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Category: IT Tips

  • 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.

  • 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.

  • How to scale your RIA firm without outgrowing your tech stack

    How to scale your RIA firm without outgrowing your tech stack

    Your registered investment advisory (RIA) or financial advisory firm is growing — a great “problem” to have, until your technology can’t keep pace. You’re bringing in new clients and hiring more advisors, but the patchwork of software that got you here is now creating bottlenecks. Files are scattered, communication is fragmented, and routine tasks are taking longer than they should.

    For many RIAs and financial advisors, the technology that once supported their business eventually begins to hold it back. Sustainable growth demands a tech stack built for scale, one that can handle increased complexity and risk without slowing you down.

    It’s time to move from a collection of tools to an integrated system. These steps will show you how to build a technology foundation that fuels your firm’s growth, instead of fighting it.

    Build a tech stack designed for growth

    A tech stack that can scale is not about adding more tools; it’s about having the right tools working together in an integrated system. The collection of standalone apps that worked for a two-person firm can hinder a dozen team members, leading to wasted hours, compliance blind spots, and a disjointed client experience.

    A forward-thinking design allows your firm to seamlessly manage a larger volume of clients and navigate increasing complexity, turning your technology from a necessary expense into a competitive advantage.

    Related reading: What should your RIA’s tech stack include?

    Centralize communication and file access to avoid silos

    When your team juggles multiple platforms for daily tasks, communication becomes disconnected. Files get lost in different systems, collaboration becomes a chore, and the risk of a critical detail slipping through the cracks increases. It’s an inefficient and insecure way to operate.

    Centralizing communication, collaboration, and file sharing in one secure platform is the solution. For example, RIA WorkSpace configures Microsoft 365 to act as your firm’s central hub. It unifies your core functions, which reduces the need for various third-party applications and creates a single source of truth for all client and firm-related information.

    Implement role-based access to protect sensitive data

    As your team expands, so does the risk of accidental or unauthorized access to confidential client information. Each new employee represents another potential point of data exposure, making security a paramount concern.

    Properly managed access controls ensure each employee has access only to the data and systems relevant to their specific role. Implementing role-based permissions protects sensitive information and eliminates the need for manual workarounds to control who sees what. It’s a critical step for enhancing security protocols and streamlining your operations.

    Automate manual processes to boost efficiency

    If onboarding a new client still means repeating 10 manual steps, you’re going to hit a ceiling. Repetitive administrative tasks consume valuable time that your advisors could be spending with clients. These manual processes don’t scale, and they actively limit your firm’s potential.

    You can leverage the automation tools within platforms such as Microsoft 365 and your customer relationship management (CRM) system to break free from these limitations. Automating routine activities such as client intake, compliance workflows, and reporting frees up your team to focus on higher-value work and allows your firm to operate at a much higher capacity.

    Strengthen audit trails and oversight as you grow

    Growth attracts more scrutiny — from regulators, cybercriminals, and even clients. Your firm needs to be prepared to demonstrate its security controls and prove compliance at a moment’s notice.

    A scalable tech stack should make oversight simple. It provides comprehensive audit trails and a centralized dashboard for monitoring your entire IT environment. Having this level of visibility makes it easy to demonstrate security controls, show a clear history of activity, and maintain compliance, which builds trust with both clients and regulators.

    Choose an IT partner that supports your growth

    Your firm shouldn’t have to switch platforms or rebuild its IT infrastructure every few years. Constant technological upheaval is disruptive, expensive, and a distraction from what matters most: serving your clients.

    Work with an IT partner that designs systems with the future in mind. RIA WorkSpace builds IT solutions that support growth from 5 to 25 employees and beyond. We create a foundation that allows you to stay focused on building client relationships, not on reconfiguring your technology.

    Are you starting a new RIA firm? Get insights on creating a solid technology foundation from day one. In this episode of RIA Tech Talk, we break down the essential components of a tech stack that’s perfect for a small, growing team.
    Listen to RIA Tech Talk Episode #17 now

    A truly scalable tech stack is the engine of sustainable growth. It’s built on centralized communication, strict access controls, smart automation, and robust oversight. By investing in a system designed for the future, you empower your firm to reach its full potential.


