RIA Workspace

Category: Microsoft

  • Simplifying RIA recordkeeping compliance with Microsoft 365

    Simplifying RIA recordkeeping compliance with Microsoft 365

    Running a registered investment advisory (RIA) or financial advisory firm is no walk in the park, and when it comes to recordkeeping compliance, it can feel more like scaling a mountain. Between the exacting standards of the Securities and Exchange Commission (SEC) and the staggering amount of data you’re handling, staying compliant may present an endless series of obstacles. 

    For small RIA firms with limited IT resources, the challenges become even steeper. But there is good news: Microsoft 365 offers a comprehensive solution to streamline and simplify your recordkeeping while helping you stay audit-ready and SEC-compliant.

    The recordkeeping challenges for small RIAs

    Firms required to comply with SEC regulations often discover that maintaining accurate, secure, and retrievable records is no small feat. Smaller RIA and financial advisory firms, in particular, face the triple hurdle of limited IT resources, stringent data requirements, and growing data volumes. 

    Limited IT resources 

    It’s a common sight: small RIAs relying on a mix of third-party software, manual processes, and good old “hope it works” tech philosophy. These firms rarely have dedicated IT staff, and their technology budgets don’t stretch far.

    This limitation can present significant challenges for recordkeeping, especially when systems don’t integrate well or aren’t scalable. For example, a small team might rely on local hard drives or free storage tools such as Google Drive for saving client records. While convenient, these solutions often lack the enterprise-grade security and retention tools essential for regulatory compliance.

    Data security and retrieval 

    For the SEC, compliance isn’t just about retaining records; it’s about keeping those records secure and making them accessible when needed. This is where basic systems often fall short. 

    For example, your firm is undergoing an SEC audit. You are asked for specific client emails from three years ago. If you’re running basic systems without robust archiving or search functionality, this task could take days or longer. Beyond inconvenience, failure to quickly produce records could result in hefty fines or reputational damage.

    Growing data volumes 

    The amount of data RIA and financial advisory firms need to manage is growing exponentially. Emails, client communication, financial reports, and compliance records pile up fast. Without proper systems in place, the sheer volume makes it increasingly difficult to stay organized and compliant.

    Related reading: Understanding SEC email compliance rules for RIAs

    How Microsoft 365 is a comprehensive solution 

    Microsoft 365 is a powerhouse that addresses these challenges head-on. Its user-friendly features simplify recordkeeping while aligning with SEC compliance requirements. 

    Archiving and records retention 

    With Microsoft 365, your records remain secure, organized, and easily accessible — perfect for meeting regulatory demands.

    • SharePoint allows you to create a structured document management system with version control and retention policies. Think of it as your virtual filing cabinet with a built-in assistant ensuring everything is where it should be. 
    • Retention labels and policies help you auto-apply retention rules to emails or files, so you never have to guess how long to keep a record on hand. 

    Data protection and security 

    Investor data is sensitive, and protecting it isn’t up for negotiation. Microsoft 365 offers robust security features that help you meet the SEC’s strict requirements.

    • Data encryption prevents unauthorized access by scrambling data both at rest and in transit. Even if bad actors intercept your data, they won’t be able to read it. 
    • Access controls let you set permissions and enforce who sees what. 
    • Multifactor authentication (MFA) ensures that only authorized personnel can access client information. 
    • Advanced threat protection shields you from common IT threats, such as phishing attempts or ransomware attacks. 

    Want to ensure your data protection strategy is airtight? Discover the advantages of professional cybersecurity services tailored to your RIA or financial advisory firm’s needs.

    Search and eDiscovery 

    Picture this: it’s audit prep time, and you need to retrieve client information spanning multiple years. Instead of doing manual searches, you can use Microsoft 365’s eDiscovery and search capabilities to retrieve documents, emails, or chat histories seamlessly.

    • With advanced search features, Microsoft tools enable you to find what you need across your entire system in moments. 
    • eDiscovery tools ensure your team is audit-ready, enabling faster, smarter compliance checks.

    Scalability and cost effectiveness 

    One major perk of Microsoft 365 is that it grows along with your firm. Whether your client base expands or your records double in size, Microsoft 365 can handle it. 

    Additionally, when you consider the alternative — cobbling together specialized tools for archiving, retention, and compliance — the all-in-one nature of Microsoft 365 often makes it the more cost-effective option.

    Related reading: Staying SEC-compliant with Microsoft’s email archiving

    Streamline compliance with Microsoft 365 

    Running a small RIA or financial advisory firm is already demanding enough without juggling recordkeeping headaches. From archiving documents to safeguarding client data, Microsoft 365 offers a seamless way to meet compliance requirements and support your firm’s growth.

    Take the next step toward streamlining operations and staying audit-ready by exploring how Microsoft 365 aligns with your recordkeeping needs. Contact RIA Workspace today, and get hands-on guidance tailored to your firm.

  •  Easy ways for RIAs to purchase Microsoft 365 Copilot

     Easy ways for RIAs to purchase Microsoft 365 Copilot

    Are you ready to unlock the power of artificial intelligence (AI) for your RIA? Microsoft 365 Copilot can help you increase productivity, reduce costs, and gain a competitive edge. With three new flexible purchasing options, it’s easier than ever to bring Copilot into your RIA and start experiencing the benefits of AI.

    What is Microsoft 365 Copilot?

    Microsoft 365 Copilot integrates advanced AI tools directly into familiar Microsoft applications such as Word, Excel, PowerPoint, Outlook, and Teams. By using your SMB’s data, it streamlines processes, enhances creativity, and helps employees focus on strategic tasks. It’s an all-in-one solution to empower teams and drive growth.

