RBC piloting new AI tools to help advisors save time, build business

Wealth management firms, like Royal Bank of Canada, are increasingly adopting AI tools to enhance advisor efficiency and client engagement.
RBC Wealth Management’s internal AI tool, RBC Assist, has already seen strong adoption with around 7,500 weekly users, aimed at improving consistent outcomes from client queries.
The bank targets to generate between $700-million to $1-billion in enterprise value from AI by 2027, focusing on liberating advisors’ time to grow their client base.
RBC is piloting three custom AI tools: a meeting prep tool, a portfolio recommendation tool, and a client prospecting tool designed to streamline advisors’ work processes.
The meeting prep tool saves advisors significant time in client planning and preparation, reportedly saving 30 to 45 minutes per meeting.
RBC aims to leverage AI-generated time efficiency to foster more client conversations, identify more client needs, and expand business development efforts, thus bolstering advisors’ books without reducing headcount.