Addepar Adds RBC Wealth Management-U.S. as a Customer

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Wealth management platform provider Addepar announced Wednesday it added RBC Wealth Management-U.S. to its growing roster of customers.

RBC Wealth Management-U.S. will roll out Addepar’s data aggregation and reporting platform to its more than 2,100 financial advisors. Those advisors are spread out across 42 states in 182 locations and represent $542 billion in client assets.

The deal will make Addepar available to all RBC Wealth Management-U.S. advisors, as well as the “financial professionals” of RBC Clearing & Custody, which is a division of RBC Capital Markets, LLC.

Addepar, which was already well known for its reporting technology and alternatives data aggregation, acquired the rebalancing and trading technology provider AdvisorPeak in October for an undisclosed sum.

Addepar announced a $150 million Series F financing round in June 2021, bringing it to a total of about $475 million in funding. Its previous $117-million Series E raise was announced in November 2020.

The firm states it now has more than $3.5 trillion of client assets on its platform, up from $2.7 trillion in June. It crossed the $2 trillion threshold in August 2020.

Addepar serves more than 700 advisory firms including family offices, registered investment advisors, private banks and large financial institutions, across more than 25 countries.