The Toronto-and Montreal-headquartered bank's asset management arm has said it plans to place a significant focus on fintech in 2017.

Royal Bank of Canada Wealth Management has launched RBC WealthPlan, a piece of wealth planning software available to the firm's 1,800 US-based advisors, as part of a suite of tools designed to bolster its fee advisory business. 

By the end of this month, all of RBC Wealth Management's US-based advisors will gain access to the software, which is a customized version of PIEtechs Money Guide Pro, client-centered, web-based financial planning software, RBC Wealth Management said in a statement. The new system will allow advisors to better help their clients identify, quantify and prioritize their goals, RBC Wealth Management said, adding that it facilitates retirement and other important scenario planning while providing a way for advisors to monitor clients' plans. 

Throughout 2017, the wealth management arm of Canada's largest bank will launch additional tool designed by financial technology providers, it said.

“While goals-based planning has long been a part of what we do at RBC Wealth Management, this year we are making significant investments in new tools and technologies to create a best-in-class offering for both our clients and our advisors,” said Michael Armstrong, chief executive of RBC Wealth Management US.

To see a story from February last year about RBC Wealth Management's foray into digital advice, see this article here.