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  • Device management for RIAs: A COO’s guide to supporting a hybrid work environment

    Device management for RIAs: A COO’s guide to supporting a hybrid work environment

    Hybrid work offers registered investment advisory (RIA) and financial advisory firms unprecedented flexibility, but for a chief operating officer (COO), it also introduces significant operational and security complexities. When your team accesses sensitive client data from multiple locations, the devices they use become the new security perimeter. Maintaining control and compliance in this scattered environment is a significant challenge, and an unmanaged device is a major business risk waiting to be exposed.

    Effective device management functions as a core business strategy, directly impacting your firm’s compliance posture, operational efficiency, and hard-won reputation. This guide walks you through the essential elements of device management that every RIA COO must understand to protect and scale their firm.

    What COOs need to know about RIA device management

    A proactive approach to device management is critical for ensuring compliance, safeguarding client data, and maintaining operational efficiency in a hybrid work environment.

    Compliance starts with device oversight

    Regulators consider cybersecurity a top priority. The SEC, in particular, places a strong emphasis on how financial firms protect information, making device security a primary area of scrutiny during audits.

    The core compliance principle is simple: every single device that accesses client data must be accounted for. It applies to a company-owned laptop in the office, a personal tablet at home, and a smartphone used on the go. Each one must be inventoried, monitored, and secured according to firm policy. Failing to account for even one device creates a significant compliance blind spot that can lead to deficiencies, fines, and lasting reputational damage.

    Visibility and control are nonnegotiable

    For a COO, operational visibility means having a centralized dashboard that provides a comprehensive overview of all company-connected devices. It requires knowing their physical location, security status, and user access levels at a glance. 

    Platforms such as Microsoft Intune, a key component of the Microsoft 365 ecosystem, deliver this exact capability. With this level of control, you can implement security policies uniformly across the entire organization, remotely lock a device, reset a password, or deploy critical applications, so every endpoint meets your security standards.

    Automatic updates and patching reduce risk

    Many security breaches are not the result of sophisticated hacks but of simple human error, such as a missed software update or an unpatched vulnerability. Relying on employees to perform these updates manually is an unreliable strategy. 

    A modern device management system automates this function entirely. It consistently enforces the installation of security patches, verifies that antivirus software is running and up to date, and confirms that device-level encryption is active on all endpoints. Automation removes the element of human error from the equation, fostering a stronger and more consistent security posture for the entire firm, regardless of where employees work.

    Related reading: Why legacy systems are a risk for RIAs and financial advisors

    Effective device management streamlines employee onboarding and offboarding

    Imagine a new advisor joining your firm. Their device arrives already configured with all the necessary applications, security settings, and access permissions they need to be productive from their first day. Device management makes this “day-one readiness” a repeatable, scalable process.

    The offboarding process is just as critical. When an employee departs, their access to firm and client data must be severed instantly. A device management solution allows IT to immediately revoke system access, block the device from the network, and remotely wipe all company data if necessary. Performing these steps methodically protects both the firm and its clients from potential data exposure.

    Business continuity depends on device readiness

    Imagine that one of your advisors’ laptops is stolen at the airport or it crashes without warning. Can they continue serving clients securely and effectively? With a comprehensive device management plan, the answer is yes. 

    By pairing managed devices with cloud-based backups tied to the user’s profile, the firm’s data remains safe even if the physical hardware is compromised. The lost device can be wiped remotely to prevent unauthorized access. A new device can then be quickly provisioned with the employee’s applications and data, minimizing downtime and maintaining productivity through unexpected disruptions. Effective incident response is a crucial component of any modern business continuity plan.

    Struggling to secure your data in a hybrid work environment? Get insights on how to choose the right security tools. In this episode of RIA Tech Talk, we break down the essential endpoint protection solutions that are perfect for a modern, flexible RIA.
    Listen to RIA Tech Talk Episode #15 now

    Make secure device management your strategic advantage

    For an RIA with a hybrid work environment, a well-executed device management strategy is fundamental to meeting compliance obligations, mitigating cyberthreats, and promoting smooth operations. By taking decisive control of all endpoints, COOs can confidently empower their teams with the flexibility of hybrid work while safeguarding the firm’s most valuable assets.

    RIA WorkSpace can help you build a resilient, scalable device management strategy. Contact us today for a consultation, and learn how we can protect your firm and empower your hybrid setup.

  • Predictable vs. unpredictable IT costs: How RIAs can avoid surprise bills

    Predictable vs. unpredictable IT costs: How RIAs can avoid surprise bills

    For many RIAs and financial advisors, IT budgeting is a moving target. You plan for the essentials, but surprise bills for emergency fixes, unexpected software renewals, and urgent compliance demands can complicate your budget.

    These volatile expenses often feel like an unavoidable cost of doing business, but they are not a given. Most of the time, they are symptoms of a deeper issue: a lack of strategic IT management. When technology is handled reactively, hidden expenses accumulate across your firm. From redundant software licenses to the high price of security gaps, these unpredictable costs can silently undermine your budget.

    The real sources of unpredictable IT costs for RIAs

    Surprise IT bills are typically the result of the following:

    Unplanned support and emergency fixes

    This is the most visible “hidden” cost. A server crashes, an application stops working, or an employee can’t log in before a client meeting. The immediate bill for emergency support is only part of the damage. The bigger cost is in lost productivity, missed opportunities, and the operational chaos that follows.

    The strategic fix: A proactive partner doesn’t wait for the fire alarm to ring. Through 24/7 monitoring, preventative maintenance, and a deep understanding of your firm’s setup, they address potential issues before they become emergencies.

    Related reading: How much should an RIA expect to pay for IT services nationwide?

    Device and software sprawl

    Over time, your RIA or financial advisory firm naturally accumulates a wide array of technologies. You might have a dozen or more applications for everything from CRM to financial planning, alongside a mix of company-owned and personal devices. When disparate systems fail to integrate, the result is inefficiency, costly custom fixes, and time-consuming manual workarounds.

    The strategic fix: A specialized managed IT services provider (MSP) tackles tech sprawl by standardizing your entire technology ecosystem. They create a unified platform where all hardware and software are integrated to work together seamlessly.  

    Security and compliance gaps

    A security incident for an RIA or financial advisor is a business-threatening event, not merely a technical problem. The cost of a data breach — including regulatory fines from the SEC or FINRA, reputational damage, and client loss — can be catastrophic. A reactive approach to security means you are perpetually one step behind bad actors, hoping you don’t become a target.

    The strategic fix: An MSP specializing in RIAs bakes security and compliance into your IT infrastructure from day one. They understand the specific regulatory requirements you face and implement proactive measures such as continuous threat monitoring, managed firewalls, and data encryption so you’re not just protected but also compliant.

    Unpredictable project-based costs

    Onboarding a new employee, setting up a new device, or migrating to a new application — these one-off projects often come with surprisingly high and unpredictable price tags from a traditional IT provider. Without standardized processes, every project is a custom job with a custom bill.

    The strategic fix: A true IT partner includes these services in a predictable, fixed-fee model. Because they’ve standardized your environment, onboarding a new user or deploying a new computer is a repeatable, efficient process.

    Managing too many third-party vendors

    Juggling separate vendors for email hosting, data backup, cybersecurity, and IT support introduces unnecessary complexity and risk. A fragmented approach leads to multiple invoices, siloed support systems, and a lack of clear ownership. When a problem occurs, vendors may blame each other, leaving your firm to manage the fallout and delays.

    The strategic fix: Instead of juggling multiple vendors, opt for a unified solution that provides all the necessary tools in one package. A comprehensive platform, such as Microsoft 365, combined with expert management from a single IT partner, eliminates the need for a long list of separate vendors. This consolidation streamlines operations, simplifies billing into one predictable payment, and establishes clear accountability, ensuring issues are resolved efficiently without finger-pointing.

    Licensing waste

    Software licensing is a minefield of hidden costs. Many firms pay for more licenses than they need, forget to cancel subscriptions for former employees, or miss renewal dates, leading to service disruptions or late fees. These small leaks can add up to a significant drain on your budget.

