RBC Clearing & Custody has launched a new centralized platform giving its advisors access to all services from a single location, according to news reports.
RBC Nexus, as the new platform is called, allows advisors to tap a variety of services without having to switch applications, FA-IQ sister publication FundFire writes. These services encompass account opening, client and account information, account management, trading and rebalancing, performance reporting, research and training resources, according to the publication.
The unit has over 300 broker-dealer and registered independent investment advisor firm clients, FundFire writes.
Chief technology officer Noel Stave said the old platform “was pretty fragmented,” requiring advisors to open multiple apps for accessing books, customer relationship management and other functions, according to the publication.
“What you have with Nexus is basically the new front door for all RBC clearing and custody firms,” Stave said, according to FundFire.
The new platform is part of RBC’s multi-year effort to revamp its clearing and custody business and was built in partnership with outside providers including Salesforce, Addepar, Envestnet’s MoneyGuidePro and FactSet, the publication writes, citing Stave.
RBC Clearing & Custody, which was previously called RBC Correspondent and Advisor Services, announced in 2020 that it would bolster its technology offerings after it rebranded, according to FundFire.
In the next month or two, RBC also plans to make Nexus the only platform for accessing RBC Black, the wealth management platform rolled out in 2017 that brings under one roof various services, including CRM, risk alignment and rebalancing tools from third-party providers, account aggregation and more, according to Stave, the publication writes.
Nexus users will be able to access all the services at no cost, except RBC Black, which will cost $175 per month, according to FundFire.
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