Are you tired of wasting precious time in meetings, only to leave feeling confused and disorganized? Do you struggle to keep track of all the action items and follow-up tasks that come out of these meetings?
Microsoft Teams has launched a new feature which could solve your problems and boost productivity.
Meeting Recap is an AI-based intelligent meeting recap feature, available exclusively to Teams Premium subscribers. This innovative feature harnesses the latest in artificial intelligence technology to generate comprehensive summaries of your meetings. That means no more tedious recaps… but hello to accurate and efficient summaries that capture all the key points from your meetings.
The Meeting Recap feature doesn’t stop there. It automatically identifies action items and follow-up tasks, assigns them to team members, and even sets deadlines for completion. This means that everyone involved in the meeting knows exactly what they need to do and when it needs to be done. A great way to improve communication and collaboration within your team. But it’s not just about efficiency. The meeting recap feature also offers customizable options to tailor the feature to your specific needs. Choose what information is included in the summary to ensure that you receive the most relevant and useful information possible.
If you’re not a Teams Premium subscriber, are there benefits of investing in this new feature?
Yes! For starters, it streamlines your workflow, saving you both time and money. You don’t have to waste hours trying to decipher meeting notes and action items. Instead, you’ll have access to a clear and concise summary that you can refer back to any time. Additionally, it improves organization and accountability within your team. With assigned action items and deadlines, everyone knows exactly what is expected of them. Don’t underestimate the power of this new Meeting Recap – it’s a game-changer for businesses that want to increase productivity.
Don’t wait. If you need help upgrading to Teams Premium, we’re here for you. Get in touch.
It’ll come as no surprise, but Microsoft has yet more exciting news for us. Sometimes we wonder if they allow their employees to sleep!
This time it’s a new browser aimed specifically at businesses: Edge for Business. The updated browser has security and productivity features that are perfect for employers and their teams alike.
Edge for Business could become the best choice for browsing the web on work-related devices, whether they’re managed or unmanaged. That’s because it will allow companies to maintain a level of control over employees without intruding on their privacy. And that’s perfect for the way many of us work today. If you’re a Bring Your Own Device (BYOD) company, Edge for Business is also going to be the perfect solution for you.
One of the best things about Edge for Business is that it separates work and personal browsing automatically into dedicated browser windows. It has its own favorites, separate caches and storage locations. And some sites will automatically open in the relevant browser, like Microsoft 365 will go straight to your work browser, whereas a shopping site will open in your personal browser. That means you don’t have to worry about accidentally sending a colleague that funny meme you saw on social media.
Edge for Business is currently available to test, but although we understand that you’ll be eager to give it a try, we advise holding off until its official launch in the fall. Let others be the guinea pigs. And Microsoft has yet to add custom branding capabilities for businesses, but they promise that’s coming soon. The anticipation is half the fun, right?
Edge for Business aims to bridge the gap between work and personal on the same device, ensuring that personal and professional information remains separate and secure. With this new and exciting business browser, you’ll enjoy heightened productivity and security.
If we can help you stay productive and secure in the meantime, get in touch.
In an age where information flows freely across emails and messaging platforms, ensuring the security and integrity of sensitive data is absolutely critical. For registered investment advisors (RIAs), maintaining a robust compliance framework is not only a legal requirement but also a commitment to building trust with clients. Microsoft’s data loss prevention (DLP) tools offer a powerful solution to help RIAs enhance data security.
Strengthening RIA defense with customized keyword filtering
Through customized keyword filtering, Microsoft’s DLP tools empower RIA and financial advisory firms to establish a tailored defense mechanism. By setting up a list of keywords that are prohibited from being sent or shared outside the organization, RIAs can reduce the risk of data loss and compliance breaches.
Automatically encrypt emails that contain account numbers, Social Security numbers, and the like. This can help to protect sensitive data from being intercepted by unauthorized individuals.
The chief compliance officer (CCO) can be notified when emails with specific keywords are sent out. Most of the time, the CCO simply reviews the email and allows it to be sent. However, in some cases, the CCO may need to take further action, such as blocking the email or investigating the matter.
Imagine this scenario: RIA firm Smith Investment Services decides to fortify its communication protocols using these advanced DLP tools.
Defining the keyword arsenal
Smith Investment Services starts by collaborating with RIA WorkSpace to compile a comprehensive list of keywords that could potentially signal risky or noncompliant content. Beyond the default keywords provided by RIA WorkSpace, Smith Investment Services adds specific phrases like “guaranteed returns,” “insider information,” and “illegal activities” to their list. These keywords are the digital sentinels that will scan every communication for potential risks.
