RBC Clearing & Custody selects Vestwell as exclusive small plan retirement provider



Small Business 401(k)s managed by Vestwell now available to thousands of RBC Clearing & Custody wealth advisor clients to scale their practices

NEW YORK, New York (March 1, 2023) –  Vestwell, the leading small business retirement plan provider and individual savings platform, today announced its small plan 401(k) solution is now available to thousands of advisor clients of RBC Clearing & Custody (RBC C&C).

RBC C&C, powered by Vestwell, delivers an affordable, modern, and digital workplace savings solution. The platform will enable advisors to efficiently scale their retirement plan practice, customize their offerings, and give clients the experience they expect and deserve. Vestwell’s advanced technology minimizes administrative workload and provides the innovative tools needed to maximize participant engagement. RBC C&C advisor clients benefit from along with the ability to own their own brand, investment philosophy, and preferred approach for clients.

“After the passing of SECURE 2.0, we’ve seen 401(k) solutions increasingly become a priority for small business owners across the United States. This demand, with the right platform in place, creates a natural pathway for our advisor clients to rapidly expand their wealth practices,” said Brett Thorne, President of RBC Clearing & Custody.  “We’re thrilled to exclusively use Vestwell as our 401(k) provider, as they are an innovative firm that shares our values of prioritizing the advisor experience. Our advisor clients are now able to customize their offerings, expand into the 401(k) segment, and meet the demand from small businesses that need their support today.” 

The underlying architecture of the 401(k) offering is powered by Vestwell’s leading cloud-based digital recordkeeping platform. Legacy technology stacks have become too costly and cumbersome for financial advisors to scale their businesses, especially in the small to mid-sized retirement plan market. Vestwell’s modern architecture drives efficiency and affordability so advisors can effectively grow and scale their retirement plan practice.

“We’re seeing tremendous demand from U.S. small business owners, which is greatly contributing to the growth in the 401(k) industry. There is a great opportunity for advisors to scale their businesses through an integrated workplace savings program,” said Aaron Schumm, Founder and CEO of Vestwell. “We are excited to be the exclusive 401(k) provider of RBC Clearing & Custody and bring their thousands of advisors clients the ability to deliver a white-labeled offering that’s right for them including modern interactions, real-time communications, and transparent costs. Vestwell is committed to empowering advisors to run successful practices and ultimately help close the retirement savings gap in this country.”

About Vestwell

Media Contact: Nicole Wood at nicole.wood@vestwell.com

Vestwell is the modern fintech engine powering savings and investment programs for small businesses and individual savers across the country. We’re helping to close the savings gap by offering a flexible, cost-effective, modern solution to save for the critical aspects of life – retirement, education, and healthcare. Vestwell currently powers nearly 120,000 small businesses, over a million savers, and $27 billion in assets in all 50 states. To learn more visit vestwell.com.

About RBC Clearing & Custody

RBC Clearing & Custody provides clearing, custodian and execution services for independent broker-dealers and registered investment advisors. A leader in the U.S. brokerage industry since 1909 and a custody and clearing leader since 1979, RBC C&C specializes in delivering innovative technology, fiscal strength, world class resources, investment insights and attentive service to help financial professionals manage their clients’ needs.

RBC Clearing & Custody is a division of RBC Capital Markets, LLC, member NYSE/FINRA/SIPC, a wholly owned subsidiary of Royal Bank of Canada (RBC), one of the world’s largest and strongest banks. For more information, please visit www.rbcclearingandcustody.com.

Media Contact

Megan Boldt at megan.boldt@rbc.com

© 2023 RBC Clearing & Custody, a division of RBC Capital Markets, LLC, Member NYSE/FINRA/SIPC.