    At Microsoft Ignite 2024, Microsoft announced exciting updates, including enhancements to Copilot Studio, Copilot Actions, and the Copilot Control System. Combined with greater purchasing flexibility, these features make Microsoft 365 Copilot a must-have for SMBs.

    3 New purchasing options for Microsoft 365 Copilot

    To make Microsoft 365 Copilot more accessible, Microsoft introduced three new ways to purchase it:

    1. Monthly billing for annual subscriptions
    For SMBs managing tight budgets or fluctuating cash flows, upfront annual payments can be straining. To address this, Microsoft now offers monthly billing for annual-term subscriptions. This allows businesses to:

    • Spread costs over manageable monthly payments
    • Align AI investment with monthly revenue cycles
    • Avoid large upfront expenses

     

    This option is available for various Microsoft 365 Copilot subscriptions, including Microsoft 365 Copilot for Sales and Microsoft 365 Copilot for Service.

    2. Self-service purchasing
    Microsoft has also introduced a self-service purchase option, enabling business users to buy Microsoft 365 Copilot directly for their existing plans. This straightforward process allows users to:

    • Use a credit card to add Copilot to their plan
    • Start using the AI features immediately
    • Notify administrators about the purchase for seamless management

     

    Admins can monitor and manage these self-service purchases through the Microsoft admin center, ensuring proper oversight while empowering teams to adopt AI tools quickly.

    3. In-app purchases and license requests
    Microsoft further simplifies Copilot license purchasing and management by integrating these processes directly within the applications you use every day. Soon, users will be able to:

    • Purchase Copilot licenses while signed in to Microsoft applications
    • Request licenses directly from administrators when needed

     

    Admins can approve or assign unused licenses through the admin center, providing businesses with greater scalability and convenience in managing AI tools.

    Getting started with Microsoft 365 Copilot

    Microsoft 365 Copilot is designed to integrate seamlessly into your daily work environment. It adheres to enterprise-level data protection and governance standards, ensuring security and compliance. Additionally, tools such as the Copilot Prompt Gallery, Copilot Dashboard, and Copilot Academy help businesses maximize the value of their investment.

    Here’s how to get started:

    • Explore the new purchasing options to find the best fit for your SMB.
    • Reach out to a Microsoft Cloud Solution Partner for assistance or guidance.
    • Take advantage of resources such as the Copilot Success Kit for SMBs to streamline adoption.

     

    Take the first step toward transforming your business with Microsoft 365 Copilot. Get in touch with us today to explore the new purchasing options and the benefits of this powerful AI tool.

  • Outdated Scanning Practices Are Putting Your Firm at Risk: Why It’s Time to Switch to Scan-to-SharePoint

    Outdated Scanning Practices Are Putting Your Firm at Risk: Why It’s Time to Switch to Scan-to-SharePoint

    As a Registered Investment Advisor (RIA) or financial advisory firm, you understand the importance of safeguarding sensitive client data. But what about the tools and processes your team uses every day? If your firm is still relying on the outdated scan-to-folder method for document scanning, you may be exposing your business to unnecessary risks.

    Here’s what you need to know about why scan-to-folder is a security liability and how transitioning to scan-to-SharePoint can protect your data while improving efficiency.

    The Problem with Scan-to-Folder

    Scan-to-folder is a method where documents are scanned directly to a shared folder on a local computer or server. While it’s a familiar process, it’s also inherently insecure. Here are some of the key risks:

    • Static Credentials: Scan-to-folder requires creating a dedicated user account with a fixed username and password. These credentials are rarely updated, making them an easy target for cybercriminals.
    • Firewall Vulnerabilities: To enable scanning, Windows Firewall is often disabled. This leaves your network exposed, making it easier for hackers to gain access.
    • Insecure Connections: The scan-to-folder method typically requires opening SMB sharing ports (e.g., port 445). These ports are often targeted by attackers, especially on older printers that don’t support modern security protocols.

     

    When these vulnerabilities are combined, they create an environment ripe for exploitation—one where a single weak point could lead to a costly data breach.

    Why Scan-to-SharePoint Is the Better Option

    Fortunately, there’s a more secure way to handle scanned documents: scan-to-SharePoint. This approach integrates with Microsoft SharePoint Online and uses secure, encrypted connections to ensure documents are transmitted safely. Here’s why this method is a game-changer:

    • Stronger Security: Scan-to-SharePoint eliminates the need for static credentials and doesn’t require disabling firewalls or opening insecure ports. It uses Microsoft’s secure channels and the latest encryption standards to protect your data.
    • Regulatory Compliance: As a financial advisory firm, you’re subject to strict regulatory requirements. Scan-to-SharePoint supports compliance by ensuring that documents are stored and transmitted securely.
    • Seamless Integration: SharePoint is already part of many firms’ Microsoft 365 environment. Scanning documents directly into SharePoint makes it easier to organize, access, and share files while maintaining robust security.

    Real Risks, Real Consequences

    Many firms are unaware of the risks associated with scan-to-folder—until it’s too late. One common issue occurs when a shared folder is configured incorrectly, creating a gap in your network’s security. Hackers can exploit these gaps to infiltrate your system, access sensitive information, or even disable your network.

    For RIAs and financial advisory firms, the stakes are high. A single breach could compromise client trust and lead to financial and reputational damage.

    Why This Matters for Your Firm

    Firms with 5 to 25 employees often operate with limited IT resources, meaning there’s little room for error. By transitioning to scan-to-SharePoint, you’re not only addressing a significant security gap but also investing in a smarter, more efficient way to handle your documents.

