RBC Wealth Management adds NextCapital to its robo lineup

RBC Wealth Management has integrated Chicago based portfolio company into its lineup of robo deals. This is the second deal RBC has signed with a robo-advisor following a deal in February with San Francisco based FutureAdvisor.

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"NextCapital is a really easy engine," he says. "The ones that went earlier picked FutureAdvisor." NextCapital, founded by Rob Foregger in 2013, has raised $22 million of venture capital. BlackRock acquired FutureAdvisor for $152 million. Boston-based IBD LPL Financial, First Republic, U.S. Bank Wealth Management and BBVA Compass also chose FutureAdvisor. LPL unveils BlackRock's FutureAdvisor as its robo partner -- albeit with LPL model portfolios The idea behind big financial services companies acquiring or developing robo-advisors is to enable advisors serve a full nursery of mass-market clients who don't mind being minded by a robot as their assets gradually grow, hopefully, into millions. See: How Barron’s 'Next' lays bare the tail-wags-dog sponsored content predicament facing financial journalism.

http://riabiz.com/a/2016/11/21/rbc-wealth-management-adds-nextcapital-to-its-robo-lineup-with-a-head-scratching-explanation-about-its-earlier-pick-of-futureadvisor