Mindy Diamond Quoted
By Danielle Verbrigghe
RBC has launched a new wealth management technology platform for its registered investment advisor (RIA) and independent broker-dealer clients. This comes as the firm has taken other steps aimed at expanding its RIA custody channel.
The RIA custodian market is dominated by four big players, Charles Schwab, TD Ameritrade, Fidelity and Pershing, explains Mindy Diamond, president and CEO of Diamond Consultants, a financial advisor recruiting firm that does work in the independent advisor channel. That can make it tough for other firms focused on growing in the RIA channel to gain market share.
“I expect for RBC it will be an uphill battle,” Diamond says. “It’s just an uphill battle because the four main custodians really have the market sewn up.”