    Next Steps

    If your firm is still using scan-to-folder, it’s time to reevaluate your approach. Switching to scan-to-SharePoint is not only a best practice—it’s a necessity for protecting your clients, your data, and your business.

    Need help making the transition? At RIA WorkSpace, we specialize in helping financial advisory firms implement secure, efficient IT solutions tailored to their unique needs. Contact us today to learn more about how scan-to-SharePoint can work for your firm.

     

  • Optimizing your RIA IT budget: Why you should maximize Microsoft solutions and the right IT support

    Optimizing your RIA IT budget: Why you should maximize Microsoft solutions and the right IT support

    For registered investment advisors (RIAs) and financial advisors, managing IT can feel like an overwhelming balancing act. Between ensuring compliance with regulatory standards and maximizing productivity, it can be easy to overspend on IT solutions that may not provide the best value for your firm. But what if there’s a better, more efficient way to manage your technology stack?

    With Microsoft’s suite of tools and platforms, paired with the support of a reliable managed IT services provider (MSP), your RIA or financial advisory firm can optimize its IT budget while also improving overall efficiency and security.

    Let’s take a look at how leveraging Microsoft 365 and other solutions, as well as the right IT support model, can simplify your workflows, increase productivity, and ultimately save you money.

    Cost efficiency through consolidation

    One of the biggest challenges for RIAs and financial advisors is dealing with multiple third-party tools and their associated licensing fees. Many firms unknowingly pay for third-party apps that duplicate functions already included in their Microsoft subscriptions (e.g., email archiving, document sharing, data backups).

    Microsoft 365 eliminates the need for these add-ons by providing a comprehensive suite of business tools. Partnering with an MSP that specializes in Microsoft environments allows you to unlock the platform’s full potential while benefiting from proactive, expert support.

    Think about it: By consolidating your tech stack, and therefore your licensing fees, you can free up a significant portion of your budget for other business-critical expenses.

    Streamlined operations in a unified ecosystem

    Imagine having all your essential tools — email, document sharing, collaboration platforms, and scheduling — seamlessly integrated into one ecosystem. That’s exactly what Microsoft 365 offers through tools such as Teams, SharePoint, and Outlook. The tight integration between these tools reduces the complexity of managing disparate systems, speeds up workflows, and creates a more efficient work environment.

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

    For example, instead of juggling separate messaging tools and project management apps, you can use Teams for communication and collaboration. Combine that with SharePoint for document management, and suddenly, your team has everything they need in one centralized location.

    What does this mean for your firm? Less time spent troubleshooting systems that don’t work well together, fewer support requests for third-party tools, and ultimately, more streamlined operations that allow your team to stay focused on their highest-value work.

    Discover seven key Microsoft features that can empower your RIA or financial advisory firm in terms of security and compliance. Listen to Episode #1 of the RIA Tech Talk podcast.

    Built-in security and compliance features

    For RIAs and financial advisors, compliance is non negotiable. Fortunately, Microsoft solutions come packed with built-in security and compliance features tailored to meet the specific needs of industries like yours. From encryption and data loss prevention to secure collaboration tools, Microsoft simplifies adhering to regulations such as SEC compliance requirements.

    An MSP ensures these features are configured correctly and managed proactively. This minimizes risks, reduces the need for standalone compliance tools, and gives you peace of mind knowing your firm’s sensitive data is protected.

    Simplified IT support with MSPs vs. other models

    Your IT support model can make or break the efficiency and reliability of your systems. Here’s why choosing an MSP that specializes in Microsoft could be the best decision for your firm.

    Managed services

    Some key benefits of partnering with an MSP for your IT support needs include:

    • End-to-end expertise – MSPs that specialize in Microsoft offer support for your whole tech stack. From proactive maintenance and security monitoring to employee training, everything is unified in one service package.
    • Faster troubleshooting – With a leaner tech stack, your MSP can resolve issues quickly without navigating the nuances of unnecessary third-party software.
    • Proactive management – Instead of reacting to problems, an MSP ensures your systems are always updated, secure, and performing optimally.

    Other support models

    On the other hand, hiring an in-house IT team or working with individual IT providers and vendors can present some challenges:

    • In-house IT – While an in-house team might have some familiarity with your software, they’re likely stretched thin and lack the deep expertise required to manage specialized tools such as Microsoft configurations.
    • Break/fix IT – Reactive and inconsistent by nature, break/fix support often leads to substantial downtime and skyrocketing costs when issues arise.
    • Multivendor support – Relying on multiple third-party vendors means fragmented support, more finger-pointing when something goes wrong, and slower resolutions.

    By working with an MSP, you not only simplify IT management but also gain a team of experts who ensure your Microsoft tools are optimized for maximum efficiency.

    Predictable costs and fewer surprises

    Unpredictable IT costs can wreak havoc on your firm’s budget. However, by adopting a Microsoft-based IT stack, you gain access to predictable subscription pricing. Each tool, from cloud storage to email solutions, is bundled into a single agreement, streamlining your financial planning.

    Partnering with an MSP takes cost predictability a step further. You avoid the surprise expenses that come with break/fix IT or multivendor support models. Instead, your MSP provides ongoing support and maintenance as part of their package, ensuring IT costs remain steady throughout the year.

    Real-world success story: Streamlined support with Microsoft tools

    One New Jersey-based RIA firm experienced firsthand the transformational impact of switching to Microsoft and partnering with the right MSP. Struggling with their previous IT vendor, they faced significant inefficiencies, including too much time spent on IT management and reliance on a patchwork of third-party apps.

