RBC are piloting FutureAdvisor with their top advisers in the US. These advisers are interested to test the platform's ability to reach prospective clients and cater to smaller accounts without enough assets for their full service approach. DOL regulation was also cited as being part of the decision making process.
The program is in response to RBC advisers who have asked for this technology. He said advisers are interested to see if this platform can reach prospective clients and cater to smaller accounts without enough assets for full service. It may also prove to be a strategic move if the Department of Labor's fiduciary rule is passed. "We believe our joint venture with FutureAdvisor might provide a very interesting solution for smaller accounts to be managed pursuant to fiduciary requirements in the DOL rule," he said.