RBC’s New Advisor Platform Brings It All Together
Dubbed BLACK, the platform integrates services from five fintech providers and will be available across several devices to clients of RBC’s clearing and custody network, according to the firm. These include CircleBlack for account integration and portfolio analysis, Redtail for customer relationship management, Riskalyze for risk alignment, MoneyGuidePro for financial planning and Vestmark for trading and rebalancing, all of which will be integrated with RBC’s clearing and custody services. RBC claims on its website that the platform costs 80% less than buying the individual components separately.
BLACK is offered through RBC Correspondent Services, the company’s clearing firm for independent broker-dealers and the third-largest by number of clients in the U.S., according to the firm and RBC Advisor Services, a custodian for RIAs, according to the press release. Both firms are divisions within RBC Capital Markets, a wholly-owned subsidiary of the Royal Bank of Canada but a separate legal entity, according to RBC.
“CircleBlack worked closely with RBC to design and build Black specifically for RBC’s clearing and custody clients,” John Michel, CEO of CircleBlack, which built the platform, tells ThinkAdvisor.