    After partnering with RIA WorkSpace, they identified tools within their existing Microsoft subscription that could replace their third-party apps. 

    • Integrating their email archiving and backup solutions into Microsoft 365 eliminated the need for separate providers.
    • The consolidation of tools created standardized solutions across the firm’s multiple office locations, ensuring every employee had secure and reliable access to key systems.
    • Reliable customer support from RIA WorkSpace streamlined IT management, so their team now spends minimal time dealing with technical issues.

    Today, this firm benefits from reduced downtime, lower IT costs, and enhanced compliance with regulatory standards — all while enjoying a more efficient and secure IT environment.

    Read the full case study here.

    Make the switch and optimize your IT budget today

    Microsoft solutions combined with the right MSP partner offer a winning formula for RIA and financial advisory firms. By consolidating your tools and streamlining support, you can expect smoother operations, improved compliance, and the ability to focus on what matters most: delivering exceptional value to your clients.


    If you’re ready to take control of your IT, RIA WorkSpace is here to help. Contact us today to learn ho

  • Microsoft 365 for RIAs and financial advisors: Your questions answered

    Microsoft 365 for RIAs and financial advisors: Your questions answered

    Microsoft 365 is a suite of tools and applications designed to help individuals and organizations maximize productivity, collaboration, and security. For registered investment advisors (RIAs) and financial advisors, Microsoft 365 offers a range of features and capabilities that can streamline workflows, improve communication with clients, and simplify compliance processes.

    In this guide, we will answer some commonly asked questions about Microsoft 365 for RIAs and financial advisors, and explore how this powerful tool can benefit your practice.

    Common questions about Microsoft 365 for RIAs and financial advisors

    From security concerns to collaboration capabilities, here are some of the most common questions RIAs and financial advisors have about Microsoft 365:

    General overview

    What is Microsoft 365, and how is it different from traditional Office software?
    Microsoft 365, previously known as Office 365, is a subscription-based service providing access to Microsoft applications such as Word, Excel, and PowerPoint, alongside cloud storage, communication tools, and advanced security features. This shift from traditional Office software, which involved a one-time purchase without regular updates or additional features, aims to offer a more dynamic and comprehensive solution for users.
    It’s important to note that Windows, the operating system developed by Microsoft, is separate from Microsoft 365, focusing more on the software that manages computer hardware resources and provides a platform for running applications.
    How does Microsoft 365 benefit RIAs and financial advisors specifically?
    The suite’s comprehensive toolset caters to the multifaceted needs of financial professionals. It offers robust tools for document management, analysis, and compliance, alongside enhanced security and collaboration capabilities. By bringing everything under one umbrella, Microsoft 365 simplifies the digital workspace for RIAs and financial advisors.

    Security and compliance

    How does Microsoft 365 ensure the security of financial data?
    Microsoft 365 implements a variety of measures to ensure data security. Advanced Threat Protection helps safeguard against sophisticated attacks. In addition, Information Protection ensures that sensitive data is handled appropriately, while the suite itself offers robust access controls and permissions to manage who can view or edit documents.
    Is Microsoft 365 compliant with industry regulations for RIAs and financial advisors?
    Microsoft prioritizes compliance and offers a wide range of accreditations and certifications to meet industry standards. Most notably, Microsoft 365 provides tools and resources to assist with compliance, including SEC Rule 17a-4, FINRA, and GDPR.

    Collaboration features

    What collaboration tools are available in Microsoft 365 for team projects?
    Microsoft Teams is the go-to platform within the suite. It enables virtual team meetings, chat, and file collaboration, providing a seamless environment for all team members to work together, no matter their location.
    Can I collaborate on documents in real time with Microsoft 365?
    Absolutely. Whether you’re working on a simple spreadsheet or a complex financial report, real-time collaboration is a breeze with Microsoft 365. Multiple users can co-author documents and see one another’s changes instantly.

    Accessibility and user-friendliness

    How user-friendly are Microsoft 365 applications for non-tech-savvy professionals?
    Microsoft 365 is designed to be user-friendly and intuitive, even for those who are less familiar with technology. The suite offers a clean and consistent interface across all applications, making it easy to navigate and learn. Additionally, Microsoft provides resources such as tutorials and support to help users get the most out of the tools available.
    Are there accessibility features within Microsoft 365 for diverse user needs?
    Yes, Microsoft 365 can accommodate diverse user needs through a variety of accessibility features. These include screen readers, magnifier tools, and keyboard shortcuts for those with visual impairments, as well as voice recognition software for those who may have difficulty using a keyboard or mouse.

    Integration with existing tools

    Can Microsoft 365 integrate with other software commonly used by RIAs and financial advisors?
    Microsoft 365’s adaptability shines through with its ability to integrate with a plethora of third-party applications commonly included in an RIA tech stack. Fintech tools, CRM systems, and financial planning software can seamlessly integrate with Microsoft 365, providing a holistic solution for managing tasks and data.
    How seamless is the integration of Microsoft 365 with existing IT infrastructure?
    Tying in with the previous answer, Microsoft 365’s integration capabilities make it easy to incorporate into existing IT infrastructure without major disruptions. The suite is compatible with both Windows and Mac operating systems and offers flexible deployment options for a smooth transition.

    Data migration

    What is the process for migrating data to Microsoft 365, and is it complicated?
    The process for migrating to Microsoft 365 can vary in complexity, depending on data volume and existing systems. However, a reliable IT partner, such as RIA WorkSpace, can assist with the migration to ensure a smooth and efficient process.
    Are there risks of data loss during the migration to Microsoft 365?
    When handled correctly, the migration process is low-risk. However, it’s essential to take the necessary precautions, such as performing backups, and work with experienced professionals to mitigate any potential data loss.

