RBC Wealth Management—U.S. helps individuals and families achieve their financial needs, wants, and wishes with advice and wealth management solutions. The firm embarked on an unusual digital transformation, putting data at the center of its strategy, and delivering a purpose-built experience that maximizes analytics and insights for its employees and clients.
Headquartered in Minneapolis, the firm has two organizations: The Private Client Group, with more than 2,100 advisors in 42 states, and Clearing & Custody Services, with 300 independent broker dealers nationwide.
While the company consistently received high industry ratings for its culture and service, its technology rankings were lagging. They were even losing potential advisors because of it. “It was a clear sign we needed to do something. Technology is one thing you can control. If you have the money, the time, and the brain power, it’s something you can and should improve,” said Greg Beltzer head of technology for RBC Wealth Management—U.S.
This insight became a catalyst for their digital transformation. “We wanted to have everything in place that our advisors, our independent broker dealers, and their clients need to manage their finances,” Beltzer said. “We wanted them to be more efficient and make technology as frictionless as possible for the end user.”
But it was no small undertaking. Like most financial services companies, their technology stack was a mix of legacy and new systems and applications across business, operational, and compliance groups, along with strict regulations and oversight requirements.
That’s when the division went in an innovative direction: instead of keeping technology across all its teams, they moved it under one group, with Beltzer leading the charge. Transforming to this unique model, they removed the data silos across teams and could deliver a consistent, real-time user experience for everyone across products, services, and functions to access the same customer records and empower them with data analytics and actionable insights.
Beltzer pointed out that senior executive buy-in was critical to embark this ambitious data transformation journey. “Helping our leadership understand the importance of curating and managing this data for the greater good, you’ve got to have executive alignment or you're going to go uphill all the way.”