Royal Bank of Canada (RBC) has selected software firm FactSet as the primary market data and technology provider for its entire wealth management organisation.

Under a multi-year agreement, FactSet will virtually deploy an array of web and digital solutions to more than 8,000 RBC wealth management professionals. The programme, slated to start early this year, will begin with those in Canada and the US.

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The solutions that will be delivered include FactSet’s web-based workstation for wealth advisors and a suite of leading content sets.

It will also include FactSet’s Advisor Dashboard that will offer personalised insights to each financial advisor in accordance with individual portfolios to improve client engagement.

FactSet Wealth Management Solutions executive vice-president Goran Skoko said: “High net worth individuals and retail investors are demanding more sophisticated data and technology to support how they manage their portfolios.

“We are seeing that demand intensify as a result of the coronavirus pandemic and are working with our clients to help them provide the high service levels required.

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“RBC is taking a market-leading approach to adopting new technologies that will improve communication and efficiency and drive better results for customers.”

RBC Wealth Management serves affluent, high net worth and ultra high net worth clients across the world. It has around C$1.1trn ($870bn) of assets under administration and C$836bn of assets under management.

In December last year, the company partnered with iCapital Network to expand its alternative investments offering.