    Cost and licensing

    What is the pricing model for Microsoft 365, and are there hidden costs?
    Microsoft 365 offers flexible pricing models, with various tiers to meet different needs and budgets. While there shouldn’t be any hidden costs, it’s important to review and understand the licensing terms to ensure that all necessary features are included in the chosen plan.
    Can I customize my Microsoft 365 subscription based on my specific needs?
    Yes, Microsoft provides the flexibility to select services and features that are most relevant to your practice. This ensures you are not paying for services you won’t use and can scale your subscription as your business grows.
    Specifically for RIAs and financial advisors, RIA WorkSpace recommends E5 over other Microsoft 365 subscriptions due to its enhanced security features. Read our blog comparing Business Basic and E5.

    Training and support

    Is training available for users unfamiliar with Microsoft 365 tools?
    Microsoft offers extensive training resources, including videos, tutorials, and documentation, to help users become proficient with the tools. Additionally, many third-party organizations provide specialized training for financial professionals.  RIA WorkSpace has a growing library of tutorials for clients based on common questions that come in to our helpdesk.  
    What type of support does Microsoft offer for troubleshooting issues?
    Microsoft provides technical support via phone, chat, or an online portal, depending on your subscription. For more complex issues, they offer advanced support services that include access to experts who can assist with specific system faults or outages.  Generally, if you have a reputable managed IT provider, they will manage all the details of your Microsoft subscription for you and offer support for your Microsoft tools.  

    Mobile accessibility

    Can I access Microsoft 365 applications on my mobile devices?
    Yes, Microsoft 365 is designed to be highly mobile. Whether you’re using an iPhone, an Android device, or a tablet, you can access your documents, emails, and team communications on the go.
    How does Microsoft 365 ensure a consistent experience across different devices?
    With its responsive design and device-aware functionality, Microsoft 365 optimizes the user experience, regardless of the device. This means you can seamlessly transition from your desktop to your smartphone without a hitch.

    Backup and data recovery

    How is data backed up within Microsoft 365, and can it be recovered if it is lost?
    Microsoft 365 includes various backup and recovery solutions, such as OneDrive for Business and SharePoint, as well as advanced retention policies. This ensures that data is regularly backed up and can be recovered in the event of accidental deletion, corruption, or a cyberattack.
    Are there additional backup options available for critical financial data?
    Yes, Microsoft’s cloud infrastructure is designed to be highly available and resilient. It also allows you to layer additional backup solutions on top of the primary solution to meet your firm’s specific data protection requirements.

    Updates and new features

    How often does Microsoft release updates for its 365 suite?
    Microsoft follows a regular update schedule, typically releasing new features once a month, often informed by customer requests and industry trends.
    Can I choose to delay updates to ensure compatibility with existing workflows?
    Yes, you have control over when updates are applied within your RIA or financial advisory firm’s specific environment. This flexibility allows you to manage the transition to new features according to your needs.  You can work with your IT partner to manage this schedule. 

    Offline access

    Is it possible to work offline with Microsoft 365 applications?
    Yes, many Microsoft 365 applications come with offline functionality. You can work on documents offline, and they’ll sync once you’re back online, ensuring you’re never out of touch.
    How does offline access impact synchronization when I go back online?
    When you go back online, Microsoft 365 will automatically sync any changes made while offline. This ensures that your work is seamlessly integrated into the most up-to-date version of the document or project. Additionally, you can manually sync your work at any time to apply all changes across devices.

    Document versioning

    Does Microsoft 365 automatically save different versions of documents?
    Yes, with features such as AutoSave, Microsoft 365 automatically captures versions of your documents as you work, so you can recover earlier drafts if needed.
    How can I track changes and revert to a previous version?
    In applications such as Word and Excel, you can enable the Track Changes feature, which highlights any edits or additions made to a document. You can also access the version history to restore an earlier version with all changes intact.

    Storage limits

    What are the storage limitations for documents and data in Microsoft 365?
    The storage limitations depend on your specific subscription. For instance, Microsoft 365 E5 comes with unlimited OneDrive storage per user for subscriptions with five or more users, or 1 TB of OneDrive storage per user for subscriptions with fewer than five users.
    How can I manage and expand storage if needed?
    You can manage your storage allocation through the admin center, and it’s possible to purchase additional storage if your needs exceed the default allocation.

    Communication tools

    What communication tools are available within Microsoft 365 for virtual meetings?
    Microsoft 365 offers a host of communication tools for virtual meetings, including the aforementioned Microsoft Teams, which enables video and audio conferences, screen sharing, and collaborative document sharing. Skype for Business is also available for more traditional audio and video calling.
    Can I schedule and host meetings directly through Microsoft 365 applications?
    Yes, you can schedule and host meetings directly from your Outlook calendar, streamlining the planning and execution of important client interactions.

    Unlock the full potential of your RIA or financial advisory firm with Microsoft 365

    Ultimately, Microsoft 365 offers a seamless and integrated experience for RIAs and financial advisors looking to boost productivity, enhance collaboration, and keep their day-to-day operations secure. Regardless of your specific needs, the suite is highly customizable and continually evolving to meet the ever-changing demands of the financial industry. With a range of communication and training resources available, you can easily transition to Microsoft 365 and take full advantage of its robust features.


    If you’re looking for further guidance or assistance in transitioning to Microsoft 365, RIA WorkSpace is here to help. Our experts can provide personalized support and training to ensure your firm makes the most of this powerful suite of tools. Contact us today to learn more about how we can help you optimize your workflow with Microsoft 365.