    Schedule a free consultation with RIA WorkSpace today, and discover how our tailored Microsoft 365 solutions can support your RIA or financial advisory firm’s growth.

  • Protecting client data while outsourcing noncore tasks

    Protecting client data while outsourcing noncore tasks

    Outsourcing has become a lifeline for many registered investment advisors (RIAs) and financial advisors. By handing off noncore tasks such as portfolio management, compliance, or marketing to specialized vendors, advisors can focus on serving their clients. However, this convenience comes with certain risks. Entrusting sensitive client data to third-party vendors introduces the potential for security breaches, data leaks, and regulatory consequences.

    Let’s explore how third-party vendors can be a weak point in your security and some actionable tips for protecting your client data while outsourcing.

    Why third-party vendors pose a security challenge

    When you hire a vendor, you’re extending your practice’s security to include theirs. A single breach or slip in the vendor’s security measures can have a direct impact on your client data. This chain of trust, while necessary for outsourcing, poses vulnerabilities if not carefully managed.

    The risks with third-party vendors often originate from several sources, including:

    • Lack of robust security protocols – Some vendors may not use proper encryption, lack regular system updates, or have unpatched system vulnerabilities.
    • Different compliance standards – Vendors that operate across industries or regions might not align with the stringent compliance standards expected of RIAs and financial advisors.
    • Insider threats – Employees within a vendor’s organization could accidentally or intentionally misuse access to your data.

    When a vendor’s mistake impacts client data, it’s not just an internal issue for them. For you, the fallout can include:

    • Reputational damage – Clients trust you with their sensitive personal and financial data. Breaking that trust can harm your credibility.
    • Regulatory scrutiny – RIAs must adhere to regulations such as the SEC’s Regulation S-P. A violation can result in audits or hefty fines.
    • Legal liability – Clients affected by a breach may pursue legal action, which can be costly both in terms of money and time.
    • Operational disruption – A breach often requires immediate, resource-intensive efforts to contain the situation, investigate, and repair damages.

    How to fortify your defenses against vendor risks 

    Fortunately, your RIA or financial advisory firm can take proactive steps to ensure your vendors are securely handling your data.

    Conduct vendor security assessments 

    A vendor security assessment is a critical first step in evaluating if potential vendors meet your security standards. Some key areas to evaluate include:

    • Data encryption – All sensitive data that vendors handle must be encrypted at rest (stored) and in transit (being transferred). This prevents unauthorized access even if data is intercepted.
    • Access controls and authentication – Vendors should implement strong authentication (e.g., multifactor authentication) and have clear controls over who accesses data.
    • Incident response plans – Confirm that vendors have plans in place for detecting, responding to, and mitigating security breaches.
    • Security awareness training – Ask about employee training programs so you know if all personnel are educated on security best practices. 
    • Compliance certifications – Look for certifications such as SOC 2, ISO 27001, or GDPR compliance that validate the vendors’ commitment to security.

    Keep in mind to perform assessments regularly, not just during onboarding. Ongoing monitoring and evaluation of vendors’ security practices is crucial for continued protection of data.

    Related reading: How MSPs simplify IT vendor management for RIAs and financial advisors

    Implement secure data sharing practices

    Sharing data with vendors is often unavoidable, but the methods you use can either mitigate or magnify risk. A few risky practices to avoid are:

    • Sending sensitive information via email or unencrypted file sharing platforms
    • Sharing unnecessary details that increase exposure
    • Allowing vendors to store data on their own insecure servers

    To mitigate these risks, consider implementing secure data sharing measures such as:

    • Secure client portals – Some vendors offer client portals with robust authentication and encryption. Take advantage of these tools to transfer data securely. 
    • Data loss prevention (DLP) tools – DLP tools monitor and control how data is shared, preventing unauthorized transfers or accidental exposure.
    • Principle of least privilege – Grant data access only to those who need it. Restrict unnecessary access to confidential information.

    The best practice is to minimize exposure wherever possible. Share only essential information, and consider anonymizing data if the vendor doesn’t require specific client details.

