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RBC Wealth Selects Broadridge Platform: Tech Roundup

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What You Need to Know

  • RBC Wealth will use the Broadridge Wealth Management Platform to power its growing U.S. business.
  • Dynasty Financial Partners added two fintech executives to its team.
  • SEI is integrating Wealthbox, a CRM software service designed specifically for financial advisors.

RBC Wealth Management will use the Broadridge Wealth Management Platform to power its growing U.S. business, the firms said Thursday in a joint announcement.

Broadridge’s platform enables wealth management firms and their advisors to “drive their business to the next level by creating a better client experience, improving advisor productivity, and digitizing the back-office,” the firms said.

As part of the multi-year deal, RBCWM will also be migrating to Broadridge’s next-generation Asset Servicing platform, they said.

The move is part of RBCWM’s “multi-year technology transformation” and “represents the latest in a series of investments in state-of-the-art, third-party” fintech tools and services, according to the announcement. The firm also integrated Salesforce and Addepar into the business to provide advisors with better client insights, performance reporting and portfolio management tools to serve a client’s needs more quickly and easily.

Separately, Broadridge said Wednesday it will work with data cloud company Snowflake to enhance its global asset management clients’ decision-making processes via data visualization and analysis.

Dynasty Hires Fintech Execs

Dynasty Financial Partners added two fintech executives: Frank Coates, named chief technology officer, and Taylor Howard, appointed to the new position of chief digital officer.

Both executives will be based in St. Petersburg, Florida, and report directly to Ed Swenson, Dynasty chief operating officer, it said Wednesday.

Coates was previously an executive managing director and co-group president at Envestnet Analytics. Prior to joining Dynasty, Howard led the artificial intelligence, application engineering, digital workplace and data analytics practices of global digital transformation and consulting firm AgileThought.

As CTO, Coates will be responsible for providing next-generation technology solutions to Dynasty’s client base and support Dynasty’s and Envestnet’s partnership with digital solutions through the Advisor Services Exchange (ASx), Dynasty said.

As CDO, Howard will focus on Dynasty digital architecture — digital enablement and key proprietary Dynasty products that include the advisor business solutions dashboard, benchmarking and integrations, it said.

Dynasty now has 46 network partner firms on its platform with over $60 billion in client assets combined, it noted. The company has hired 19 professionals since January and “plans to hire an additional 12 professionals this year in its St. Petersburg headquarters,” it added.

SEI Teams With Wealthbox

SEI announced a strategic partnership and technology integration with Wealthbox, a client relationship management (CRM) software service designed specifically for financial advisors.

Wealthbox joins the almost 50 technology integrations and strategic partnerships now available to independent advisors using the SEI Wealth Platform.

Via the integration, advisors can “seamlessly view client profiles, account details and investment positions in the SEI Wealth Platform through single sign-on via Wealthbox,” the firms said in a joint announcement.

Key features include: “Contact management with an easy-to-view layout and note-taking interface to track interactions and financial information; social profile inclusion to monitor and engage prospects and clients on priority social platforms; automated and customizable workflows to streamline client and prospect interactions”; and a mobile application that is “fully synced with a web-based account for on-the-go access to account information,” the companies said.

iCapital Network Raises $440 Million

iCapital Network raised $440 million in a new funding round, it said Tuesday.

The global financial technology platform will use the funds to “fuel continued client success,” it said. Specifically, the company will “enhance its platform technology, expand the breadth of strategies and product types on its alternative investment menu, and pursue strategic acquisitions that will broaden its client capabilities,” it added.

Temasek led the fundraising round and was joined by new investors Owl Rock, a division of Blue Owl Capital; MSD Partners; Noah Holdings and Golub Capital.

Additional commitments came from existing investors WestCap, Ping An Voyager Partners, Blackstone, UBS, Pivot Investment Partners, BNY Mellon, Wells Fargo, Morgan Stanley and Goldman Sachs Asset Management, iCapital Network said.

Advyzon Integrates With Pershing

A series of Advyzon integrations with BNY Mellon’s Pershing have been made that were “designed to deliver joint clients a seamless experience that allows them to navigate between the two platforms effortlessly and provides access to the most crucial real-time information to help them better serve end investors,” the firms said.

The announcement followed a series of new integrations by Advyzon to continue its expansion of offerings to RIAs. It also supports Pershing’s strategy of expanding its market share among RIA firms, it said.

The new integrations include a bi-directional connection that gives advisors the ability to “flow effortlessly between Pershing’s professional workstation, NetX360, and the Advyzon platform, essentially making the two platforms an extension of one another,” the companies said in a joint announcement.

Meanwhile, a series of application programming interface (API) integrations between the two platforms will enable advisors the ability to prefill Pershing’s client onboarding tool with information from Advyzon’s CRM; view NetX360 account documents within the Advyzon client portal; and view NetX360 client holdings, balances and real-time alerts within the Advyzon advisor dashboard.

Advyzon also ingests Pershing’s nightly standard files for their advisors for performance reporting and portfolio management.

AdvisorEngine Names CIO

Franklin Resources subsidiary AdvisorEngine completed what it said was a “rigorous search” for a chief information officer with the recent hire of Raj Madan, it said.

Madan brings more than 20 years of technology leadership experience at BNY Mellon to the provider of CRM and portfolio management technology, it said.

In his eight years as BNY Mellon’s Pershing’s managing director of Common Services, Architecture and Innovation, Madan “architected and implemented its Global Business Platform, enabling a single-user experience across brokerage and bank custody,” according to AdvisorEngine. He also created the Pershing Advanced Technology Labs.

At AdvisorEngine, Madan will “lead all technology functions, including architecture, software development, infrastructure and IT,” it said.

Envestnet Adds Peak Trust

Peak Trust Co., an advisor-focused firm offering customized trust administration for individuals and families, joined the Envestnet Trust Services Exchange, the companies said Thursday.

Envestnet’s exchange is powered by Trucendent as a trustee partner for broker-dealers and RIAs.

Peak works with more than 1,500 estate planners across the U.S. and specializes in the management of trusts, pursuant to law in Alaska or Nevada.


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