  • RIA security: Comparing Microsoft 365 Business Basic and Microsoft 365 E5

    RIA security: Comparing Microsoft 365 Business Basic and Microsoft 365 E5

    Why E5 is a step above Business Basic

    Business Basic vs. E5: Which is the right fit for RIAs?

    When it comes to the security needs of registered investment advisors (RIAs), there’s no room for compromise. As an RIA, you handle sensitive financial information and your clients trust you to keep their data secure. That’s why choosing the right productivity suite is crucial for your business operations. Let’s take a closer look at Microsoft 365 Business Basic and Microsoft 365 E5 to see how their features stack up against each other.

    Microsoft 365 Business Basic: A solid foundation for productivity

    Microsoft 365 Business Basic is a great option for smaller businesses with basic productivity needs.

    Features
    • Access to online versions of Office apps such as Word, Excel, and PowerPoint 
    • OneDrive for Business for secure cloud storage and file sharing
    • Exchange Online for email hosting

    Security highlights
    • Built-in spam and malware protection for email 
    • Multifactor authentication for added login security
    • Basic data loss prevention (DLP) policies to protect sensitive information    		Microsoft 365 E5: A comprehensive security solution

    Microsoft 365 E5 is the top-tier offering in the Microsoft 365 suite, providing advanced security and compliance features for businesses with more complex needs.

    Features
    • All the features included in Business Basic
    • Advanced security and compliance capabilities
    • Scalable business analytics with Power BI

    Security highlights
    • Advanced threat protection (ATP) for real-time protection against cyberthreats
    • Advanced DLP policies for more granular control over data protection
    • Identity and access management with Azure Active Directory
    • Azure Information Protection for secure document classification and encryption
    • Compliance management and eDiscovery capabilities through Microsoft 365 Compliance Center

    Why choose E5 over Business Basic?  

    While Business Basic offers a solid foundation for productivity, E5 takes it a step further with advanced security features designed specifically for RIAs and financial advisors. Here are some key reasons to consider upgrading to E5:

    • Enhanced protection against cyberthreats – With ATP and advanced DLP policies, you can rest assured that your sensitive data is well protected against cyberattacks.
    • Simpler SEC IT compliance management – E5 includes powerful tools to help you meet regulatory compliance requirements and manage data governance more effectively.

    Secure document handling – Azure Information Protection adds an extra layer of security by classifying and encrypting sensitive documents, giving you peace of mind when sharing confidential information with clients.

    Elevate your RIA’s security with Microsoft 365 E5

    Make the smart choice for your RIA business by upgrading to Microsoft 365 E5. With its advanced security and compliance features tailored for businesses like yours, you can focus on providing top-notch wealth management services to your clients without worrying about data breaches or compliance issues. Get started today and take your RIA’s security to the next level with Microsoft 365 E5.

    Don’t know where to start? We’re here to help!

    Learn more about how Microsoft 365 E5 can benefit your RIA firm and get assistance with setting up your subscription. Contact RIA WorkSpace today.

  • Microsoft Authenticator: The secure choice for RIAs and financial advisors

    Microsoft Authenticator: The secure choice for RIAs and financial advisors

    In the fast-paced world of wealth management, where every moment counts, the idea of adding an extra layer to your login process might seem like an inconvenience. Yet, this seemingly small security precaution could be the very shield that safeguards your registered investment advisory (RIA) or financial advisory firm’s sensitive information.

    Multifactor authentication (MFA) is not just a security measure; it’s a frontline defense strategy in an era where data breaches and cyberthreats loom larger than ever. And when it comes to MFA, Microsoft Authenticator offers a secure, convenient, and robust solution for RIAs and financial advisors.

    What is Microsoft Authenticator, and why should RIAs and financial advisors use it?

    Microsoft Authenticator is a free mobile app that provides an additional layer of security to your login process. It generates a unique six-digit code or sends a prompt to your device for verification, in addition to your usual username and password. This prevents unauthorized access even if someone manages to obtain your login credentials.

    For RIAs and financial advisors, the choice of Microsoft Authenticator over other types of MFA is a strategic decision, driven by three key factors:

    • Robust MFA – Microsoft is a trusted name in the tech industry, and its Authenticator app is built on a robust security infrastructure. It uses industry-standard security protocols and encryption methods to ensure the highest level of protection for your accounts.
    • Time-sensitive one-time passcodes (TOTP) – Unlike traditional authentication methods such as text messages, Microsoft Authenticator generates TOTPs. These dynamic codes expire quickly, minimizing the risk associated with static codes delivered via text. This time-sensitive approach reduces the window of opportunity for potential attackers and enhances the overall resilience of the authentication process.
    • Device versatility – RIAs and financial advisors often need the flexibility to access systems and data from various devices. Microsoft Authenticator provides a seamless experience across smartphones and tablets, making it an ideal choice for professionals who are always on the go.

    How to get Microsoft Authenticator

    Microsoft Authenticator is available for both iOS and Android devices. You can download the app from the App Store or Play Store, respectively, or scan the corresponding QR code below.

    For iOS

    For Android

    How to add and manage accounts on Microsoft Authenticator

    Once you have downloaded and installed the app, follow these steps to add your accounts:

    1. Open the Microsoft Authenticator app on your device.
    2. Click Add account or tap on the plus icon (+) in the upper right corner to add an account.
    3. Select the type of account you want to add (Personal, Work or school account, or Other account).
    4. Follow the prompts to sign in and verify your account.
    5. If prompted, choose to allow notifications for the app to receive push notifications for authentication.

