Improvements include SMA workstation and commission-tracking functionality. RBC Wealth Management -- the new name for RBC Dain Rauscher -- has chosen Broadridge Financial Solutions -- the new name for ADP's Brokerage Services Group -- to help it put its retail and institutional operations on a single platform.

"This platform is exactly the solution that will help us to create the enhanced offerings our management team and clients demand," says John Taft, head of RBC Wealth Management in the U.S. "We firmly believe that our strategic relationship with Broadridge will enable us to move our securities business forward in the fashion we desire, while uniting our global retail and institutional business on one consolidated platform."

Overhaul

RBC Wealth Management's new platform incorporates updates such as a managed account workstations and commission-tracking tools.

"We are pleased to expand our relationship with RBC and are extremely proud that together, we had the ability to develop this comprehensive, end-to-end solution that RBC needed to support both their retail and institutional business," says John Hogan, President and COO of Broadridge. "As a result of our relationship, RBC will be able to consolidate the operations of its two U.S. broker-dealers onto one platform -- a move that will add efficiency, increased functionality and enhanced service offerings while reducing costs throughout their operations."

RBC Wealth Management, a division of Toronto-based Royal Bank of Canada, has around $500 billion in assets under administration, more than $160 billion in assets under management, and more than 3,600 advisors, private bankers and trust officers. -FWR

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