Toronto-based RBC Wealth Management is exploring digital advice options —also known as robo-advice — for its clients, a company spokesperson confirmed on Thursday.
“We support investor choice and believe that clients should be able to select the advice and service model that suits them,” according to a statement emailed to Investment Executive. “ We recognize that technology will be critical to meeting a broad range of client needs.”
RBC Wealth Management, a business unit of Royal Bank of Canada, is currently investing in “digitally enabling advisors and exploring [its] options to offer clients additional ways to invest with [the firm],” the spokesperson’s statement said.
In addition, RBC Wealth Management’s U.S. division is in talks with digital advice providers, the spokesperson confirmed to IE in the statement. The U.S. division is considering several ways to include digital advice into its client offerings, including a robo-advisor platform.
Although the firm is looking to technology to enhance its client relationship, it continues to emphasize the importance of its retail advisor force — particularly to their wealthier clientele.
“Our high net-worth and ultra-high net-worth clients continue to tell us they value their wealth manager as the cornerstone of their relationship and that our advice is critical to meeting their complex needs,” according to the statement from RBC Wealth Management’s spokesperson.