    The strategic fix: Proactive license management is a key part of a managed services offering. Your IT partner will track usage, manage renewals, and make sure you’re only paying for the software you actually need, optimizing your spending and eliminating waste.

    Lack of standardization

    When every employee has a slightly different setup, support becomes a nightmare. Troubleshooting is more complex, security policies are harder to enforce, and collaboration becomes clunky. The lack of a unified standard is a major driver of inefficiency and hidden support costs.

    The strategic fix: Standardization is the bedrock of an efficient IT environment. An experienced MSP will establish and maintain standards for hardware, software, and security configurations across your entire firm. As a result, you get faster, more effective support and a stronger overall security posture.

    Gain control over your IT budget

    Shifting to a proactive IT strategy with a specialized partner makes your costs predictable and allows your firm to operate more efficiently and securely. With a stable IT environment and a clear budget, you can stop worrying about surprise bills and focus your resources on serving clients and growing your business.


    Want to see exactly how a fixed-fee model could work for your firm? Schedule a free, no-obligation consultation with our specialists to get a clear picture of your potential savings and security improvements.

  • Copilot vs. ChatGPT: What RIAs Need to Know

    Copilot vs. ChatGPT: What RIAs Need to Know

    AI tools like Microsoft Copilot and ChatGPT are changing how businesses work but not all AI is built the same. For RIAs, where data sensitivity and compliance are top priorities, understanding the difference matters.

    Here’s a simple breakdown of each tool, how they compare, and what to consider for your firm.

    What Is Microsoft Copilot?

    Microsoft Copilot is an enterprise-grade AI assistant integrated directly into Microsoft 365 apps like Outlook, Word, Excel, PowerPoint, and Teams. It helps you:

    • Draft emails, documents, and presentations
    • Summarize Teams meetings and generate follow-ups
    • Analyze spreadsheets and financial forecasts
    • Get answers and suggestions based on your own files and data

    Copilot works within the tools you already use and keeps all data within your Microsoft 365 environment. That means it’s private, secure, and built for regulated industries like financial services.

    What Is ChatGPT?

    ChatGPT is a consumer-facing AI chatbot created by OpenAI. It’s incredibly flexible and great for:

    • Brainstorming ideas
    • Writing first drafts
    • Learning or exploring new topics

    However, unless specific settings are applied, ChatGPT runs in a public cloud environment. That makes it a less secure choice for firms handling sensitive client data, especially those needing to meet SEC compliance standards.

    Key Differences Between ChatGPT and Copilot

    Feature

    Microsoft Copilot

    ChatGPT

    Integrated with Microsoft 365

    ✅

    ❌

    Keeps data inside your Microsoft tenant

    ✅

    ❌ (unless configured)

    Business-grade security & compliance

    ✅

    ❌

    Uses your firm’s documents/data

    ✅

    ❌

    Designed for consumer use

    ❌

    ✅

    Choosing the Right Tool: Common RIA Scenarios

    To make the most of AI, it helps to match the tool to the task. Here are a few everyday scenarios common to an RIA or financial advisor firm – and which tool is the better fit:

    Scenario 1: Drafting an email to clients

    Use Copilot. It can generate drafts within Outlook or Word using your firm’s templates and existing content – keeping everything secure and within your Microsoft tenant. It can also identify and flag any sensitive information based on your data loss prevention (DLP) settings. 

    Scenario 2: Brainstorming topics for a client newsletter

    Use ChatGPT. It’s great for creative prompts and idea generation. Just be sure not to include sensitive information in your queries.

    Scenario 3: Creating a PowerPoint from client onboarding notes

    Use Copilot. You can point Copilot to a Word doc or meeting notes and have a ready-to-go presentation in minutes.

    Scenario 4: Writing internal training material

    Use ChatGPT to get a first draft quickly. Then move it into Word or PowerPoint and refine with Copilot using your firm’s tone, structure, and internal data or files.

    Scenario 5: Summarizing a recent Teams meeting and assigning next steps

    Use Copilot. It integrates directly with Teams and can generate follow-up emails and action item lists right after a call.

    In short: for anything involving client data, internal documents, or compliance workflows, Copilot is the right choice. For early-stage content or idea exploration, ChatGPT can help jumpstart your thinking.

    RIA firms can’t afford to treat AI like a trendy new tool. You need AI that respects client confidentiality, works within your compliance framework, and helps your team work smarter without increasing risk.

    Copilot fits that model. It’s already built into the Microsoft 365 platform most RIAs are using—and it can offer real gains in productivity, accuracy, and compliance support.

    If your firm uses Microsoft 365, you may already have access to Copilot—or be just a step away. At RIA WorkSpace, we help RIA firms get the most out of the tools they already have. From setup to training to real-world use cases, we make sure Copilot delivers value, securely and compliantly. Schedule a Discovery Call to learn how we can help your firm take the next step.

  • Copilot for Web vs. Work: What’s the Difference—and Why It Matters for RIAs

    Copilot for Web vs. Work: What’s the Difference—and Why It Matters for RIAs

    Not all versions of Microsoft Copilot are created equal. If you’re using – or considering using Copilot in your RIA firm, it’s important to understand the difference between the version built into your Microsoft 365 environment (“Work”) and the web-based version (“Web”).

    Here’s a breakdown of what each version can do, where the data comes from, and what that means for security, compliance, and productivity.

    What Is Copilot for Work?

    Copilot for Work refers to the version of Copilot that’s integrated into Microsoft 365. It works inside apps like Word, Outlook, Excel, PowerPoint, and Teams, and it has access to your organization’s data according to the permissions you’ve set up.

    With Copilot for Work, you can:

    • Ask Copilot to pull from your emails, calendar, Teams meetings, and documents
    • Get personalized, context-aware responses based on files you have access to
    • Use it securely inside your Microsoft tenant with enterprise compliance protections

    This version is ideal for regulated firms like RIAs and financial advisors because it respects your data policies and doesn’t share your content with Microsoft’s broader AI model.

    What Is Copilot for Web?

    Copilot for Web is the AI assistant available through Bing, Microsoft Edge, and the Windows 11 taskbar. While useful for general research and creativity, it has major limitations when compared to the work-integrated version.

    With Copilot for Web, you can:

    • Ask general questions, generate summaries, brainstorm, or draft content
    • Search the internet or use web-based plugins

    But you cannot:

    • Access your company’s internal Microsoft 365 data (emails, docs, meetings, etc.)
    • Get context-specific answers from your organization’s content
    • Rely on it for security and compliance unless you’re using the enterprise-protected version (e.g., Bing Chat Enterprise)

    Key Difference: Where Copilot Looks for Data

    • Copilot for Work looks across your Microsoft 365 tenant. It reads your files, your email, your Teams chats, and more (based on access permissions).
    • Copilot for Web only references public web data. It doesn’t know anything about your internal documents or client interactions.

    This distinction is critical for RIA firms who handle confidential financial data and need to meet compliance requirements.

    Real-World Example

    Imagine you want to prepare for a client meeting:

    • With Copilot for Work: You ask, “Summarize key insights from my recent meetings and emails with John Smith.” Copilot compiles insights using your Outlook, Teams, and Word files.
    • With Copilot for Web: You ask the same thing, and Copilot responds: “I don’t have access to your organization’s data.” Since it can’t access internal data, try asking questions that can be answered from information on the web, like: “What are good questions to ask in a financial planning review meeting?” Or “Summarize recent news about retirement planning trends.”

    Watch the Demo Copilot for Web vs. Work. Microsoft explains this difference clearly in their skilling video

    How to Access and Use Each Version of Copilot

    Copilot for Work (Microsoft 365)

     To use Copilot for Work, your organization needs:

    • A Microsoft 365 Business Standard, Business Premium, E3, or E5 license, and
    • A Copilot for Microsoft 365 add-on license (purchased per user)

    Once licensed, Copilot is built directly into Microsoft 365 apps like Word, Excel, Outlook, PowerPoint, and Teams. You’ll find it in the ribbon or sidebar. No toggle is needed. Copilot runs in Work mode automatically, using your signed-in Microsoft 365 account to reference your files, meetings, and emails (based on permissions).