Exploring different scenarios: From flagging to blocking
When a blacklisted keyword is detected in a message or document, Smith Investment Services has the flexibility to respond in various ways. Depending on the data’s sensitivity, the firm can choose to either block communications that contain the keyword entirely or flag it for manual review. This allows them to maintain an agile but secure defense against data breaches.
Blocking unauthorized content One morning, Jane, an advisor at Smith Investment Services, drafts an email to a client discussing a potential investment opportunity. She accidentally uses the term “guaranteed returns” in the email body. Thanks to customized keyword filtering, the DLP tools recognize the risky phrase and promptly block the email from being sent. This immediate action prevents a potential compliance breach and safeguards the firm’s reputation.
Flagging for review On another occasion, Tom, a compliance officer at Smith Investment Services, receives an email from a colleague containing the phrase “confidential merger details.” However, this phrase is not part of the predefined keywords list. In this case, the DLP tools flag the email for review rather than blocking it outright. Tom reviews the email and ensures that it’s a legitimate communication before taking any further steps.
Mitigating risks in instant messaging (IM) The application of customized keyword filtering isn’t limited to emails alone. Smith Investment Services uses Microsoft Teams for internal communication. Lisa, a junior analyst, shares a message in a Teams IM discussing a potential investment opportunity with a client. Unfortunately, the message contains the term “insider information.” Thanks to the customized keyword filtering in Teams, the message is flagged for review by the compliance team, preventing any inadvertent disclosure of sensitive information.
Reaping the benefits of automated keyword filtering
By leveraging Microsoft’s DLP tools, Smith Investment Services can both comply with regulations and strengthen trust with its clients. With customized keyword filtering, the firm can ensure that any suspicious content is immediately blocked or flagged and reviewed before it can cause any damage. This automated approach reduces the risk of compliance violations and data loss, ultimately safeguarding Smith Investment Services’ reputation and business success.
Your existing Microsoft subscription might have all the answers you need for data loss prevention. Listen to this podcast to learn what features are available and how they can help you protect your data. Data Loss Prevention for RIAs and Financial Advisors: Podcast
Embracing a secure digital future with data loss prevention tools
As firms embrace digital transformation in their operations, it becomes increasingly important to have a secure and compliant data platform. Microsoft’s DLP tools enable RIAs and financial advisors to customize their keyword filtering for maximum security and peace of mind. With tailored protection in place, RIAs can focus on delivering the best services to their clients and building a secure digital future for their businesses.
If you’re ready to fortify your data security and maintain a robust compliance framework, RIA WorkSpace is here to help. Our experts can guide you through implementing Microsoft’s DLP tools and setting up your custom keyword filters. Don’t leave your data security to chance. Reach out to RIA WorkSpace today.
Sam had been saving up for a long-awaited vacation. Once it came time to book his flight, Sam searched the web for the airline’s customer service number. He typed the number into his phone. When he called, an airline representative answered and helped Sam book his flight. All he had to do was give the representative some information about himself and his credit card details to book the flight.
A few days later, multiple unauthorized charges appeared on Sam’s credit card statement. Sam reported the incident to the credit card company and the authorities. After retracing his steps, Sam realized he had misdialed the toll-free number for the airline by one number. The number he had dialed belonged to a scammer who purposely bought phone numbers close to those of well-known organizations. The scammer preyed on people who dialed the wrong number by pretending to be from the airline the person was trying to call.
Did you spot the red flags?
Instead of searching for a phone number online, Sam should have gone directly to the company’s website.
Since Sam knew the airline he was trying to use, he could have clicked on the phone number in their app or on their official website to dial instead of typing it in.
If unauthorized charges start appearing on statements, it is never a good sign. Sam took the correct steps by reporting these charges to the credit card company.
What you should know about this scam
Many websites and apps allow you to click a phone number to call it, instead of typing it in. After verifying you are on the official website or app, consider this method to avoid mistyping.
Verify phone numbers after you type them in. Proceed with caution if anything seems off. If an airline asks for a wire transfer or gift card, hang up.
Travel-related scams come in many different forms. Verify websites and phone numbers before booking any hotels or flights. Research the company before booking through a third party. Travel with as few devices as necessary and make sure auto-connect is disabled for Wi-Fi and Bluetooth.
