Broadridge Financial Solutions, Inc. (NYSE: BR) announced today that RBC Wealth Management (RBC, formerly RBC Dain Rauscher), a boutique advisory firm with an established national presence and a growing presence globally, has gone live on Broadridge's Brokerage Processing Services (BPS) platform, expanding the strategic relationship between the two companies.
RBC's custom-designed solution incorporates a multitude of Broadridge's market-leading services and products to support and enhance its extensive global retail and institutional businesses.
The only solution that could offer RBC this type of seamless synchronicity between its global retail and institutional operations, Broadridge's tailored platform allows RBC to merge its two distinct operations onto one platform, creating multiple in-house efficiencies, as well as greater ease of use for staff and clients. RBC's new technology will enable the growing firm to refocus its resources toward enhancing the client experience. Newly live upgrades such as a new managed account workstation on advisor desktops and the commission-tracking tools will allow RBC's wealth management team to work more efficiently and add value to client relationships. The move to a single platform supports the firm's multi-entity, multi-currency businesses while delivering back-office efficiencies that are fully integrated with RBC's proprietary front-office product and service offerings.
To support and enrich its wealth management capabilities, RBC will implement 3,500 Broadridge wealth management broker desktops, providing richer customized functionality for managed accounts, enhancing their existing proprietary service. RBC will also take advantage of Broadridge's platform and trading applications, including its best in class fixed-income processing engine, impactsm, to support its processing needs. Broadridge's impact provides global financial institutions with real-time position and balance information, as well as trade execution, real-time settlement and clearing interfaces for domestic and foreign fixed-income securities. RBC will reap the benefits of additional Broadridge offerings, including Statement and Confirmation processing, MBS Expert®, and PostEdge which will support RBC's business needs throughout the trade lifecycle, from transaction processing and investor communications cations to document management and archival.
"Broadridge was the only firm that could provide a range of solutions with the functional breadth to address our expanding business objectives as well as enable us to consolidate our global retail and institutional operations. This platform is exactly the solution that will help us to create the enhanced offerings our management team and clients demand," said John Taft, head of RBC's US Wealth division. "We firmly believe that our strategic relationship with Broadridge will enable us to move our securities business forward in the fashion we desire, while uniting our global retail and institutional business on one consolidated platform," Mr. Taft continued.
"We are pleased to expand our relationship with RBC and are extremely proud that together, we had the ability to develop this comprehensive, end-to-end solution that RBC needed to support both their retail and institutional business," said John Hogan, President and Chief Operating Officer of Broadridge Financial Solutions, Inc. "As a result of our relationship, RBC will be able to consolidate the operations of its two US broker-dealers onto one platform—a move that will add efficiency, increased functionality and enhanced service offerings while reducing costs throughout their operations," Mr. Hogan added.