Recently, Investment Executive (IE) released their 2020 Brokerage Report Card in which RBC had the highest net promoter score of all the large bank-owned investment firms. IE creates the report card by surveying advisors from each firm. Why did RBC score so well? Because they provide the best tools to help advisors focus on client engagement and deal with rapidly changing regulations. In 2020, RBC scored the highest in the "Technology tools & advisors desktop" category. They also scored highest for support in dealing with changing regulations.
It starts with an integrated advisor experience with CRM at the core
RBC is one of the world’s ten largest wealth managers, serving clients with a full suite of banking, investment, trust, and other wealth management solutions. In 2011, they were seeking a best-of-breed integrated desktop for their Wealth Management operations, one that would enable them to attract and retain top talent. The solution needed to increase advisor productivity; deliver a comprehensive view of clients and households; enable best practices across the organization; and drive user adoption. It needed to integrate to existing financial accounts, portfolio management, entitlements, telephony, email, calendar solutions, account opening systems, and security systems. They chose an integrated desktop with CRM at the heart and have continued on a 10-year journey, focusing on advisor needs and making continual improvements.
Why is it so important that CRM be at the centre of the integrated advisor experience? The answer is quite simple, CRM is where advisors spend the majority of their time. According to the 2018 Gartner Advisor Effectiveness Survey, advisors are using CRM more consistently than any other system. Further to that, a 2019 advisor survey conducted by Aite Group found that a full 35% of advisors spend at least a quarter of their day in CRM, some as much as 75% of their day.
NexJ is the heart of RBC's Integrated Desktop
RBC chose NexJ to join them on this journey not only because of our deep domain experience in wealth management, our vertical-specific capabilities, or the technology that allows firms to integrate with any system, but because we engage with our customers as a strategic partner. This was critical to RBC because of their strong strategic focus on their advisor's success. They needed a partner, and not just a vendor, to feel their pain and share in their success.
The proof of RBC's strategic focus on advisors is in the numbers; their advisors ranked them the highest in the IE Report Card for strategic focus of all the large banked-owned investment firms.
Wirehouses also use NexJ to support their strategic initiatives
RBC isn't the only firm that relies on NexJ to help keep a strategic focus on advisors. Aite also discovered that advisors at wirehouses are twice as likely as any other segment of the market to say that their CRM exceeds their expectations. The reason for this is integration into workflow as part of the advisor desktop. Three of the four wirehouses chose NexJ to be the heart of their advisor experience: UBS, Wells Fargo, and Morgan Stanley.
Successful firms understand the value of a strategic focus on advisors, which begins with an integrated advisor experience. To learn more, check out this presentation in which Matt Bogart, Vice President of Marketing for NexJ Systems, explains why CRM has to be at the core of any successful advisor workstation.