    Related reading: Streamlining third-party vendor management and compliance for RIAs

    Use nondisclosure agreements (NDAs)

    NDAs legally bind vendors to safeguard the information you share with them. They outline expectations and responsibilities so that both parties are on the same page. Some key elements to look for in an NDA include:

    • Clear definition of confidential information – The agreement must explicitly state what is considered confidential. 
    • Restricted use and disclosure – Vendors should only use shared data for agreed-upon purposes and avoid sharing it further.
    • Data security obligations – NDAs should specify the measures vendors must take to protect data, such as encryption or secure storage.
    • Data return or destruction procedures – Require vendors to securely return or delete your information once the contract ends.

    An NDA also provides legal recourse if a breach occurs, adding another layer of protection for your business.

    Safeguarding client trust is nonnegotiable 

    Outsourcing noncore tasks allows your RIA and financial advisory firm to focus on providing exceptional client service. However, this outsourcing must be done responsibly to protect sensitive data and preserve client trust. 

    By conducting thorough vendor security assessments, using robust NDAs, and prioritizing secure data sharing methods, your firm can mitigate risks and create a secure, trustworthy environment for both your clients and your business. 


    Need help navigating IT security challenges? Reach out to our experts at RIA WorkSpace. We specialize in secure IT solutions for RIAs and financial advisors.

  • The most common social engineering tactics you need to know about

    The most common social engineering tactics you need to know about

    Social engineering is a type of attack where scammers take advantage of trust to steal personal information, money, or access. It’s alarmingly effective, and methods are only getting more sophisticated. To help you recognize these scams, we’ve compiled a list of the most common social engineering tactics.

    Phishing

    Phishing is one of the most well-known social engineering tactics. It typically involves fraudulent emails that appear to be from reputable companies, prompting victims to click links or provide sensitive information. For example, an email might claim your bank account is locked and ask you to log in to a website to “fix” the issue. Unbeknownst to you, the website is fake and is designed to steal your data.

    Spear phishing

    A more targeted version of phishing, spear phishing narrows its focus on specific individuals or organizations. These emails are personalized to make them seem more legitimate, often including the victim’s name, job title, or other personal details.

    Whaling

    Whaling is phishing targeted at high-level executives. These attacks often use formal language and focus on sensitive business matters, such as a fake request for invoice processing or investment details. The stakes are much higher, as attackers aim to gain access to substantial assets or critical data.

    Smishing

    Social engineering isn’t limited to emails. Some use SMS or text messages — these social engineering attacks are called smishing. Smishing messages may include phishing links or requests for personal information. For example, you might receive a text claiming you’ve won a gift card but need to click a link to redeem it.

    Vishing

    Vishing involves voice calls to trick victims into revealing information. Posing as an IT support representative, for instance, the attacker might request remote access to your computer to “fix an issue,” ultimately hacking your system.

    Pretexting

    This tactic involves fabricating a story to gain trust and access. For example, an attacker might pretend to be from your company’s payroll department, asking for sensitive employee details under the guise of updating records.

    Baiting

    Baiting uses the promise of a reward to lure victims. It could involve leaving USB drives labeled “Confidential” in public spaces, hoping someone will plug it into their computer, and then unknowingly installing malware.

    Quid pro quo attack

    This method involves offering something in return for information. For example, an attacker may pose as tech support and “help” you with an issue in exchange for your login credentials.

    Watering hole attack

    This sophisticated attack targets websites frequently used by the victim. The attacker infects the site with malware, hoping the victim visits and falls into the trap. It’s a sneaky way to bypass emails and get directly onto trusted platforms.

    These tactics can be difficult to spot, but awareness is your best defense against social engineering attacks. The more familiar you are with these methods, the harder it’ll be for someone to take advantage of you or your business.

    A little vigilance goes a long way in keeping your data safe. Take the time to educate your team and implement protocols to verify requests before providing sensitive information. Contact our experts today to help you bolster your cybersecurity.

    Published with permission from TechAdvisory.org. Source.

  • Common IT benchmarks to measure the effectiveness of your IT provider

    Common IT benchmarks to measure the effectiveness of your IT provider

    Measuring the effectiveness of your IT provider is essential for ensuring that your registered investment advisory (RIA) or financial advisory firm is getting the most out of your partnership. By tracking key IT benchmarks, you can assess your provider’s performance and identify areas for improvement. You can also use this information as a basis for comparison when considering other potential providers.

