RBC Clearing & Custody announced Wednesday morning that it is making Vestwell's 401(k) and 403(b) plan solutions available to its network of financial advisor clients.
The new integration is aimed at helping advisors working with RBC C&C to deliver an "affordable, modern and digital workplace savings solution" to business owners and their employees, the companies said.
According to the firms, the integration will enable advisors to efficiently scale their retirement plan practices and customize their offerings while giving clients the experience they expect.
In a statement announcing the move, Brett Thorne, president of RBC Clearing & Custody, said Vestwell's technology will help minimize the administrative workload associated with serving defined contribution retirement plans. The partnership will also provide innovative tools needed to maximize participant engagement.
"After the passing of [the Secure 2.0 Act], we've seen 401(k) solutions increasingly become a priority for small business owners across the United States," Thorne said. "This demand, with the right platform in place, creates a natural pathway for our advisor clients to rapidly expand their wealth practices."
Thorne says RBC is "thrilled" to exclusively use Vestwell as its 401(k) platform provider, noting that the services will be offered in a white-labeled context, meaning advisors can continue to utilize their own branding while serving retirement plan clients.
