Innovative Firms

RBC Wealth Management — US

RBC Wealth Management has developed several tools to increase efficiency, spanning the lifecycle of an advisory practice. Dynamic online assessments identify strengths and opportunities within an adviser’s practice, resulting in a personalized scorecard, and covering topics like segmentation, branding and portfolio efficiency.

This shows a comprehensive snapshot of each adviser’s practice and then generates a prepopulated, tailored action plan, which consultants can modify to include due dates, assign ownership and track progress. The firm also oversees RBC Matchbook, which connects advisers looking to join a team or buy or sell a book of business. Matchbook is averaging more than 15 conversations a month, of which 70% have led to coaching, location resources or retirement discussions.

“We set out to make our processes unique and customizable for advisers, rather than cookie-cutter or one-size-fits-all solutions,” said Laura Cheeley, vice president and senior manager of practice management and teams. “In an increasingly commoditized world, advisers are blown away by our ability to get to know them and invest in them.”

– Vanessa Drucker