    Here are some common IT benchmarks that you can use:

    Ticket response and resolution times

    These are perhaps the most important factors to consider when evaluating the effectiveness of your IT provider. How quickly do they respond to your requests for support or assistance? Are they able to resolve issues in a timely manner?

    A good IT provider should have a well-defined process for handling and prioritizing tickets, as well as a system in place to track response and resolution times.

    The average ticket response time for common IT issues is around 1–2 hours, while critical or urgent issues should ideally be responded to within 15–30 minutes. As for resolution times, they can vary depending on the complexity of the issue, but a good benchmark is to have most issues resolved within 24–48 hours. Any delays or prolonged response and resolution times could indicate a lack of efficiency or resources on the part of your IT provider.  

    As an example, at RIA WorkSpace, we classify all tickets based on severity and each severity has its own target response rate.

    • Emergency response service tickets are logged within 5 minutes with a 30-minute response time. These are for critical problems where your ability to conduct business has stopped (e.g., a server, a network, or an application is down).
    • Fast response service tickets are logged within 5 minutes with a 30-minute response time. These are for situations where an individual user is unable to conduct business (e.g., the user cannot log into their computer or access their email).
    • Quick response service tickets are logged within 30 minutes with a 1-hour response time. These are for urgent problems where service is seriously degraded but you can continue to operate for a short time (e.g., very slow network performance or an app function is down).
    • Normal response service tickets are logged within 1 hour and our response time is within one business day. These are for situations where an employee can still work but is not as productive (e.g., a user has a slow computer or cannot print to multiple printers).

    Number of tickets per month

    In addition to response and resolution times, the number of tickets your IT provider handles each month is also a good benchmark to measure their effectiveness. A high number of tickets could suggest ongoing issues or recurring problems that are not being properly addressed by your provider.

    The ideal number of tickets per month can vary depending on the size and complexity of your business. For small RIA or financial advisory firms with fewer than 10 employees, an average of 10–15 tickets per month is considered normal. However, for larger firms with more extensive IT needs, this number can be significantly higher.

    Onboarding time for new employees

    The speed and efficiency of your IT provider in onboarding new employees is another important benchmark to consider. A good IT partner should have a streamlined process in place for adding new users, setting up devices and software, and providing training or support as needed. Delays or complications in this process can disrupt productivity.

    The benchmark for onboarding time varies depending on the complexity of your firm and the number of employees being onboarded, but a good timeframe to aim for is 1–2 days. This allows new employees to quickly get up to speed with your firm’s tech stack and start contributing to the company.

    Ideally, onboarding should not result in any downtime for your existing employees or business operations. However, if there are any issues or delays, your IT provider should have a contingency plan in place to minimize disruptions and ensure a smooth transition for new hires.

    Uptime and availability

    Finally, the uptime and availability of your IT systems are crucial benchmarks that can directly impact your business operations. Downtime or system failures can result in lost productivity, data loss, and potential security risks. A good IT provider should have systems and processes that ensure high levels of uptime, as well as a backup and disaster recovery plan in case of any unexpected events.

    The industry standard for uptime is 99.9%, meaning your IT systems are expected to be available 99.9% of the time. This translates to roughly 40 minutes of downtime per month, which should ideally only occur during scheduled maintenance or upgrades. If you experience more frequent or prolonged periods of downtime, it may be time to reassess your IT provider.

    Related reading: Hiring an IT Services Company for your RIA? Here are the things you should know

    Other considerations

    In addition to the core benchmarks mentioned above, assessing your IT provider’s customer satisfaction and experience working with RIAs are valuable aspects to consider.

    Customer satisfaction

    Some IT companies may provide data from Smileback reports to indicate how happy their current customers are. Smileback reports gather feedback and ratings from clients, offering a real-world assessment of the IT provider’s performance and the satisfaction levels of their clients. Positive Smileback reports can be a strong indicator of a reliable and customer-focused IT provider.