    Copilot for Web

     Available to the general public, Copilot for Web can be accessed via:

    When using it in a browser, you may see a toggle at the top labeled Web or Work. If you’re signed in with a licensed Microsoft 365 account, selecting Work allows Copilot to respond using your organization’s data. Otherwise, Copilot defaults to Web mode, using only public data.

    If you’re not seeing contextual results, double-check that you’re signed in with your business account and that you have the appropriate Copilot license.

    Tip: Encourage staff to check the mode they’re using—look for the Web or Work toggle in the browser. When in doubt, open Copilot directly inside Microsoft 365 apps like Outlook or Word, where it always runs in Work mode.

    Bottom Line for RIAs

    For secure, compliant, and personalized AI support, RIA firms should be using Copilot for Microsoft 365 and not relying on the free or public web version.

    Web-based Copilot tools can be helpful for generic tasks, but they don’t offer the security, control, or contextual awareness that RIAs need.

    Need help configuring Copilot the right way?

    At RIA WorkSpace, we help financial advisory firms use AI securely and effectively – without introducing risk.

    Schedule a Discovery Call to make sure your Copilot is set up to work for you, not against you.

  • Getting Started with Copilot: 10 Things to Try First

    Getting Started with Copilot: 10 Things to Try First

    Just getting started with Microsoft Copilot in your RIA or financial advisory firm? One of the best ways to build confidence is to try a few simple, high-impact tasks.

    Microsoft has a helpful list of 10 common prompts to help new users discover what Copilot can do. Each of these actions taps into everyday workflows like meetings, email, content creation, and research, making them a great place to start. You can view the full list on their website here: Top 10 Things to Try First with Microsoft Copilot.

    1. Recap a Meeting

    Use Copilot in Teams to generate a summary of key topics, action items, and outcomes. You’ll save time and avoid having to rewatch recordings.

    Prompt: “Draft an email with notes and action items from our meeting.”

    2. Summarize an Email Thread

    Instead of scrolling through a long thread, use Copilot to summarize the key points.

    Prompt: “Click on the Summarize icon in Outlook.”

    3. Draft an Email

    Let Copilot create a first draft. You can specify the tone, length, and purpose.

    Prompt: “Draft an email to [name] that informs them the Project X is delayed one week. Make it short and casual in tone.”

    4. Summarize a Document

    Copilot can extract and organize the key points from long documents so you don’t have to.

    Prompt: “Give me a bulleted list of key takeaways from this document.”

    5. Ask About a Topic or Project

    Need a quick catch-up? Ask Copilot to collect updates and information across your email, calendar, and chats.

    Prompt: “Tell me what’s new about Project X mentioned by email, chats, and files.”

    6. Generate Ideas

    Copilot can help kickstart creative thinking for marketing, proposals, or social posts.

    Prompt: “Suggest 10 compelling taglines based on this file.”

    7. Jumpstart My Writing

    Whether you’re stuck on wording or starting from scratch, Copilot can help generate your first draft.

    Prompt: “Generate three ways to say [X].”

    8. Research a Quote or Comment

    Can’t quite remember where someone said something? Copilot can search across your Microsoft 365 content.

    Prompt: “Summarize what [person] said in recent meetings or emails about [topic]. “

    9. Revise a Draft

    Ask Copilot to rewrite or reword existing content to match tone, length, or clarity needs.

    Prompt: “Rewrite with Copilot.”

    10. Translate a Message

    If you work with international clients or documents, ask Copilot to translate.

    Prompt: “Translate the following text into French.”

    Explore More: The Copilot Prompt Gallery

    Microsoft has built a searchable Copilot Prompt Gallery with examples across Word, Excel, Outlook, PowerPoint, and Teams. You can filter by app or scenario, and copy prompts directly into your workflow. It’s a helpful way to learn new capabilities, especially for tasks you may not have realized Copilot can help with.

    These 10 starting points are simple but powerful ways to build familiarity with Copilot’s capabilities. The more specific your prompt, the better your result—so don’t be afraid to guide it.

    Prefer a guide you can keep on hand? Download the Copilot Prompt Guide 

    Need help getting your team comfortable with Copilot?

     RIA WorkSpace provides training and support tailored to how RIA firms actually work – secure, compliant, and practical.

    Schedule a Discovery Call to make sure your team is getting the most from your Microsoft tools.

  • How to Get Better Results from Microsoft Copilot

    How to Get Better Results from Microsoft Copilot

    If you’re using Microsoft Copilot, you already know it can save you time. But are you getting the most out of it?

    The secret is in the prompt.

    Just like a great question leads to a better answer, a well-structured Copilot prompt leads to more useful, relevant, and accurate results. Whether you’re drafting emails, summarizing meetings, or creating a presentation, knowing how to ask Copilot is key.

    Here’s how to do it.

    1. Be Clear About What You Need

    Tell Copilot exactly what you want to accomplish. A vague prompt like “help with email” will get a vague response. A more specific prompt like “draft a follow-up email to summarize our June 18 client meeting” gives Copilot a clear task.

    Think in terms of:

    • What kind of content you need (email, summary, proposal, etc.)
    • What it should be based on (meeting notes, a document, a client file)
    • What tone or purpose it should serve (professional, internal, persuasive, etc.)

    2. Include the Right Ingredients

    According to Microsoft best practices, every great prompt has four key parts:

    • Goal – What do you want Copilot to produce?
    • Context – Why are you doing this? Who is it for?
    • Source – What data or documents should Copilot reference?
    • Expectations – How should Copilot format or deliver the result?

    Example prompt:

    “Generate 3–5 bullet points to prepare me for a meeting with Client X to discuss their ‘Phase 3+’ brand campaign. Focus on email and Teams chats since June. Please use simple language so I can get up to speed quickly.”

    3. Keep the Conversation Going

    You don’t need to get it perfect the first time. Copilot works well when you refine your requests step by step.

    Try:

    • Asking for a summary, then adding follow-up questions
    • Asking it to rewrite or shorten what it gave you
    • Providing more detail to improve the next response

    4. Use Helpful Commands

    Here are a few prompt templates that work especially well:

    • “Summarize the key points from our last client call on [date].”
    • “Turn these bullet points into a client-ready email.”
    • “Draft a 10-slide presentation based on this Word document.”
    • “Rewrite this paragraph to be more formal.”
    • “Translate this sentence to English and adjust it for an American audience.”

    Prompting Tip:

    Use positive, polite language in your prompts. Microsoft recommends using constructive phrasing (e.g., “Focus on clear and simple wording” instead of “Don’t use complicated language”) to guide Copilot more effectively. Being clear and courteous often leads to more helpful and well-formatted responses.

    5. Know the Limits—and Work with Them

    Copilot is powerful, but not perfect. It’s limited to the data and permissions within your Microsoft 365 tenant. It won’t make up information outside what you give it access to, and it doesn’t remember past chats.

    To get the best results:

    • Use clear, complete sentences
    • Don’t rely on it for final legal, compliance, or financial conclusions
    • Use quotation marks to anchor specific phrases or instructions
    • Explore the Microsoft Copilot Prompt Library for examples you can adapt

    More resources?

    Need Help Getting Started?

    At RIA WorkSpace, we help RIA firms make the most of Microsoft Copilot—securely, effectively, and in line with your compliance needs. We’ll help your team get confident using prompts that actually deliver results.

    Schedule a Discovery Call to learn more.

  • Is Microsoft Copilot Secure Enough for RIA Firms?

    Is Microsoft Copilot Secure Enough for RIA Firms?

    AI can do amazing things – but for RIA or finacial advisor firms, any new tool must meet a high bar for compliance and data protection. Microsoft Copilot was built with that in mind.

