A new digital experience for clients, using live video to connect them in real time with advisors, has been introduced by RBC.
MyAdvisor uses an online advice platform to digitally connect a client to an advisor, where both can view and adjust a dynamic "dashboard" showing the client's savings and investment goals and establish actions to achieve those goals – all in real time.
MyAdvisor is a product of RBC's Toronto-based innovation lab; other labs are located in the U.S., the U.K. and Europe. These innovation labs co-create new products and services based on direct input from RBC clients and employees.
Now being piloted in Ontario, MyAdvisor is using feedback from pilot participants to further shape the final product ahead of full national launch, to ensure it meets the financial needs of Canadians.
While clients enrolled in the pilot may have different financial goals, their positive responses to MyAdvisor show they share one thing in common: a strong appetite for this new digital service. They are responding very positively to having real-time opportunities to make adjustments to their financial picture and digitally connect with an advisor.
"This is proving to be a very powerful financial advice experience for our clients, as they manage their financial goals using our digital capabilities and our advisors' expertise," said Michael Walker, vice-president and head, Mutual Funds Distribution & RBC Financial Planning.
"MyAdvisor demonstrates what being a digitally-enabled relationship bank is all about, combining the convenience of digital access and the personalized advice of our advisors."
The RBC advisors behind MyAdvisor have been specially trained to work with the financial tools integrated into the online advice platform. They are ready to meet via live video or phone – whatever the preference is when clients book their appointments. Clients and advisors see the same information onscreen – any adjustments made on either side are viewed in real time, as they discuss the financial future clients have in mind.
"In a digitally-connected world, MyAdvisor brings to life an exciting strategy that enables our clients to access financial advice and solutions and the support of an advisor," said Kirk Dudtschak, executive vice-president, Personal & Commercial Banking. "MyAdvisor enables greater connectivity for clients to the advice and solutions they want and allows our advisors to focus on what they do best – being there for our clients, when and where they need us."
Based on the results of its pilot, RBC plans to fully launch MyAdvisor across Canada by mid-year.