    History of meeting industry-specific needs

    While not a benchmark in the traditional sense, the IT provider’s experience in meeting industry-specific needs is an important consideration. Ideally, clients should partner with an IT provider that has five or more current or past clients within the RIA sector. This demonstrates a track record of understanding the unique challenges and technology requirements of RIAs, ensuring that the IT provider can offer tailored solutions that align with industry standards and compliance regulations.

    In addition to these benchmarks and other considerations, it is also important to regularly review and communicate with your IT provider about their performance and any areas that may need improvement. By setting clear expectations and using the above to measure their effectiveness, you can ensure that your IT provider is delivering the best possible support and services for your RIA or financial advisory firm.


    If you feel that your current IT provider is not meeting your needs, you can always explore other options and try to find the best fit for your firm. We at RIA WorkSpace are dedicated to providing top-notch IT support and solutions tailored specifically for RIA firms, so feel free to reach out to us with any questions or concerns. Let’s work together to ensure your technology needs are being met effectively and efficiently.

  • Crafting the perfect internet usage and monitoring policy for your RIA firm

    Crafting the perfect internet usage and monitoring policy for your RIA firm

    The internet has become indispensable to modern businesses, and registered investment advisory (RIA) firms are no exception. The internet offers a wealth of information, communication, and networking opportunities that can greatly benefit RIA firms in terms of efficiency and productivity. However, the internet also poses potential risks for RIAs, including data breaches, cyberattacks, and inappropriate online behavior.

    To mitigate these risks and ensure the responsible and productive use of the internet, it is crucial for your RIA or financial advisory firm to implement a comprehensive internet usage and monitoring policy. This policy should not only outline guidelines for employees on how to use the internet for work-related purposes but also provide measures for monitoring and enforcing compliance.

    Essential components of an internet usage and monitoring policy 

    While the specific details may vary depending on the nature and size of your RIA firm, a comprehensive internet usage and monitoring policy should include the following key components:

    1. Purpose and scope – This section should outline the purpose of the policy and specify which employees or divisions it applies to. For example, your policy may include provisions for full-time and part-time employees, contractors, and interns. It should also identify which devices and networks are covered, such as company-owned computers and Wi-Fi networks.
    1. Acceptable use – This part should define what constitutes acceptable use of the internet for work-related purposes. It may include guidelines on appropriate websites and applications to access, email usage, social media policies, and online communication protocols. Be specific and avoid vague language to ensure clarity and avoid misinterpretation.
    1. Prohibited activities – It is equally important to outline what is not allowed when using the internet for work purposes. This may include accessing certain websites or types of content that are deemed inappropriate, engaging in online gambling or illegal activities, and sharing confidential information on public networks.
    1. Personal use – It may not always be feasible or desirable to completely restrict personal internet usage at work, which is why this section should clarify the extent to which employees are allowed to use company resources for personal purposes. For example, you may allow limited personal use during breaks or specify which non-work-related websites or applications your team can access.
    Related reading: Tips for RIAs: Why and how to separate your work and personal accounts
    1. Monitoring – Here, you should clearly state the methods and tools your firm will use to monitor employee internet usage, such as network monitoring software or periodic audits. Be transparent about the purpose and scope of monitoring; emphasize that monitoring is not meant to invade employees’ privacy but to ensure compliance with the policy and protect the firm from potential threats.
    1. Consequences of noncompliance – To ensure that employees take the policy seriously, it is crucial to outline the consequences of violating it. Consequences may include verbal or written warnings, suspension or termination of employment, and legal action if necessary.
    1. Review and updates – Your policy should also specify how often it will be reviewed and updated to reflect changes in technology, regulations, or company policies. It is vital to regularly review and update the policy to ensure it remains effective and relevant.
    1. Acknowledgement and consent – The final yet most critical component of your internet usage and monitoring policy is the employee’s acknowledgement and consent.  You may ask them to sign an agreement form or provide a digital signature to indicate that they have read and understood and agree to comply with the policy. This not only ensures that employees are aware of the policy, but also helps protect your firm in case of any disputes.