    In this blog, we’ll break down what makes Copilot different when it comes to security, where your data lives, who can access it, and what subscription options are available.

    What Makes Copilot a Fit for RIA Firms

    Microsoft 365 Copilot runs inside the Microsoft 365 environment your firm is already using. That means it’s governed by the same compliance, identity, and data protection tools already in place. This includes:

    • Enterprise-grade identity protection (via Azure Active Directory)
    • Compliance center tools (eDiscovery, audit, retention policies, etc.)
    • Microsoft’s Data Loss Prevention (DLP) and Information Protection policies

    Critically, your data is not used to train Copilot’s underlying AI models. It stays within your Microsoft 365 tenant and is only accessible by users in your organization, according to the permissions and access rules already set in place.

    What about ChatGPT?

     By default, data entered into the public version of ChatGPT may be used to train OpenAI’s models – unless you manually disable that setting or use ChatGPT Team or Enterprise versions. While it is possible to keep data confidential using specific settings or paid plans, those protections are not guaranteed across all versions. For RIAs, this creates more risk, especially if team members are using free or personal accounts. Microsoft Copilot for Microsoft 365 eliminates that uncertainty by keeping all data inside your existing tenant, fully managed and secured under enterprise policies.

    What Subscription Is Required?

    There are a few important distinctions to be aware of:

    • Copilot for Microsoft 365 is the enterprise version, designed for business use. This is the version most appropriate for RIA firms. It requires:
      • Microsoft 365 E3 or E5 subscription (Business Standard or Business Premium also eligible) Learn more about the best subscription for your RIA.
      • Copilot license add-on (sold per user)
    • Copilot in Windows or Copilot on the web (formerly Bing Chat Enterprise) may come bundled with other Microsoft plans, but these versions offer limited integration and don’t have the same compliance assurances.

    For RIA firms handling regulated client data, it’s critical to use Copilot for Microsoft 365, not a consumer-grade version.

    Where Does the Data Live?

    When you use Copilot in Microsoft 365:

    • Your data stays within your secure Microsoft 365 tenant
    • AI responses are generated in real time based on your documents, emails, meetings, and calendar events
    • Nothing is stored or reused to train public models

    Microsoft explicitly states that:

    • Your data is your data
    • Your data is not used to train the foundation AI models
    • Your data is protected by Microsoft’s enterprise-grade compliance and security standards

    Who Has Access to the Data?

    Copilot only uses what each user is permitted to access. If a document is not shared with a user, Copilot won’t surface it in results.

    All access and actions are logged, auditable, and governed by Microsoft Purview’s compliance features. You can:

    • Review usage logs
    • Set retention and access policies
    • Apply sensitivity labels and data loss prevention rules

    Summary: A Secure, Compliant AI Assistant for RIAs

    If you’re an RIA firm already using Microsoft 365, Copilot is the logical choice for adopting AI in a secure and compliant way. Unlike public AI tools, Copilot respects the boundaries and controls already built into your environment.

    If you’re unsure which version of Copilot your team is using or whether you’re licensed for Copilot for Microsoft 365, we can help. At RIA WorkSpace, we support RIA firms in configuring, securing, and getting value from Copilot without compromising compliance.

    Schedule a Discovery Call to make sure your AI tools are working for – not against – your business.

  • What’s included in IT support? (And what RIAs often miss when choosing an IT partner)

    What’s included in IT support? (And what RIAs often miss when choosing an IT partner)

    You would never advise a client to invest in a fund without first understanding its underlying assets, strategy, and fee structure. Yet, many RIAs and financial advisors do exactly that when they invest in an IT partner. They sign up for IT support without a clear definition of what’s included, only to discover critical gaps during a security incident, a compliance audit, or a frustrating workflow disruption.

    Your technology is one of your firm’s most valuable assets. It’s time to apply the same diligence to managing it as you do to your clients’ portfolios. In this guide, we’ll define the essential components of a true IT partnership and uncover the often-missed services that separate a basic help desk from a strategic technology ally.

    Standard IT support vs. RIA-specific managed services

    Understanding the two primary service models is the first step in choosing the right partner for your firm. 

    The first is the break/fix model, a reactive, pay-as-you-go service. When something breaks, you call for help and get a bill. This approach is a trap for most RIAs and financial advisors because it creates unpredictable costs and misaligned incentives. A break/fix provider profits from your problems, not from preventing them, and offers little strategic or compliance oversight.

    The better alternative is the managed services model, which is a proactive, partnership-based approach with a fixed monthly fee. Your managed IT services provider (MSP) actively monitors your systems to prevent issues before they cause downtime. Working with an MSP gives you predictable budgeting, long-term stability, and a focus on security.

    However, for an RIA, even a standard MSP often falls short. What sets a true partner apart is a critical layer of specialized expertise, which includes a deep understanding of the complex regulatory landscape, from SEC IT guidelines to state-level cybersecurity rules.

    The core components of comprehensive IT support for RIAs

    So, what does this specialized support for RIAs and financial advisors actually look like? It consists of four specific services crucial for every advisory firm’s security and success.

    Proactive help desk and end-user support

    This type of technical support is the foundation of day-to-day operations, but it must be more than a generic call center for password resets. For an RIA, effective help desk support means rapid, expert assistance with the specific software your firm uses daily, such as your customer relationship management system and portfolio management tools.

    A key differentiator of a premier partner is a dedicated support team. This assigned team is composed of people who understand your firm’s unique setup, users, and history, which means you won’t have to waste time reexplaining issues to a new person with every ticket.

    Robust cybersecurity and threat protection

    For an RIA or financial advisor, cybersecurity isn’t an add-on; it’s a critical safeguard for client data and your firm’s reputation. Building that defense requires a layered approach, not just the implementation of a single software product.

    Essential services include managed firewalls, endpoint protection, multifactor authentication, data loss prevention, and advanced email filtering. A proactive strategy must also incorporate ongoing security awareness training for your staff, with the goal of turning your biggest vulnerability — human error — into your first line of defense.

    Integrated SEC and state compliance support

    Your IT partner must be an active participant in your IT compliance program. Their technology and services should directly support your ability to meet demanding regulatory obligations.

    Key IT compliance-focused services include secure and auditable email archiving, data loss prevention policies, and detailed access control reporting. Your partner should also be prepared to provide vendor due diligence documentation to help you satisfy your own oversight requirements.

    Related reading: Keeping ahead of RIA compliance: The role of your IT provider

    Business continuity and disaster recovery (BCDR)

    Simply backing up your files is not enough to guarantee business continuity and swift disaster recovery. A true BCDR plan ensures you can recover your entire operation — including your applications, data, and systems — within a specified, brief time frame after any disruption, from a power outage to a cyberattack.

    A comprehensive plan always includes:

    • Regular, automated backups of all critical data to a secure location;
    • Cloud-based replication for accessibility from anywhere; and
    • Periodic testing of the recovery plan to prove it actually works when you need it most.

    The goal is to minimize downtime and data loss, protecting your firm’s revenue and your clients’ trust during a crisis.

    Costly oversights: What RIAs often miss when choosing an IT partner

    Knowing what to look for is half the battle; knowing what to avoid is the other half. Many well-meaning firms make these critical mistakes when selecting an IT provider, exposing themselves to unnecessary risk.

    The “one-size-fits-all” vendor trap

    The biggest mistake is choosing a generic IT provider that doesn’t live and breathe the wealth management industry. They may be great at fixing servers, but they lack the crucial IT compliance and security context, leaving your firm dangerously exposed.

    The dangers of a patchwork system

    Relying on separate vendors for your email, security, and cloud storage creates integration headaches and dangerous security gaps. A single, consistent platform built on a proven solution like Microsoft 365 — when properly configured for IT compliance — is far more secure and reliable.

    You can see the difference it makes when an RIA firm goes from managing their IT vendor to a vendor managing their IT.

    Ignoring the strategic relationship

    The biggest oversight is treating your IT provider like a utility instead of a partner. A vendor just fixes things when they break. A partner engages with you proactively, offering insights and advice to prevent problems and support your growth. They become a resource you can consult about new software, compliance questions, or security concerns, adding genuine strategic value beyond the help desk.

