RBC Wealth Management has announced a deal to offer the cloud-based wealthtech platform Addepar Inc. to its more than 2,100 financial advisers — marking the largest deal to date for the portfolio management tech provider.
Mountain View, California-based Addepar is used by investment advisers, banks and family offices to track how investment portfolios perform across asset classes by aggregating data from client portfolios and overall market performance.
Its customer list of more than 700 advisory firms has been steadily growing in recent years, with clients now using the technology in more than 25 countries to advise on more than $3.5 trillion in assets, according to a release.
With the deal, the platform becomes available to all RBC advisers, including financial professionals at the firm’s clearing division, RBC Clearing & Custody.
“Addepar is an integral part of our vision to provide a best-in-class technology experience for financial advisers across the entire investment lifecycle,” Greg Beltzer, head of technology at RBC, said in a statement. “Our addition of Addepar’s software platform will further empower our advisers to build trusted relationships with their end clients, and ultimately, help them achieve financial goals.”
In June, Addepar landed $150 million in funding from New York City-based hedge fund D1 Capital Partners, which doubled the wealthtech’s valuation to more than $2.17 billion, and pushed its total funding to $475 million.
The wealth management platform acquired AdvisorPeak, a Layton, Utah-based provider of trading and rebalancing software, for an undisclosed sum in October.
“Innovation is a constant in everything we do at Addepar,” said CEO Eric Poirier. “We continue to deliver value at scale by working closely with our clients, who are the industry's most cutting-edge, sophisticated wealth managers.”
RBC Wealth Management manages $542 billion in total client assets, operating in 182 locations in 42 states, according to the release.
Addepar is one of the best RIA portfolio management software. Read the top 10 here.
Merrill's latest hires span Colorado to Louisiana, even as industry-wide recruiting data suggests the firm is losing almost as many advisors as it gains.
The $36 million buy allegedly hid inflated books and a $50 million diversion.
“An award citing emotional distress is very unusual,” an industry executive said.
New EBRI research found workers who participated in employer financial education reported higher confidence, literacy and financial satisfaction.
Beyond operational excellence, the winning advisors of the future are the ones who can reach across multiple disciplines without discarding specialist skills.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