    Importance of a comprehensive internet usage and monitoring policy

    A well-crafted internet usage and monitoring policy can provide numerous benefits for your RIA firm, including:

    • Safeguarding sensitive information – With the rise of cybercrime, a comprehensive policy can help protect your firm’s sensitive data and client information from potential breaches or leaks.
    • Maintaining productivity – A clear and concise policy helps ensure that employees do not waste time on non-work-related internet activities, thus improving productivity. It can also prevent the misuse of company resources, such as bandwidth and storage.
    • Protecting your firm’s reputation – Inappropriate online behavior or activities by employees can reflect poorly on your RIA and damage its reputation. An effective internet policy can prevent such incidents and maintain a positive image for your firm.
    • Fostering a culture of responsible internet usage – By clearly communicating expectations and consequences, a policy can promote responsible internet usage among employees and create a culture of cybersecurity awareness in the workplace.

    Transparency, understanding, and mutual agreement: The pillars of an effective policy 

    To be truly effective, an internet usage and monitoring policy should be transparent, clearly understood by employees, and agreed upon by all parties involved. This can be achieved through open communication, regular training and education on cybersecurity practices, and involving employees in the development and review of the policy.

    By fostering a culture of transparency, understanding, and mutual agreement, your RIA firm can effectively monitor and enforce compliance, safeguard sensitive information, and maintain a productive and secure workplace.
    If you’re looking to create an effective internet usage and monitoring policy for your RIA firm, RIA WorkSpace is here to help. Our team of experts specializes in assisting RIA and financial advisory firms like yours with all things IT. From creating policies and procedures to implementing cybersecurity measures, we can help you protect your firm and clients from potential cyberthreats. Contact us today to learn more about our services.

  • How to choose the right financial advisor software for your RIA tech stack: A comprehensive guide

    How to choose the right financial advisor software for your RIA tech stack: A comprehensive guide

    As a financial advisor or registered investment advisor (RIA), you know that the right software can make a big difference in your business. With proper tools and resources, you can become more productive, manage your clients more effectively, and stay on top of the ever-changing financial landscape.

    When deciding on the best RIA platform and financial advisor software for your firm, consider the following key factors.

    Productivity

    Efficiency and time management are vital for RIAs. When choosing financial advisor software, look for the following productivity-enhancing features:

    • Integration with calendars, task management systems, and document sharing platforms
    • Automation capabilities
    • Workflow customization
    • Intuitive user interface

    Microsoft Office is a popular productivity suite that delivers on all of these fronts. If you’re looking for a single solution that covers document creation, presentation building, data analysis, and email management, Microsoft Office is a great choice. Not only does it provide a wealth of powerful features, but it also offers cloud-based storage and is designed for use on multiple devices.

    By streamlining routine administrative activities such as client onboarding, document generation, and compliance reporting, you can free up more time to focus on providing comprehensive financial advice.

    Related reading: Google Workspace and Microsoft 365: Which productivity suite is better for RIAs?

    Document management

    Document management software provides a centralized location for storing and organizing client documents, making them easy to find and access. Look for a system that offers features such as:

    • Secure storage
    • Document search and retrieval
    • Version control
    • Automated backups

    SharePoint is the ideal software if your RIA firm is already using Microsoft Office. It offers features such as enterprise-grade security, automated document indexing, and version control. SharePoint also makes it easy to collaborate with your team and share documents securely with clients.

    For a cloud-based solution, Box is an excellent choice. Its features include real-time collaboration tools, automated document backup, and access control capabilities. Box also integrates with many business applications, so you can easily sync your documents with other platforms.

    Customer relationship management (CRM)

    Maintaining strong relationships with clients is another essential part of running a successful financial advisory firm. You need to be able to quickly access and update client data, manage contact information, track client interactions, and streamline communication.

    A robust CRM system should be at the top of your list when choosing financial advisor software. Consider features that enable you to effectively manage relationships with existing clients and prospects, such as:

    • Contact segmentation
    • Automated email campaigns
    • Comprehensive analytics

    A great option for RIAs is Tamarac CRM. This system is designed specifically for investment advisors and wealth managers, offering features such as customizable dashboards, automated workflows, and client-facing portals. Tamarac also integrates with other financial advisor software solutions, making it easier for you to get all your work done in one place, and it comes with security features that help you stay compliant with industry regulations.