    Related reading: Who are the best companies providing IT services, cybersecurity, and IT compliance for RIAs?

    Ultimately, the choice of an IT partner presents a clear fork in the road for every RIA or financial advisory firm. One path leads to a reactive relationship with a generic vendor, marked by unpredictable risks, compliance gaps, and a constant state of wondering if your firm is truly protected. The other leads to a proactive partnership with a specialist who understands your world — an ally who integrates technology, security, and compliance into a single, cohesive strategy.


    Your firm’s technology should be a competitive advantage, not a source of liability. To ensure you’re on the right path, schedule a consultation with the RIA WorkSpace team, and discover how a dedicated RIA technology partner can help you achieve resilience, security, and sustainable growth.

  • Is Your CRM Holding Back Your RIA’s Growth? RIA Tech Talk Episode #20

    Is Your CRM Holding Back Your RIA’s Growth? RIA Tech Talk Episode #20

    RIA Tech Talk Podcast: Featuring Kent Tkach from Practify

    As your RIA grows, the limitations of traditional CRMs can become a major roadblock. In this episode of the RIA Tech Talk Podcast, we sit down with Kent Tkach  from Practify to discuss why traditional CRMs may be falling short for RIAs that are scaling—and how a purpose-built solution can make all the difference.



    Listen To The Audio


    Read The Transcript

    Key Takeaways from the Episode

    1. The CRM Struggles That RIAs Face

    Many RIAs start with traditional CRMs like Redtail, Wealthbox, or Salesforce. While these solutions work well for basic client management, firms often hit roadblocks as they scale. Customization becomes costly, workflows get cumbersome, and firms find themselves needing external consultants to make their CRM work for them.

    2. Why Practify is Different

    Practify is designed specifically for RIAs and wealth management firms, addressing the common pain points of scalability and customization. Unlike traditional CRMs that require heavy customization or external overlays, Practify is a fully built platform designed for RIAs from the start.

    3. When to Consider Switching

    If your firm is hiring external Salesforce consultants, struggling with disjointed workflows, or using multiple spreadsheets to track key processes, it may be time to evaluate a CRM that scales with you—without the ongoing maintenance headaches.

    4. Practify’s Approach to CRM & Workflow Management

    • Prebuilt Workflows & Reporting: Many firms find they can get started without additional customization.
    • True CRM, Not Just an Overlay: Unlike Salesforce overlays, Practify replaces Salesforce while still leveraging its powerful infrastructure.
    • Dedicated Support & Training: Practify provides in-house technology consultants to assist with onboarding and customization—so firms aren’t left figuring it out alone.

    5. The Hidden Costs of Customizing Salesforce

    Many RIAs underestimate the ongoing costs of maintaining a highly customized Salesforce CRM. Licensing costs are just the beginning—keeping the system functional often requires ongoing consultant fees and technical support. Practify eliminates this complexity by providing a tailored, all-in-one platform.

    Who Should Consider Practify?

    Practify is ideal for RIAs that are:

    • Growing beyond 10+ employees
    • Looking to streamline operations with automation
    • Frustrated with CRM limitations and costly customizations
    • Seeking a platform that provides ongoing support, rather than just software

    Want to see how Practify can support your RIA’s growth? Reach out to Kent for a consultation:

    Website: www.practify.com

    Listen To The Audio:

    Read The Transcript:

    Hello, and welcome to the, RIA Tech Talk podcast brought to you by RIA Workspace. We’re on a mission to simplify the complex world of technology for RIAs just like yours.

    In this podcast, we will be your tech guides breaking down those often confusing tech topics into plain and practical terms.

    I’m David Kakish, and today we have a special guest with us. His name is Kent Tkach, and he is with Practifi. And the title of the podcast today is if you’re scaling your RIA, your CRM might be holding you back. And I think the big problem and, you know, this is what I was talking with Kent about, earlier was if you’ve ever been frustrated by the traditional CRM that was built for your RIA or built for RIAs, it feels like it doesn’t quite fit the size. Maybe you’re constantly hitting roadblocks. You’re trying to customize it.

    And, you know, we’ve all been there, and this isn’t necessarily a criticism of something like Redtail or Wealthbox or Salesforce or any of that. They do have their strengths, but there’s a point where you might be scaling your RIA and you might be hitting some challenges with flexibility and, you know, other things like that.

    The goal of this episode is to share with you why some of these traditional CRMs might fall short, what makes, Practify different, and then how to strategically think about your CRM as your firm grows. And I guess, you know, Kent, I’ll, I like to get straight down the business, but, you know, you wanna share about yourself a little bit and, you know, how wonderful the weather is in Chicago because, yeah, we’re here. You know? So you can do that, but then we can kinda get down to business.

    But I think I you know, I kinda gave a high level overview, but, you know, from your perspective, what’s yeah. May maybe introduce yourself real quick and then just kinda dive in. Like, what’s the really big problem that, you know, your company solves? Because I I I’ll be I’ll be very transparent with you.

    For me, I always thought of your company as more of an overlay, not a replacement, and I think that’s kind of a big misconception out there. So I would love to give you the opportunity to introduce yourself, and then what’s, you know, what’s the big problem that, the R and D guys are having.

    Appreciate it, David, and and thanks for thanks for taking the the time today. As I I think we both knew on the first couple conversations that we had, a a podcast was was in order just based on our our conversations about the about the space. So, appreciate the the opportunity.

    So, you know, you you did a great job, one on my last name, because no one ever gets it right, and I always make people pronounce it.

    And so I I know we may have rehearsed it on the back end, but, You coached me really well.

    Thank you.

    So Practify. Yeah. So, I mean, in its simplest terms, we’re a CRM platform. Right? And so, our focus is on the RA wealth management community. We we don’t focus on any other, segment in the market, and and we’re we’re really here to to build a product or or to provide a product that enables RAs to to efficiently grow their business.

    And in doing it with a with a product that opens the doors a little bit as far as customizations.

    Every single one of the firms that we’ve worked that we work with, they’re all they’re all different in their own category.

    And and some of the the competitors that you you had mentioned, they’ve got a a really good niche in in the market and do a a great job for some of the firms that are out there.

    What Practify has built is is a platform that that really, I I talk about this all the time of we wanna keep it very simple, yet we want it to be scalable for the business. And so as firms grow, maybe they they add advisors that are in a different state or different offices, and they wanna start to to to create barriers around what people can see.

    But they also wanna do the basic stuff of task management, workflows, marketing, and things of that nature. And so, we’ve built a product that sits on top of Salesforce.

    And to your point, a lot of firms will look at us as a as the the term overlay.

    We are not an overlay. We are we are an actual product that is built on on top of Salesforce.

    So the the difference between an overlay and and a Practify product is an overlay is gonna use the resources with Salesforce and just plug their product, alongside of the Salesforce chassis where To your to your point yeah.

    Sorry to jump in and interrupt you. Yeah. Go ahead. Like somebody’s getting Salesforce then you sit on top of that.

    We’re we’re just getting Practify. It’s it’s it’s not really a, for the lack of a better word, you don’t need Salesforce plus Practify. It’s just Practify. Then.

    That’s it. Yep. Yeah. In in a in a simple form that that is that we would replace the Salesforce, the Salesforce platform. Yep. Because an overlay is going to be an addition to the Salesforce platform.

    Yeah. Yeah. And, you know, I think I you know, there’s there’s we we did record an earlier podcast about, like, like, some of the six most common pod or I’m sorry. Most common podcasts, the CRMs for RIAs that are out there.

    Yeah.

    Red Tail, Wealthbox, Salesforce, Tamarack, AdvisorEngine, and AdviseOn. Those tend to be, you know, like, the big ones. And the first, I think, three or four that I mentioned, you know, it’s just a pure CRM, and and the other ones are sort of an all in one. But I think one of the things that you’ve mentioned is, you know, when people are beginning to try to do a lot and and this isn’t like us picking on, you know, Red Tail, Webex, or Salesforce.