    To manage your accounts, simply click on the account name to view its details and options. You can also customize the settings for each account, such as changing the verification method or removing the account from the app.

    How to use Microsoft Authenticator

    Using Microsoft Authenticator is simple and straightforward. Here’s how you can authenticate your login with a push notification or TOTP:

    1. Enter your username and password on the login page for your account.
    2. When prompted, open the Microsoft Authenticator app on your device.
    3. If you have enabled push notifications, simply tap Approve to verify your identity. If not, enter the six-digit code generated by the app into the authentication field on the login page and click Verify.

    And just like that, your login is complete!

    In addition to TOTPs, Microsoft Authenticator supports other verification methods, such as fingerprint or facial recognition, depending on the capabilities of your device. You can choose the option that works best for you.

    Listen to our podcast on why your RIA should use Microsoft Authenticator instead of text or SMS for multifactor authentication

    Secure your RIA or financial advisory firm with Microsoft Authenticator

    The security of your RIA or financial advisory firm’s data and systems is not a matter to be taken lightly. As cyberthreats continue to evolve, so must your security measures. Microsoft Authenticator offers a secure, convenient, and versatile solution for RIAs and financial advisors, allowing you to focus on delivering exceptional services to your clients with peace of mind.


    Our team at RIA WorkSpace highly recommends Microsoft Authenticator for our clients and encourages you to switch to this powerful MFA tool. We can assist you with the setup and management of Microsoft Authenticator, as well as provide you with other managed IT services to further enhance the security and efficiency of your RIA or financial advisory firm. Contact us now to learn more.

  • Navigating virtual meetings for RIAs: Ease of use, security, and compliance

    Navigating virtual meetings for RIAs: Ease of use, security, and compliance

    The past decade has seen a significant shift toward digital communication, owing to the widespread adoption of business technologies such as video conferencing software and collaboration tools. This trend has only accelerated in recent years, with virtual meetings becoming the norm for businesses worldwide.

    For registered investment advisors (RIAs), this shift has not only transformed the way they communicate with clients, partners, and colleagues but also brought about new challenges in terms of security and compliance. In this article, we will explore how RIAs like you can navigate virtual meetings effectively while maintaining the security and compliance of your digital interactions.

    Making virtual meetings seamless

    One of the biggest advantages of virtual meetings is convenience. With just a few clicks, you can connect with anyone from anywhere in the world. However, to truly reap these benefits, you must ensure that your virtual meetings are seamless by following these tips:

    Familiarize yourself with the technology

    While most virtual meeting software offer intuitive interfaces that are easy to get comfortable with, it is still essential to fully immerse yourself in the technology you are using. This includes learning how to schedule and join meetings, use features such as screen sharing and chat, and troubleshoot any technical issues that may arise. Doing so will enable you to conduct meetings with ease and confidence.

    Establish clear communication protocols

    Before holding a virtual meeting — especially with a large group of people — establish clear communication protocols with all participants. Provide detailed instructions on how to join the meeting, access any necessary documents or presentations, and use features such as muting and raising hands. By setting expectations upfront, you can avoid any confusion or disruptions during the meeting.

    For smaller or one-on-one meetings, it is also helpful to establish a routine or structure to follow, such as taking turns speaking and using visual cues like nodding or hand gestures to indicate when someone can speak.

    Leverage Microsoft Teams for effortless collaboration

    Most RIAs are already familiar with Microsoft’s suite of tools, making Teams an ideal choice for virtual meetings. Teams simplifies the process of scheduling and joining meetings, and comes with a host of features designed to enhance collaboration. It also offers secure document sharing capabilities, making it an excellent choice for discussing sensitive information with clients.

    Aside from facilitating large group meetings, Teams is also an incredibly effective tool for one-on-one communication. It allows users to send direct messages, share files, and seamlessly switch between text, voice, and video communication. This ensures that all your client interactions can occur in one place, keeping everything organized and accessible.

    Related reading: Is Microsoft Teams SEC-compliant?

    Addressing the security risks of virtual meetings

    Like any form of digital communication, virtual meetings come with their own set of security risks. As an RIA handling sensitive financial information, it is crucial to be aware of these risks and take the necessary precautions to protect yourself and your clients.

    Secure your meeting links

    One common security risk for virtual meetings is sharing unsecured meeting links. Hackers can easily find and join unprotected meetings, potentially gaining access to sensitive information. To avoid this, ensure that all your meeting links are password-protected or require participants to wait in a virtual lobby for screening before joining.

    Use end-to-end encryption

    End-to-end encryption is a vital security measure for virtual meetings, as it ensures that only  intended recipients can view the meeting’s contents. Teams, for example, uses TLS and SRTP encryption to secure all audio, video, and screen sharing data during meetings.

    Educate participants on best practices

    In addition to taking security measures on your end, it is essential to educate all meeting participants on best practices for virtual meetings. This includes not sharing sensitive information over chat, being cautious when screen sharing, and not joining meetings from unsecured networks. By fostering a culture of cybersecurity awareness, you can mitigate the risk of security breaches during virtual meetings.

    Ensuring compliance with Microsoft Teams

    Virtual meetings for RIAs must comply with various regulations, including the Securities and Exchange Commission’s (SEC) recordkeeping requirements. Fortunately, Teams offers several features that help you stay secure and compliant:

    Archive meetings for recordkeeping

    Teams allows you to record meetings and save them for future reference. These recordings can serve as evidence of client interactions, satisfying the SEC’s recordkeeping requirements.

