Toronto-based Royal Bank of Canada (RBC) announced on Wednesday that it’s introducing a new online advice platform that allows clients to connect with the bank’s financial advisors in real time.
MyAdvisor uses an online advice platform to connect a client to an advisor digitally, through which both can view and adjust a dynamic “dashboard” showing the client’s savings and investment goals and establish actions to achieve those goals in real time.
The digital service is now being piloted inOntario and RBC will use feedback from pilot participants to further shape the final product ahead of full national launch, which is expected by mid-year, to ensure it meets the financial needs of Canadians.
Thus far, clients involved in the pilot project are responding very positively to having real-time opportunities to make adjustments to their financial picture and connect with an advisor digitally, according to RBC.
Read: A new creature: the “hybrid” advisor
“This is proving to be a very powerful financial advice experience for our clients as they manage their financial goals using our digital capabilities and our advisors’ expertise,” says Michael Walker, vice president and head, mutual funds distribution and RBC Financial Planning, in a statement. “MyAdvisordemonstrates what being a digitally-enabled relationship bank is all about, combining the convenience of digital access and the personalized advice of our advisors.”
The RBC advisors behind MyAdvisor have been specially trained to work with the financial tools integrated into the online advice platform. They’re ready to meet via live video or phone – whatever the preference is when clients book their appointments. Clients and advisors see the same information onscreen – any adjustments made on either side are viewed in real time, as they discuss the financial future clients have in mind.
“In a digitally-connected world, MyAdvisorbrings to life an exciting strategy that enables our clients to access financial advice and solutions and the support of an advisor,” says Kirk Dudtschak, executive vice president, personal and commercial banking, with RBC, in a statement. “MyAdvisor enables greater connectivity for clients to the advice and solutions they want and allows our advisors to focus on what they do best — being there for our clients, when and where they need us.”
The new service is a product of RBC’s innovation lab in Toronto; the bank has other labs in the U.S., the U.K. andEurope. These innovation labs co-create new products and services based on direct input from RBC clients and employees.
Photo copyright: Royal Bank of Canada