    It’s it’s when you go in and you’re like, I’m trying to do a lot of customization, and I’m just not getting it. And I’m beginning to hire consultants, and it’s gets getting kinda complicated. Yeah. But I think I think that’s, you know, with a I I guess it’s you know, the size of the RIA is is somewhat relative.

    Right? You know, we’re not talking about, like, a solar adviser or, like, an RIA. You know, generally speaking, it’s probably RIA five ten plus employees, you know, maybe even a lot more than that. But I think it’s less of the size, but it’s more of, are they really extracting, as much as they can out of that CRM?

    Or if they’re using it as a simple CRM, right, then, I mean, you guys don’t make a lot of sense. So maybe talk a little bit about that because I think that’s that’s really what resonated with me when we were talking last time.

    Yeah. It’s it’s a great point. And, you know, we don’t look at firms from a size perspective.

    We look at it more as kind of, you you know, how their business is structured and and what’s the complexity of it. And so to your point, you know, there could be a firm that is, you know, ten or fifteen users that all they want is a task management platform to kinda organize their day.

    Products out there that that help with that and do really good jobs with it. There could also be a firm that’s five users that really wanna focus on automation and workflows and and marketing and being able to attach, other tools to their instance.

    And so they become a little bit more complex and need tools that are a little bit more scalable for the business. Right? And so, you know, typically we’ll work with firms, you know, ten plus users and and up.

    But it all depends on on the, the platform that they’re on or the what they’re looking for. And so, again, a firm that’s just wanting task management, Practify is probably too much of a platform for that, because we can do those simple things, but most firms wanna want a little bit extra to kinda guide them through growth. And and and that’s where we’ll we’ll see some differences between our platform, and some of the competitors that are out there.

    Yeah. And and if, I think I think the big thing is again, I’ll pick on Salesforce because they’re big and big big on. Right? But it could again, it could be anybody.

    Right? Yeah. If an RIA is going in and beginning to hire, like, consultants to kinda come in and start doing, like, you know, plugins and add ons and customizing Salesforce, it it might be worth their while to just talk to, you guys over at Practify. Right?

    Yeah.

    We we see it a lot where there’s firms that, you know, they they go with Salesforce because it’s the known commodity. Right? Yeah. And then they get into the weeds, and they’re like, holy cow. This is this is more than we bargained for. And so now they’re out working with consultants or engineers and and trying to trying to build a product that maybe the engineers or the consultants, maybe they understand financial services, maybe they don’t. They just know how to build Salesforce.

    And so within Practify, we’ve built a a product that, you know, I I like to say gets firms, you know, eighty to ninety percent of the way straight out of the box. Yeah. You know, we’ve got workflows that are prebuilt. We’ve got reports that are there. We’ve got integrations with portfolio management tools, with custodians.

    And so when when they have to work with a consultant or if they choose to work with a consultant, they they can, to to to further the customization, or they can use our technology consultants who are employees of Practify that will help kind of, extend that that customization within Practify. We have a ton of firms that out of the box, Practify is will get the job done, and they don’t need any customization.

    Yeah.

    And then others, you know, they’ve got their widgets that they wanna build in. They’ve got, you know, third party tools that they they really wanna connect deep with.

    I’ll share a a a quick story on on one of the firms that that we’ve worked with that that really Practify helped from a from a marketing perspective. It was a it was a local firm that I’ve I’ve had a a great relationship with, and they’re they’re huge marketers. Like, they’re doing TV, radio, and and they are I mean, in their office, they’ve got they’ve got a a studio that that’s there. And so the first time I walked in, I was like, okay.

    Marketing is, is a subject that we wanna we wanna be able to talk through.

    And so, what we need video a video studio, not just a podcast studio?

    Yeah. They’ve got a they’ve got an they’ve got an office there that has, you know, different microphones around. So when they bring in, individuals, they do a TV, show that that airs on the weekends.

    And this is this is an RIA. Right?

    It’s an RIA. Alright.

    I I just wanna make sure I’m I’m hearing you right.

    Yeah. Yeah. And so their focus is is marketing growth. I mean, they are out Sure.

    You know, spreading their name. And so, you know, the the struggles that they had was, you know, trying to gather all the information that they have from their marketing. So they do a a news, podcast on, you know, let’s say, WLS or they do it on Fox or whatever. You know, trying to gather the information on who’s attended, what’s the ROI on those those episodes, trying to gather they were in spreadsheets, and they had they had stuff all over the place.

    And so what Practify came in and and did was was really provide them with a with a marketing platform based on our on our CRM platform that will help identify who attended, was there a follow-up on it, was there a a client created based on, you know, was it based on the Fox show, was it based on the, you know, the WLS radio network? And so now they’re able to track, and start to budget for, hey. This specific marketing works best for us.

    And we were able to do that within some of the campaign tools, and marketing tools that we have, with inside of Practify that really brought it all into one spot rather than having to go to five different spreadsheets to go, okay. Here’s the cost. Here’s who, you know, here’s who, attended, and they became clients. Now it’s all in Practify.

    Sure. Okay. Cool.

    So really cool. I mean, it’s a it was a cool, it it was really cool to see kind of all that come together.

    Sure.

    And then another one of their their kind of issues was their advisers are out on the road all the time.

    And so mobile was a big it it was a big deal for them to be able to go, hey. My adviser’s on the road. He or she wants to type in notes, you know, right now rather than waiting to come to the office. We’re able to to connect them, and then kick off different task management, details right within with inside of our our app. So Okay. Solved a ton of problems.

    Or not not necessarily problems, but probably more of, handcuffs because they were running the business great doing it. It was you know, we went from having ten steps now to, you know, let’s say, three.

    Sure.

    And that that’s a problem solver.

    So Cool. And and, Kent, I was just gonna say, you you sound like you know what you’re talking about. I I believe you’ve been at Practify for a while. Right? How how long how long have you been Yeah.

    So I’ve been it’ll be five years Okay. In a week. Right. So in Practify numbers, that’s like a dinosaur.

    Yeah. Yeah. Yeah. Looks like dog ears. You know? Yeah. Yeah.

    It looks like you’re a dog, but Yeah.

    I’ve been called worse. Don’t worry.

    But we our firm our firm started in twenty twelve in Australia, in Sydney, Australia, and and then migrated over to the US, you know, late twenty eighteen into twenty, nineteen and really started kind of a a marketing effort with inside of the states, you know, mid twenty nineteen into into twenty twenty, right, before Okay. The COVID.

    So your your CEO is Australian based in Australia? Is that okay? Yeah. Yeah. Do you guys have your team meetings? It’s like, good day, mate, and all that.

    Oh, yeah. It’s Alright.

    Thank you.

    They have their slang. Yeah. And some of us look and go, what did they just say? And then they joke and laugh and go, oh, yeah. We forgot.

    But we’ve got, a number of my colleagues moved from Australia, and they’re here permanently. Yeah. Our CEO, he spends about half the year between Australia and the US. Yeah.

    Alright. Cool. He doesn’t he does he’s not he doesn’t come to Chicago. Right?

    He doesn’t he I’m guessing He’s here.

    Oh, he does? Oh, he comes to Chicago.

    Oh, I didn’t know that.

    Okay.

    Alright. Cool. Does he come in the summer or in the winter?

    Oddly enough, he loves the snow. So Okay.

    He loves He doesn’t get it there.

    Okay.

    Yeah. He loves the winter. So all all the Aussies, they you know, when we get half of inch of snow, it’s like, you know, it’s it’s the best thing that ever happened.

    So So so listen.

    I I you and I can easily get distracted and talk about this other stuff. But but going back, you know, I think I I mean, just I’ll I’ll kinda walk you through the cycle that I see of what people have, and you tell me if this is right on the money or not. You know? Yeah.

    Somebody start you know, whatever. But but they break away. They start their RIA. Right? You know, they’re using Redtail.

    Redtail’s a great CRM.

