RBC Wealth Management’s U.S. Business Increases Efficiency, Delivers on Client Expectations with Salesforce

Using Salesforce, RBC Wealth Management is driving success and reducing maintenance costs

Salesforce , the global leader in CRM, announced that RBC Wealth Management, a division of RBC Capital Markets, LLC, is using Salesforce to drive success with significant cost savings and efficiency across multiple areas of its business, while continuing to deliver on client and advisor expectations.

RBC Wealth Management in the U.S. is a values-driven financial institution providing clients with customized strategies to grow, preserve and share their wealth. More than 2,100 financial advisors in 184 locations in 42 states rely on technology to enable an exceptional client experience.

Like many companies, RBC Wealth Management had a wealth of client data that was spread across multiple systems making it time consuming for advisors to access information and prepare for client meetings.

RBC Wealth Management turned to Salesforce to help its teams deliver the insights and tools they needed to make it easier for their advisors to provide the superior experience their clients had come to expect from RBC Wealth Management. Guided by Salesforce Professional Services, RBC Wealth Management was able to consolidate the 26 systems into a single, trusted CRM.

“Our number one priority is to deliver world-class wealth management services. For us, this meant we needed to enhance our client and advisor experiences by embracing automation and moving away from inefficient and manual processes,” said Greg Beltzer, Head of Technology, RBC Wealth Management U.S. “With Salesforce, we have been able to consolidate 26 systems into one, reduce maintenance costs and streamline the client onboarding experience from 30-plus signatures and an average of 200-300 pages per client, to signing packets with just one digital click.”

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With MuleSoft, RBC Wealth Management was able to consolidate data across disparate data sources, reducing maintenance cost by 50% and making it easier to create a unified, 360-degree view of every client using Salesforce for Financial Services, which is tailored to the wealth management industry.

In the past, client onboarding could be a cumbersome process, with clients needing to review, sign, and initial lengthy documents.

RBC Wealth Management leveraged Salesforce Platform and Experience Cloud to improve that experience. With automated case management workflows, the RBC Wealth Management new client onboarding process has been reduced from weeks to an average of just 24 minutes.

RBC Wealth Management also needed a way to make vast amounts of data relevant and actionable. By leveraging Slack as their digital HQ, and Tableau, and Einstein to deliver AI-powered insights, portfolio managers and executives can quickly view and discuss employee and branch performance by portfolio value, revenue, and active campaigns. Even more, advisors are able to use automation to handle previously manual tasks, like sending reminders and schedule client meetings.

“Business leaders everywhere are exploring ways to deliver success now during these uncertain economic times. Our business is to help customers like RBC Wealth Management navigate through these times by enabling the power of end-to-end automation to create efficiencies and save costs,” said Liam Doyle, Senior Vice President, product management, MuleSoft. “By implementing automation, companies can realize efficiencies and savings, while also building transformative experiences for customers, partners, and employees. This is the promise of automation, increasing agility and scaling to meet growing or new demands to accelerate digital transformation and help organizations become more resilient.”

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