    To archive a meeting in Teams, follow these steps:

    1. Start or join the meeting.
    2. Go to the meeting controls and choose More actions. From the menu, click on Record and transcribe, then select Start recording.
    3. Once the meeting is over, click Stop recording. The recording will be saved to SharePoint, for channel meetings, or OneDrive, for any other type of meeting.

    Archiving chat conversations in meetings

    Another feature of Teams that bolsters compliance efforts is the ability to archive chat conversations. This enables you to document all exchanges and keep track of essential decisions made during meetings.

    To archive chat conversations, follow these steps:

    1. Open the chat window during the meeting.
    2. Click on the three-dot icon to access More options and select Save this message.
    3. All the saved chats will be accessible from your profile, under the Saved section.

    Utilize eDiscovery for compliance checks

    Teams also offers eDiscovery, which is a feature that lets you search and export Teams data for compliance purposes. Whether you need to retrieve a specific chat, file, or meeting recording, eDiscovery can help you locate and export the necessary information quickly and easily.

    Your IT team can enable these and other compliance features and configure them according to your RIA firm’s specific needs.

    Embracing virtual meetings responsibly

    Virtual meetings have become a necessary tool for RIAs, which makes it all the more crucial to approach them responsibly by being mindful of security risks and compliance requirements. By following the tips above and utilizing the powerful features offered by Teams, you can conduct seamless and secure virtual meetings that benefit both you and your clients.


    Let our team at RIA WorkSpace help you optimize your virtual meeting experience with Teams and other essential tools for RIAs and financial advisors. Contact us today to learn more about our services and how we can support your technology needs.

  • Why your RIA should ditch OneDrive and Use SharePoint Instead

    Why your RIA should ditch OneDrive and Use SharePoint Instead

    SharePoint and OneDrive, two of Microsoft’s cloud-based collaboration platforms, are designed to help businesses manage, store, and share their documents and data. While both platforms offer similar functionalities, some distinct features make SharePoint a better choice for your registered investment advisory (RIA) firm.

    Let’s discuss these features to understand why SharePoint stands out for RIAs and financial advisors.

    Real-time document collaboration

    One of the key features that make SharePoint better than OneDrive is its real-time document collaboration capability. By default, OneDrive files can only be edited and viewed by the owner of the library, and files need to be explicitly shared with others for collaboration.

    On the other hand, SharePoint allows multiple users to edit a document simultaneously, making it easier for your RIA team to collaborate and work on projects together in real time. Not only does this feature improve efficiency, but it also ensures that all team members have access to the latest version of a document.

    Secure file sharing and access control

    RIAs and financial advisors deal with sensitive financial information, so security is crucial when it comes to document sharing. SharePoint offers advanced security features that allow RIAs to control who can access, view, or edit specific files and folders. OneDrive does not provide this level of granular access control, as files are either shared with everyone or restricted to specific individuals.

    Additionally, SharePoint’s integration with Active Directory allows for central management of user access, making it easier for administrators to control permissions and ensure data security.

    Security groups and permissions

    Related to the previous point, SharePoint also offers the option to create security groups with specific permissions for different types of documents. This allows administrators to control access at a group level rather than having to manage individual user permissions for each document.

    For example, your RIA firm can have a “confidential” security group where only certain members have access to sensitive documents, while another group can have access to less sensitive documents. With this level of control, document management becomes more efficient and secure.

    File versioning and document history

    In the financial industry, it is essential to keep track of document versions and changes for compliance purposes. SharePoint offers advanced version control features that allow RIAs to see a complete history of changes made to a document, who made them, and when they were made.

    SharePoint’s file versioning is particularly useful when multiple team members are collaborating on a document, as it provides an audit trail for any changes made. OneDrive also has a versioning feature, but it is limited to only the last few versions of a document and does not provide detailed information on changes.

    File archiving and retention policies

    RIAs are required to comply with various regulations and often need to retain documents for a certain period. SharePoint offers the ability to archive files, set retention policies, and even create legal holds on specific documents.

    This feature is beneficial for RIAs, as it supports compliance with regulatory requirements, such as SEC Rule 17a-4, which mandates that certain financial records must be retained for a specific period. OneDrive does not offer similar archiving and retention capabilities, making it challenging for RIAs to remain compliant.

    Data loss prevention (DLP) capabilities

    Another critical feature that makes SharePoint a better choice for RIAs is its DLP capabilities. DLP allows administrators to create policies that prevent users from sharing sensitive information outside the organization or exposing it to unauthorized individuals. Such capabilities are especially important in the financial industry, where data breaches can have far-reaching consequences.

    OneDrive does not have DLP capabilities, making it less suitable for RIAs who need to ensure the security and privacy of their clients’ financial information.

    Listen to our podcast about data loss prevention for RIAs and financial advisors.

    All-in-one solution for content management

    While OneDrive focuses on document storage and sharing, SharePoint offers a broader range of features that make it an all-in-one solution for content management. In addition to document collaboration, security, and compliance features, SharePoint also includes tools for project management, workflow automation, and business intelligence. This makes SharePoint a more comprehensive platform for your RIA or financial advisory firm, as it can cater to a wide range of business needs in one centralized location.

    Ultimately, SharePoint emerges as a powerhouse for RIAs seeking a robust, secure, and collaborative document management solution. With its advanced features and capabilities, SharePoint provides your RIA firm with the necessary tools to streamline business processes, ensure compliance, and enhance productivity. Consider making the switch to SharePoint today and see the difference it can make.

    Our team at RIA WorkSpace is here to help you with the migration process and provide ongoing support for your SharePoint needs. Contact us today to learn more.