    They’re growing. They’re scaling. They like, man, we need to do more. And so they move over to Salesforce, but then they realize, oh my goodness. We gotta get, you know, some developers and we gotta do this and that. And and, you know, they’re taking and and the idea of Salesforce is it integrates really good with third party and it’s easy to build third party tools and, you know, all this other stuff. It sounds to me like the cycle of, you know, from where I’m sitting, it was like red tail Salesforce with a lot of customization to Practify.

    And it’s almost like if somebody went from, you know, the the cookie cutter red tail directly to Practify, they would have saved a lot of money and headaches from Salesforce with the customization. Is that am I on point with that?

    Or You are.

    You are spot on.

    And and I think what happens is firms don’t understand the the real cost of of Salesforce, which is the upkeep. And so, you know, the the licensing structure is is one, but then it’s, you know, how do we keep this thing running? You know, if Salesforce comes out or pushes up updates, are the things that we’re building, are those gonna work with the updates that they’ve provided? If not, who’s gonna fix them? Do we have to, you know, consult with an engineer again? Do we just keep an engineer on, you know, on on staff?

    I didn’t even think about that. You’re right. A lot of them will yeah. Yeah. Yeah. Whether they have somebody on staff or, you know, like, so, yeah. Outsource.

    Yeah. So, you know, I always say it’s it’s not the initial, it’s not the initial license that is the the money center for for Salesforce.

    It’s the upkeep of of the platform. Yeah. So that spigot, you’re always you’re always going going to the spigot for, okay, we’ve got a you know, we need an update here or, hey, we wanna build a new workflow. Who knows how to build the workflow in our team?

    Nobody. Okay. Let’s try to let’s try to find a way to do it through their trail head. Oh, that didn’t work.

    Let’s just hire somebody to come in and build it.

    Yeah. Yeah.

    You know? And so the the cycle kinda continues. And so Okay.

    Practify has has solved that of one, you know, coming you know, building out, you know, preexisting workflows or consulting with firms that, you know, are looking to to grow and do some customizations to figure out when does this make sense? Does this make sense on our initial implementation?

    Or is this a phase two as you’re getting used to Practify, you’re you’re working within it, your your employees are starting to to do that change management, which we know is always so hard.

    Then do we go in and say, okay. Now let’s build workflows. Let’s build reports.

    And we do that all through our our service model. And so, anytime that we’re doing updates, we understand what the impact is going to be on our clients’ orgs rather than, you know, Salesforce is gonna go, hey. We’re gonna use this, you know, AI agent. We’re gonna put it into into the the org, and all of a sudden firms are going, wait. Now it’s it’s it it broke our integration with x, and now it’s not working.

    So Sure.

    How do we do it? Yeah. Which then kinda comes to my my point of the lack of adoption within within a Salesforce because it doesn’t work. It’s constantly changing. There’s always things in motion. And so firms will just go, I’m just gonna go back to my spreadsheet and write this stuff down and and keep it in in Excel.

    By the way, I I don’t I don’t even know if it’s a spreadsheet. They go from Redtail to to Salesforce back to Redtail. Right? I don’t see that.

    That’s right. Yeah.

    Yeah.

    It’s Yeah.

    Yeah.

    So that’s that’s what I okay.

    Exactly. They you know?

    And so It’s too complicated, too expensive, and it’s like it’s just it’s not working out.

    You know? Yeah. So yeah.

    And you have to have, you know, in our like I I mentioned before, change management. It’s probably the hardest thing to do when buying technology, because what firms I’ll I’ll see firms will come to us, and they’re used to the red button that’s on the left. Right? And it’s always worked.

    It’s been there for twenty years. And now all of a sudden, they buy this new technology like, hey. This is great. It looks better.

    We’re finally coming into our own from a technology standpoint.

    And now the red button that’s on the left is now a green button on the right, and nobody can process it and go, wait. How are we supposed to do this? And so there needs to be this, this component of change management that comes from training and talking to staff that’s on-site or, you know, via Zoom or or whatever. Practify provides all of that because we know it’s a huge change going from any CRM, whether it’s Redtail, Wealthbox, Salesforce, to another CRM.

    We need to get buy in from the users that are using it. And in order to do that, they need to know what they’re doing.

    Sure. Okay.

    So it’s a a it’s one of our it’s one of our bigger selling points Yeah.

    From, from our partnerships. So I like to tell firms that we’re not, you know, we’re we’re not a piece of software. We’re we wanna partner with you because as you’re growing, we’re growing, and it’s it’s better for everyone.

    Yeah. So so kind of on that point, who who are your best clients? Right? Like, you know, you get, you know, RIAs that are using this, and they’re like, yeah. These guys really appreciate it, and these are things that you know, the top two things that they couldn’t do with their old CRM.

    Yeah.

    It’s a great question. So where we get real buy in is is typically from the operational side of the business. So, you know, your COOs and and the the individuals who are running the day to day, because once they once they they get in deep with with Practify and they understand it and they know how tax management works, they know how workflows work, they really see the value, and then they become the champions to the other other teammates within within the organization. And so, again, it doesn’t necessarily have to be size, but it’s really firms that are, one, looking to grow.

    One or or two, kind of looking for ways to to take the manual type of stuff out of out of their business.

    And then three is is really to organize from a from a process perspective to do it all in in one solution. So another example I’ll I’ll talk about is, working with another firm. They were on another platform, and I asked them how many workflows they had, and they said over a hundred. And I thought to myself, like, like, how is this possible that you have over a a hundred workflows?

    And and part of it was because the system that they were using wasn’t elaborate enough to be able to take some of those workflows and combine them into into one. So so they had to create multiple workflows, whereas in Practify, it could still be a workflow, but maybe be a checklist or or some sort of form inside of of a workflow.

    Yeah.

    So we went from over a hundred workflows to to less than fifty, and it becomes more manageable because now we can kick off a workflow that, you know, moves a prospect into a client. And and and that all one workflow, it can automatically kick off certain workflows that that just before within their other system had to be a new workflow. Yeah.

    So when you’re dealing with a hundred plus workflows, you know That’s a lot. Think of, yeah, think of a new employee who comes in and they’re like, holy cow.

    Yeah.

    How am I gonna what what are we doing here? So Yeah.

    So those are some of the things that that we can do to help, that really kinda cuts down from that manual type of stuff.

    Yeah. So so let me let me ask you the opposite of that too because, you know, there are there are some RIAs listening to us where this is probably not a good fit, and that’s okay. Right? Because, I mean, that’s why there’s different players.

    You know? You know? That’s why we have apples and oranges and bananas, and passion fruit and, you know, everything else. Yeah.

    What’s you know, what would not be a a good client? You know, what’s not a good fit, for Practify?

    Yeah. I think, you know, kind of our you know, we were talking about earlier in our discussion, you know, firms that are really looking for almost like a Rolodex.

    Yeah.

    Right? Okay. I want a list of all my clients, and then maybe a spot to jot some notes.

    Their their business has been on cruise control. You know, they’re not, you know, they’re they’re not bringing on new advisers. They’re, you know, they’re they’re they’re doing a great job for their clients because they know them really, really well, and they don’t need spots to go, hey. You know, if this client needs to move money, we need to do these five things. They just know it because that that’s how they do their business. And so, you know, a firm like that that would get into Practify would would probably see, it it being a little bit overwhelming.

    Even though, you know, our business and our platform can be like, we can scale it down to be as as simple as as needed.

    But from an economic perspective, if you’re just looking for more of a Rolodex, there’s there’s better tools that are more Yeah. Yeah. Economical Sure. Compared to some of the things that that we provide.

    If you’re if you’re using it as a basic CRM, you know, David, here’s his address, his email, phone number, stuff like that. I mean, that’s not that that’s not the game that you, you know, Practify is playing, you know, and that’s fine.

    You can probably find some some other tools that are, are just as good at doing that that probably are, a little bit more economical.

    Okay. Alright. Cool.