    Redtail CRM is another popular option for RIAs. It offers powerful features such as advanced reporting tools, automated client onboarding, and lead-tracking capabilities. Plus, its integration with Microsoft Office and other third-party applications makes it easy to manage your client relationships from one platform.

    Related reading: What Is the Best CRM for Financial Advisors? Comparing Redtail and Tamarac

    Portfolio management

    Effective portfolio management is key to providing clients with the best advice and support. Seek portfolio management software that allows you to efficiently monitor and rebalance portfolios, generate performance reports, and provide clients with up-to-date investment information.

    A comprehensive RIA portfolio management software solution offers the following features:

    • Automated rebalancing
    • Portfolio analytics
    • Custom risk management
    • Tax optimization
    • Compliance monitoring

    One top-performing portfolio management solution is MoneyGuidePro. It is a comprehensive financial planning software that comes with powerful portfolio management tools such as portfolio tracking, risk analysis, and custom reporting. Many financial advisors also appreciate MoneyGuidePro’s intuitiveness and the interactive financial planning experience it offers their clients.

    Another popular portfolio management tool is the Black Diamond Wealth Platform. This software helps RIAs manage complex client portfolios with features such as portfolio performance reporting, real-time access to client data, and automated trading. With its advanced analytics capabilities, Black Diamond helps you stay on top of the ever-changing markets and make informed decisions.

    Financial planning

    Financial planning software is essential for giving clients accurate advice and delivering tailored financial plans. Select a system that offers features that enable you to quickly create detailed financial plans for your clients, such as:

    • Comprehensive calculation capabilities
    • Ability to model scenarios
    • Intuitive interface

    eMoney Advisor is one of the most popular financial planning software solutions for RIAs. It provides features such as industry-leading account aggregation, various spending and budgeting tools, and business analytics. eMoney Advisor also makes it easy to generate interactive financial plans and share them with clients in a secure environment.

    NaviPlan is another comprehensive financial planning software that’s designed for RIAs. It offers a wide range of features, including goal-based planning tools, portfolio analysis capabilities, and retirement planning modules. NaviPlan also includes in-depth calculators that help you create accurate financial plans for your clients.

    Accounting

    Accurate accounting is essential for any business, and financial advisory firms are no exception. An accounting software solution will help you:

    • Stay on top of expenses
    • Manage client payments
    • Generate invoices
    • File taxes more efficiently

    Make sure to find one that integrates with your CRM and portfolio management systems to ensure seamless data flow and minimize manual reconciliation.

    A reliable accounting system for RIAs is QuickBooks, offering features such as billing and invoicing, customer tracking, and expense management. QuickBooks also allows you to easily generate financial reports and keep track of your firm’s financial activity.

    Sage Intacct is another great accounting software option for RIAs. It enables you to create detailed financial statements, manage customer payments, and automate processes such as billing and invoicing. With Sage Intacct, you can also easily integrate with other financial advisor software solutions, streamlining your accounting processes.

    Industry data and news

    Finally, staying informed about industry trends and market insights is crucial for financial advisors. Investing in software or services that provide access to real-time market data and news summaries can help you make more informed decisions on behalf of your clients.

    Bloomberg is one such resource. It is a financial information and news service that provides comprehensive data, news, research, analytics, and more from around the world. It is an invaluable resource for RIAs looking to stay ahead of the curve when it comes to financial advising.

    The Wall Street Journal is another go-to source for the latest industry news and analysis. It offers a variety of subscription options that provide access to timely market insights and expert commentary.

    Related reading: Managing your RIA tech stack: The hidden risks of a patchwork approach
    Tech stacks can get complicated and cumbersome if you want them all to work together. You need to consider how your choices will integrate, if at all. You’ll need some expert IT support to get this all working together.

    Overall, choosing the right financial advisor software is essential for providing your clients with the best advice and support. Consider your firm’s unique needs and select solutions that offer features that will help you streamline your operations, maximize efficiency, and improve client relationships. 

    Navigating the vast array of financial advisor software options can be overwhelming. That’s where the expertise of our specialists at RIA WorkSpace comes in. Contact our team today to receive personalized guidance and find the best RIA platform and financial advisor software for your practice.

