Addepar Lands Firmwide Deal With RBC Wealth Management-U.S.

Addepar, a rapid-growing economic-technological innovation company, has reached a deal with RBC Prosperity Management-U.S. to deploy its platform in its major full-organization integration to date.

Eric Poirier


Courtesy of Addepar

Addepar’s technologies aims to deliver advisors and their clientele with a holistic photograph of their assets, knitting jointly numerous information resources and capturing holdings like option investments or shares in non-public providers that quite a few classic application packages do not seize.

Eric Poirier, Addepar’s CEO, stated that the company’s roots date back again to the confusion and panic that followed the current market meltdown far more than a 10 years ago.

“We began the firm way back in 2009, actually in the wake of the money disaster wherever the trouble that a lot of persons uncovered out the difficult way again in 2007 and ’08 is they did not have a one put to go to reply issues like, ‘What do I possess? The place do I very own it? How do I have it? What am I exposed to, and hence, what really should I do about it for anything in my financial commitment portfolio?’” Poirier stated.

“Traditionally these issues have been answered with a lot of persons and spreadsheets and drawing facts manually from loads of distinct sites,” he mentioned.

Quickly ahead to today, and Addepar now counts a lot more than $3.5 trillion of customer belongings on its details-aggregation and reporting system, a determine the firm claims is rising at a rate of $15 billion a week.

Addepar’s roster of purchasers incorporates registered financial investment advisors, personal banking companies, and family members workplaces, with a existence in much more than 25 international locations. But the RBC integration is a single of its most important purchaser wins to date.

RBC has been rolling out the Addepar system in phases, with ideas finally to changeover all 2,100 of its economic advisors to the technologies.

For the RBC advisors who have presently migrated to Addepar’s system, their reaction has been “almost like a child in a sweet keep,” said Greg Beltzer, head of technological know-how at RBC Prosperity Administration-U.S.

“Our technological know-how offerings experienced surely become stagnant,” Beltzer claimed.

The custom made visualizations of clients’ portfolios and reporting selections have been a huge hit with RBC advisors, as has the sheer breadth of details that Addepar’s platform aggregates, Beltzer claimed.

Addepar suggests that about 40% of the assets on its system are possibilities, private-corporation shares, or some other kind of nonmarketable protection.

“Alternative investments … was in all probability a single of our largest gaps in that we did not have a holistic way to current the myriad of alternative investments to our stop clients,” Beltzer said.

Now with Addepar’s platform, RBC advisors can tie in advisory and brokerage accounts, 529 programs, and any outdoors accounts to which consumers grant accessibility, alongside with additional elaborate and unique investments like personal-equity holdings. That classification of broadly outlined alternatives—an place of escalating fascination for rich clients—had been a specific agony position for RBC advisors.

“This is a tool that took a whole lot of time for the advisor to have to put together historically, for the reason that it was really a single-off and bespoke,” Beltzer mentioned. “And now it is virtually just customizing the sights.”

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