Wealthtech platform Orion and RBC Wealth Management-U.S. have been named Innovators of the Year during Financial Planning’s first-ever Innovation Awards ceremony.
The winners were announced on Oct. 10, during ADVISE AI, Financial Planning’s first conference solely dedicated to AI. Orion and RBC Wealth Management were among eight companies that received Innovation Awards and thus were finalists for the top prizes. Orion’s award was for its work in customized portfolio management, and RBC’s two awards were for marketing and client engagement.
READ MORE: Financial Planning unveils 2024 Innovation Award winners
“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,” said Brian Wallheimer, editor-in-chief of Financial Planning. “The best part is that this is only the beginning. As AI technology matures, we’ll see advances that will do so much good for firms, financial advisors and their clients.”
Financial Planning recently surveyed 270 professionals in wealth management and found 43% feel generative AI is “very important” or “extremely important” in capturing new clients and retaining the younger generations inheriting the wealth of existing clients.
READ MORE: AI for wealth client growth? Slowly but surely
At the forefront of these efforts are firms like Orion and RBC Wealth Management-U.S. that have deployed new AI tools to more easily manage portfolios and client engagement, helping fuel client growth.
Orion: Innovator of the Year and winner of the Innovation in Portfolio and Investment Strategy award
A leader in tech for advisors, Orion was recognized for two of its revolutionary tools: Redtail Speak, a ChatGPT integrated real-time communication for advisors, and its data-driven portfolio comparison tool, Orion Compare.
Jasmine Osborne
Since the Omaha, Nebraska-based firm launched Orion Compare in March, it stands among the most innovative advisor tools designed to streamline portfolio comparison functions for advisors, enabling faster and more effective customization. It is powered by end-investor data from Orion’s Portfolio Accounting tool, Orion Risk Intelligence, Orion Planning and Orion’s BeFi20 tool.
“What really set [Orion Compare] off was when we embedded our behavioral finance persona into it,” said Michael Wilson, executive vice president at Orion Technology Suite, during ADVISE AI. “All of a sudden, the language and narrative went from being a very binary discussion between a computer telling you that you need to make this trade and so forth, to being this very human connection in a natural language that would resonate to the investor.”
Having a fully integrated tool allows advisors to seamlessly access portfolio accounting valuations, and perform cost-basis information and risk analytics. Advisors can also rapidly generate presentation-ready portfolio scenarios and get AI-generated talking points to use with clients or prospects. By addressing the complexities of the wealth management process with AI-powered tools, Orion empowers advisors to serve their clients more efficiently.
Orion’s suite of tools represents a significant advancement in wealth management technology. The firm’s commitment to leveraging AI to enhance advisor capabilities and improve client outcomes sets a standard for the industry.
RBC Wealth Management-U.S.: Innovator of the Year, and winner of the Innovation in Marketing and Client Engagement awards
RBC Wealth Management-U.S. is a powerhouse in tech innovation in both its marketing and client engagement strategies, making it a 2024 Innovator of the Year.
The recognition underscores RBC’s commitment to leading the industry in client engagement and marketing personalization via its groundbreaking Campaign Central platform and its AI-Powered Insights initiative.
RBC’s Campaign Central is a self-service platform that empowers advisors to create dynamic marketing content and monitor client engagement. One of the standout features of Campaign Central is its ability to send personalized messages at scale (wishing hundreds of clients a happy birthday, for example), send holiday greetings or share market insights almost instantly. Advisors can schedule recurring messages, ensuring consistent and timely communication with clients and prospects.
Jasmine Osborne
Since partnering with Salesforce in 2021 to consolidate its CRM systems and launch this digital marketing tool, nearly 1,000 financial advisors — representing 43% of RBC’s total advisor count — have adopted Campaign Central. RBC’s email marketing channel has grown by nearly 3 million emails, boasting a 55% engagement rate in terms of unique email opens, according to Campaign Monitor.
Financial Planning also recognized RBC Wealth Management-U.S. for Innovation in Client Engagement based on its AI-Powered Insights, which enables advisors to track client behaviors and respond proactively to financial movements.
The groundbreaking tool was launched in February 2024 through a partnership with TIFIN AG and is available to more than 2,000 advisors.
AI-Powered Insights identifies clients who might be moving their funds due to significant financial events like selling a house, inheriting money or liquidating a business. And then it provides advisors with a list of leads directly through RBC’s advisor desktop platform, a capability that has been crucial, especially because high net worth clients often distribute their assets across multiple financial service providers.
The impact of AI-Powered Insights is profound. RBC Wealth Management found that for every three phone calls made using this tool, advisors secured at least one commitment to bring assets over. Additionally, 78% of the leads generated through the program present opportunities for money in motion. RBC estimates its clients have $500 billion at other financial institutions, making this tool invaluable in consolidating assets under its management.
RBC Wealth Management’s innovative approach — combining the personalized touch of Campaign Central with the forward-thinking AI-Powered Insights — establishes new high-touch standards and fosters meaningful client relationships through technology.