  • Managing your RIA tech stack: The hidden risks of a patchwork approach

    Managing your RIA tech stack: The hidden risks of a patchwork approach

    Many registered investment advisory (RIA) and financial advisory firms today leverage a medley of technology solutions and services to power their businesses. They may have separate systems for client management, financial planning, portfolio performance reporting, and other core functions. Some may even use multiple solutions in each category, such as having different software for front- and back-office operations.

    Some RIAs and financial advisors mix and match a variety of service providers, software applications, and hardware solutions in an effort to find the best fit for their needs and budgets. While this patchwork approach can offer some flexibility and might seem like it has cost savings, it also presents a range of risks that can have far-reaching implications.

    In this blog post, we’ll explore some of the dangers of having a patchwork tech stack and outline steps your firm can take to avoid these potential pitfalls.

    Data integrity issues

    Using an array of systems can create obstacles to data integrity and accuracy. Without a unified platform, it can be difficult to ensure that information is accurately captured and stored across multiple applications. As a result, you may struggle to produce reliable, actionable, and timely insights from your data.

    It can also be hard to detect conflicts between data sets within your systems. This can lead to potentially costly mistakes, as well as reputational damage if you consistently cannot properly track and manage client accounts.

    Inadequate security

    Because RIAs and financial advisors like you operate in a highly regulated space, it’s crucial that your tech stack is up to the task of meeting or exceeding all applicable security and privacy requirements. 

    Unfortunately, with so many technologies in play, the chances of a data breach increase significantly. You may not have the same level of control over every solution or service, which can make it challenging to implement adequate security measures. When working with multiple providers, you may also need to ensure that their protocols and practices are up to date and in line with current industry standards.

    Poor scalability

    As your firm grows, the need for more scalable technology solutions often follows. When your tech stack is a mishmash of disparate items, it can be harder to adjust or add new tools as you need them. Additionally, upgrading or replacing components of your existing stack can be more costly and time-consuming when different systems don’t integrate with one another. This can cause bottlenecks that impede operational efficiency, slow down performance, and inhibit your ability to maximize profits.

    Limited automation

    Automation is one of the most powerful tools available to RIAs and financial advisors. However, it can be difficult to leverage automation when different systems don’t work together. Without interoperability, it can be hard to develop automated workflows that span multiple applications and services. As a result, much of your data processing may need to be done manually, eating up valuable time and resources.

    Reduced efficiency

    Having to work with multiple solutions can impact your team’s efficiency and productivity. When processes are siloed across multiple solutions, it can add complexity and cause delays. Employees may also find it harder to collaborate effectively when they have to switch between different tools and systems. This can lead to errors, longer turnaround times, and reduced customer satisfaction levels.

    How can you mitigate the risks of a patchwork RIA tech stack?

    To start, you can look for solutions that offer greater integration and interoperability. This will allow you to combine different components and services into a unified platform, reducing the complexity of your environment and allowing you to manage data between applications more easily.

    For example, Microsoft 365 provides a highly integrated platform that can act as the backbone of your tech stack. It supports a range of applications for scheduling, communications, document management, data storage, and more. It also offers unparalleled security, as well as tools to automate key processes and help you keep track of compliance requirements.

    Not only that, but Microsoft 365 offers broad integrations with many of the existing solutions RIAs and financial advisors use. This makes it easy to add more advanced tools and services as your business grows, ensuring that you’re well positioned to meet the challenges of the modern marketplace.

    Related reading: What should your RIA’s tech stack include?

    To fully maximize the benefits of an interoperable solution, it’s essential to work with a knowledgeable managed IT services provider. They can help you develop a comprehensive strategy and ensure that your tech stack is properly set up and configured.

    An MSP partner with a wealth of experience in the financial services space can provide valuable guidance on navigating the complexities of IT compliance and security. They can also help you identify opportunities to streamline operations, unlock more value from your technology investments, and improve efficiencies across the board.

    RIA WorkSpace can be that partner. We specialize in serving the IT needs of RIAs and financial advisors throughout the United States, providing a range of managed services that can be tailored to your specific needs and budget. Reach out to us today and let’s explore how we can help you design and manage the perfect tech stack.