Orion and RBC Wealth Management Honored as Innovators of the Year at ADVISE AI

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Orion and RBC Wealth Management-U.S. Named Innovators of the Year at Financial Planning’s Innovation Awards

In a significant recognition of technological advancement in the wealth management sector, Orion and RBC Wealth Management-U.S. have been honored as Innovators of the Year during Financial Planning’s inaugural Innovation Awards ceremony. The winners were announced on October 10, 2023, at the ADVISE AI conference, a groundbreaking event dedicated exclusively to artificial intelligence in financial services. This recognition highlights the transformative impact of technology on wealth management and the ongoing evolution of client engagement strategies.

Celebrating Innovation in Wealth Management

The Innovation Awards ceremony showcased eight finalists, with Orion and RBC Wealth Management emerging as standout winners. Orion received accolades for its innovative approach to customized portfolio management, while RBC Wealth Management was recognized for its excellence in marketing and client engagement. Brian Wallheimer, editor-in-chief of Financial Planning, emphasized the significance of these innovations, stating, "As we’ve seen at ADVISE AI this week, tech firms and wealth managers are doing incredible things to move the industry ahead by leaps and bounds. Our innovators of the year, Orion and RBC, are leading the way."

The awards come at a time when the wealth management industry is increasingly recognizing the importance of generative AI. A recent survey of 270 professionals in the field revealed that 43% consider generative AI to be "very important" or "extremely important" for attracting new clients and retaining younger generations inheriting wealth. This sentiment underscores the urgency for firms to adopt innovative technologies to stay competitive.

Orion: Pioneering Portfolio Management

Orion, a leader in technology solutions for financial advisors, was honored with the Innovator of the Year award and the Innovation in Portfolio and Investment Strategy award. The firm was recognized for two groundbreaking tools: Redtail Speak, which integrates ChatGPT for real-time communication, and Orion Compare, a data-driven portfolio comparison tool.

Launched in March 2023, Orion Compare has quickly become a vital resource for advisors, streamlining the portfolio comparison process and enabling faster, more effective customization. Michael Wilson, executive vice president of Orion Technology Suite, highlighted the tool’s unique features, stating, "What really set [Orion Compare] off was when we embedded our behavioral finance persona into it." This integration transforms the interaction from a binary exchange to a more human-centric dialogue, enhancing the advisor-client relationship.

The comprehensive nature of Orion’s tools allows advisors to access portfolio accounting valuations seamlessly, perform cost-basis analysis, and conduct risk analytics. Additionally, the platform enables the rapid generation of presentation-ready portfolio scenarios, complete with AI-generated talking points for client discussions. By addressing the complexities of wealth management with AI-powered solutions, Orion empowers advisors to serve their clients more efficiently and effectively.

RBC Wealth Management-U.S.: Leading in Marketing and Client Engagement

RBC Wealth Management-U.S. has established itself as a frontrunner in technological innovation, particularly in marketing and client engagement strategies. The firm received the Innovator of the Year award and the Innovation in Marketing and Client Engagement awards, underscoring its commitment to enhancing client relationships through advanced technology.

Central to RBC’s success is its Campaign Central platform, a self-service tool that enables advisors to create dynamic marketing content and monitor client engagement. This platform allows for personalized messaging at scale, enabling advisors to send tailored communications—such as birthday wishes or holiday greetings—to hundreds of clients simultaneously. Since its launch, nearly 1,000 financial advisors, representing 43% of RBC’s total advisor count, have adopted Campaign Central, leading to a significant increase in email marketing engagement.

In addition to Campaign Central, RBC Wealth Management’s AI-Powered Insights initiative has transformed client engagement by enabling advisors to proactively track client behaviors and respond to significant financial events. Launched in February 2024 in partnership with TIFIN AG, this tool identifies clients who may be moving funds due to life changes, such as selling a house or inheriting money. By providing advisors with actionable leads directly through RBC’s advisor desktop platform, the initiative has proven invaluable for consolidating assets under management.

The impact of AI-Powered Insights is substantial, with RBC reporting that for every three phone calls made using the tool, advisors secured at least one commitment to bring assets over. This capability is particularly crucial as high-net-worth clients often distribute their assets across multiple financial service providers. RBC estimates that its clients hold approximately $500 billion at other institutions, making the consolidation of these assets a strategic priority.

The Future of Wealth Management Innovation

The recognition of Orion and RBC Wealth Management-U.S. as Innovators of the Year reflects a broader trend in the wealth management industry towards embracing technology to enhance client experiences and operational efficiency. As AI technology continues to mature, firms like Orion and RBC are setting new standards for innovation, paving the way for future advancements that promise to benefit financial advisors and their clients alike. The ongoing evolution of wealthtech solutions will undoubtedly shape the future landscape of the industry, fostering deeper client relationships and more personalized service offerings.

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