nbsp;&nbsp; <\/p> <p>     \u201cLack of business planning is a known issue in the financial services industry, and it\u2019s holding advisors back from achieving their goals,\u201d said Laura Cheeley, director of Practice Management, Teams and Training at RBC Wealth Management \u2013 U.S. \u201cWe\u2019re very proud to provide a solution for our advisors with this integrated, interactive, secure and web-based business planning tool.\u201d <\/p> <p>     Business Compass will help the organization\u2019s more than 2,000 advisors think strategically about their practices while implementing specific tactics to achieve their goals. It is fully integrated into advisors\u2019 desktops and other key technology solutions, such as Salesforce. <\/p>  <h4 class=\"wp-block-heading has-text-align-left\" >Dynamic planning creates shared accountability<\/h4>  <p>     Recognizing that every advisor\u2019s practice is different, RBC Wealth Management\u2019s Business Compass tool gives advisors the option to take a simple or in-depth approach to the business planning process. The tool includes the ability to: <\/p> <ul>     <li>Document and broadly share their practice core values, mission, vision and value statement<\/li>     <li>Capture and publicly communicate practice goals, increasing the probability of goal achievement<\/li>     <li>Save time by automatically tracking goals and key practice metrics<\/li>     <li>Create accountability with task assignment through Salesforce<\/li> <\/ul> <p>     Business Compass also gives field leaders and the Practice Management and Teams consultants insight into their advisors\u2019 goals and strategies, enabling them to better support their advisors. <\/p> <p>     After a successful pilot implementation with a small group of advisors in late 2020, the full rollout of Business Compass enables RBC Wealth Management\u2019s advisors in the U.S. to develop, update and track their own business plans. <\/p> <p>     \u201cOur goal from the beginning was to launch a tool that created measurable results for our advisors,\u201d said Richard Beckel, senior Practice Management and Teams consultant at RBC Wealth Management. \u201cWe spent months working with a select group of advisors with very different practices to create a tool that would help them think strategically and provide practical and tactical solutions to execute their goals.\u201d <\/p> <p>     Although recently launched, more than 150 practices have already implemented the Business Compass planning tool. <\/p> <p>     Reimagined in 2018, the Practice Management and Teams group at RBC Wealth Management is committed to helping advisors maximize their potential. The team applies a fully consultative approach to deliver a unique advisor experience that expedites revenue growth, drives efficiency and increases client loyalty. <\/p> <p>     \u201cResearch indicates that people are more successful in achieving goals that are publicly documented, and Business Compass helps advisors identify and focus on the goals that are critically important to the growth of their practice with added accountability,\u201d Cheeley said. \u201cWe are thrilled to bring a new tool to market that will enable RBC advisors to maximize their potential.\u201d <\/p>  <h4 class=\"wp-block-heading has-text-align-left\" >About RBC Wealth Management \u2013 U.S.<\/h4>  <p>     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 $416 billion in total client assets with more than 2,000 financial advisors operating in 179 locations in 42 states. <\/p>  <h4 class=\"wp-block-heading has-text-align-left\" >Media Contact:<\/h4>  <p> Tim Nelson, RBC Wealth Management, 612-371-2239, or <a href=\"mailto:tim.nelson@rbc.com\" class=\"link-email\">tim.nelson@rbc.com<\/a>  <\/p>","protected":false},"excerpt":{"rendered":"<p>Following successful pilot implementation, online tool is now available to more than 2,000 advisors MINNEAPOLIS (February 16, 2021) \u2013 Financial advisors with a clear and documented business plan are 92% more productive in their practices than those without; however, a 2018 study by Business Health revealed that only one in five practices hold such a [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":0,"template":"","meta":{"_acf_changed":false,"editor_notices":[],"rbc_url_alias":"","footnotes":""},"rbcwm_solution":[],"rbcwm_newsroom_category":[48],"class_list":["post-1539","rbcwm_newsroom","type-rbcwm_newsroom","status-publish","hentry","rbcwm_newsroom_category-corporate-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v27.9) - 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