    Yeah. I mean, listen. I think I think part of the reason I wanted to talk with you and and, you know, record this podcast is I just I just don’t think a lot of people know, a a lot about, at least in the space, we’re in a lot about Practify. Yeah.

    Because I see again, I see that a lot where it’s I’m going from again, I’ll I mean, this could be anything from red Redtail to Salesforce, and now with all this customization, it’s like, man, if you if if that client would have just talked to Practify first, they would have just solved so many things. Yeah. Right? And, and, again, there you know, and in incorrect assumption, and, I mean, I was guilty of that long time ago.

    It’s like, hey. It sits on top of Salesforce. Right?

    It’s not like it’s your own CRM.

    It’s not a a Salesforce add on or, you know, anything of that sort, and it makes a lot of sense to do that. And I think the key is this. This is really comes in handy, and I see this with RIAs that are scaling their RIA, and and their CRM is holding them back. Right?

    Like, their CRM is a gold mine. And if you’ve always suspected that your CRM is a gold mine and, you know, you’re not able to do more with it Yeah. Should definitely talk to, you know, Kent and the team over at Practify. Yeah.

    So Yeah. And you and you make a good point about, you know, Practify in in, you know, being out there, especially on some of the reports that come out because you’ll always see, you know, what are the top five used CRMs. Yeah. And a lot of these reports, Salesforce is listed, but that includes a Practify.

    So they just roll up a lot of the the overlays in some of these other products that are, you know, that are built on top of Salesforce under the Salesforce umbrella. So Yeah. If you were to if you were to dive into let’s say there’s, you know, Redtail, Wealthbox, AdviseOn in Salesforce. Well, Salesforce may have five different other platforms that that have rolled up to it.

    And so people just see, oh, Salesforce.

    And so a lot of those reports, that’s how those are they’re they’re built of Yeah.

    Yeah. Well and then and then the problem I have is they don’t do a really good job of just doing a distinction between the size of the RIA. Right? And, you know, it’s and and I know they look at AUM a lot, but, you know Yep.

    Employee headcount’s another important piece. Yeah. And, again, you know, with certain AUM or with a certain employee headcount, certain CRMs are great, but then you hit a certain number and you’re like, you know Yeah. It’s just, you know, it’s just not.

    And and so, yeah, I’m not able to have yeah.

    There are some firms that have, you know, that market where, hey. Let’s say it’s, you know, it’s a it’s a big broker dealer that has a relationship with, with the CRM, but they, they give their advisers who are maybe, you know, one person, two person, four person kind of firms, the ability to to use their approved CRMs. Yeah.

    And and so they’re they’re looking at data from a different kind of perspective.

    Exactly. Yeah. And in those cases, it’s almost like they’re dictated. Like, you you’re you have to use XCRM.

    They’re, you know, they’re not choosing it. And so but, anyways, I don’t wanna get too much into that. I guess I guess just maybe, two things, and then we’ll kinda wrap it up. Yeah.

    Sure. Anything anything unique or anything that I did not ask whether, I don’t wanna ask about you. I’m sure there is. But about about Practify Yeah.

    Something I didn’t ask or something that’s unique that, you know, the the listener maybe should be aware of, and you’re like, oh, yeah. That’s just sort of an immediate red flag. I should definitely talk to Practify.

    Yeah.

    I I think we touched on a lot of good points. And and, again, kinda coming back to, the servicing side of of Practify where when people are looking at Salesforce, they’re not getting that they’re they’re not getting that side of of the equation. And so when I when I talk to firms, I’m I’m really I’m I’m really trying to push them to getting them thinking about us as a partner, a real true partner of, hey. We’re going to help with training and implementing and consulting and building. We we we have those employees at at Practify. That’s all part of of the client experience.

    Okay.

    And so the the one thing that I try to get firms that are looking at Salesforce because they know that, hey. Here we get the platform, but now we’ve gotta do all this other stuff. And so firms looking at Practify sometimes think the same thing. Hey.

    We’ll get the license, but now I gotta go hire, you know, a bunch of different engineers to to build this. And and that’s not our business model. We we wanna get firms, to not have to come in and do a a ton of customizations because, when you start adding customizations, that that includes time, and time includes money and, you know, and resources and and things like that. So, really, I think the the key thing for the listeners to to kinda hear is that, you know, we are a true technology partner, and not kind of a a piece of technology.

    Sure. Okay. And then and then what’s if if this resonates and again, you know, from my perspective, again, I I’ve seen it. Right?

    I’ve seen it where people are just they’ve outgrown their CRM. They’re trying to do a lot more with it. And, honestly, they just haven’t reached out to Practify. And I think, you know, a call, a demo Yeah.

    You you know, just a brief discussion with you or somebody on your team would be really valuable. What’s you know, maybe share your contact information and then, you know, what’s, you know, what what’s typically involved? Is it like a discovery call? Is it a demo?

    Maybe walk through, you know, what that looks like.

    Yeah.

    I appreciate that too.

    So we’ve got a ton of information on our on our website. It’s it’s practify dot com.

    That’s that’s w w w dot p r a c t I f I dot com.

    Right?

    That’s right. Yep.

    I just wanna make sure we say that the right one.

    Thank you. I’m I’m just so used to saying it, but I I have seen even clients of ours email and and spell it wrong.

    But, practify dot com, you can you can see, you know, different webinars and videos.

    There is a spot on there to connect to to set up a demo Okay. Which would then connect, the the individual to one of our sales team members.

    Okay.

    And so, typically, what will happen is we’ll get a message that, hey.

    You know, David’s interested in in a demo. We’ll set up an an initial kind of discovery call.

    I I like to do this because, one, I have no I going in blind to a demo, we could, you know, we could all over the place. And so, you know, what is it that that you’re really kind of looking for?

    How do we how do we get some input from you on on, you know, here are maybe three things that that we’re really struggling with. And so the more that we learn about, you know, some of the needs and wants from from a firm, we can tailor the demo, to that. And rather than showing you things that you’re like, yeah. We’re we’ll never use that. Yeah. Okay. And so, my email is, kent, k e n t, dot tcatch, t k a c h, at practify dot com, p r a c t I f I dot com.

    Sounds Sounds good. Thanks for sharing that, Kent. And if you’re listening, we’ll include we’ll include, Kent’s contact info in the show notes, so you can reach out directly to Kent, you know, and and Practify. But, yeah, I think I think, Kent, if it’s okay with you, I’m gonna go ahead and wrap it up unless Yeah. Anything else you wanted to, add before we wrap up?

    No. I I would just say, you know, obviously, technology is there there’s a lot of it out there. If you look at, you know, Kitchens’ map, there’s a million things on that map these days, and and I know it’s, you know, sometimes daunting to take a look at it. But even if you’re just curious about, you know, how we’re working with some of the other partners that you’re at, or other tools that you’re using, we’re happy to have those conversations to to act as kind of a a technology consultant to to see if Practify could be a a potential fit as well.

    Sounds good. Kent, I know you’re busy. I know it’s cold here in Chicago. Actually, it’s not too bad today.

    What about We got a big warm up. Yeah.

    It’s like, what, thirty two degrees or thirty four?

    You know? Will be out.

    Yeah. The sun’s out. We’re gonna be out in shorts. You know? So Yeah. Hey. I really appreciate it.

    Thank you so much. And then for the listener, you know, I think I think the key message is, look. If you’ve been frustrated with your CRM and it feels like it’s not scaling with your firm, I would definitely encourage you to reach out to Kent and, you know, look at the, Practify website.

    Because, again, I I from my experience, not a lot of people know that this is another option that’s out there that you don’t have to do a lot of, you know, hire a developer and customization of Salesforce and, you know, some of the other things like that. So with that, Kent, I wanna thank you.

    I wanna thank the listener for listening to the RIA Tech Talk podcast brought to you by RIA Workspace.

    For more podcasts and resources, go to our website at riaworkspace.com and check out the learning center. Feel free to reach out to, any questions or topics that you’d like us to cover, and stay tuned for more RIA Tech, insights for our next episode.