RBC launches new robo-wealth advisory service Black
Royal Bank of Canada units RBC Correspondent Services and RBC Advisor Services have developed Black, a wealth-management technology platform that bundles together leading fintech providers Redtail, CircleBlack, Riskalyze, Vestmark and MoneyGuidePro. The platform is available to RBC’s clearing and custody clients for a fraction of the cost of buying individual providers separately. "We wanted to build an exclusive adviser platform to help our firms and their advisers realise opportunities, gain efficiencies and thrive in this new environment," said Brett Thorne, head of RBC Correspondent Services and RBC Advisor Services.
RBC Correspondent Services and RBC Advisor Services launched a new wealth management technology platform, Black.

Within Black, RBC has bundled five leading financial services technology providers – Redtail, CircleBlack, Riskalyze, Vestmark and MoneyGuidePro – into one simple, intuitive platform.

Black contains a full menu of wealth management solutions developed by its technology partners. CircleBlack provides client account aggregation and portfolio analytics and Redtail provides customer relationship management. Riskalyze provides risk alignment tools, MoneyGuidePro provides financial planning tools, and Vestmark provides trading and rebalancing tools.

Accessible through a single login, on most devices, Black is offered to RBC’s clearing and custody clients. The platform costs $175, which is 80% less than the sum cost of purchasing each technology separately, according to RBC.