The Securities and Exchange Commission (SEC) has a number of rules governing the retention and storage of electronic communications, including email. The main rule relevant to registered investment advisors (RIAs) is SEC Rule 17a-4, which requires covered entities to preserve certain electronic communications in a convenient format and accessible condition for a specific period. This rule ensures that RIAs and financial advisors maintain accurate records of their communications and activities in order to protect customers.
SEC Rule 17a-4 is a complex regulation, but as an RIA, it is important to learn how it applies to your practice. We’ve outlined the key aspects of this compliance rule to help you understand its significance and requirements better.
Compliance obligations under SEC Rule 17a-4
The rule imposes recordkeeping requirements for emails and other electronic communications sent and received by RIAs. The following is a basic overview of these obligations, and they may not encompass all the specific requirements that apply to your practice. As such, it’s strongly advised to review the rule in its entirety and consult with experts to ensure that your firm’s practices align with the specific rules and regulations applicable to your circumstances.
What records must be retained?
Under SEC Rule 17a-4, you are obligated to retain records relevant to your business activities. These encompass records of all transactions, communications, financial statements, and other critical business documents.
How long must records be retained?
Records must be retained for a minimum of three years. However, some records might require longer retention periods, depending on their type and nature. It is essential to familiarize yourself with the specific retention requirements for different record categories.
How must records be stored?
The SEC requires you to store records in a non-rewritable, non-erasable format. This ensures that records are safeguarded against destruction, falsification, and manipulation. Additionally, records must be readily accessible. As such, you need to store them in a location that is secure and allows quick retrieval when needed.
Electronic storage solutions, such as cloud-based repositories, can be effective options for safely storing these records, but you must ensure that the chosen method complies with the regulatory standards for data protection and accessibility.
Who has access to records?
Only authorized personnel, both within your firm and relevant regulatory bodies like the SEC, should have access to the retained records. This restricted access ensures the confidentiality and integrity of sensitive information.
To facilitate compliance with SEC Rule 17a-4, various technology solutions are available to RIAs and financial advisors. These solutions can assist in streamlining the recordkeeping process and ensuring adherence to the regulation.
What are the different technology solutions available?
The most common technology solutions for SEC email compliance include archiving systems, records retention solutions, and cloud-based data protection platforms. Given that most RIAs are already using Microsoft products, we recommend that you use their tools to meet some of your compliance requirements.
Archiving systems, such as Preservation Lock on Microsoft Office and Microsoft 365, are designed to facilitate secure storage and retrieval of digital records.
Records retention solutions, such as Microsoft Purview, can help you classify and retain records for long-term storage, as required by the SEC.
Cloud-based data protection platforms, such as Microsoft Azure, allow for secure storage of records in the cloud with automated backup capabilities.
How can technology help RIAs and financial advisors comply with SEC Rule 17a-4?
The primary benefit of these tech solutions is that they streamline the recordkeeping process. Automated retention policies, advanced search capabilities, and secure storage options make it easier for you to comply with SEC email compliance regulations.
Additionally, these solutions can help you save time and resources as they eliminate the need for manual recordkeeping. This can free up your staff to focus their efforts on other areas of your business, allowing you to remain compliant with the SEC’s regulations while optimizing your resources.
Implementing any of the above technology solutions on your own ensures your RIA’s compliance with SEC Rule 17a-4. However, enlisting the help of a managed services provider like RIA WorkSpace is highly recommended. We can help you understand the requirements better and design a compliant solution for your practice.
Since 2007, small- and medium-sized RIA firms across the United States have trusted RIA WorkSpace with their security, cloud, and managed IT needs. Our experienced team can provide tailored support and guidance to ensure that your firm remains compliant with SEC email compliance rules and other relevant regulations.
Contact us today to learn more about our services and find the perfect solution to meet your needs.
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.
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.
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.
Natalia has been saving up to buy a house for years. The time has finally come. After looking online and touring houses in-person, she finally found the one for her. Soon after submitting her offer, she got the news it had been accepted!
After her offer was accepted, Natalia received an email from a title agent telling her to wire the down payment so they could finalize the sale. Natalia didn’t want to slow down the process or jeopardize the sale, so she wired the payment immediately.
A few days later, she received another email from her realtor, and a different title agent named Jane, telling her the date and time of the closing. When she arrived at the closing, Natalia asked if they had received her payment. Her heart dropped when the new title agent told her they had not received any payment. Natalia pulled up the email and Jane told her she had not sent that. Later they found out that Jane’s account had been compromised and a cybercriminal was sending fake emails to her clients, pretending to be her.
Business Email Compromise (BEC) Tips
Especially during exciting times like purchasing a house, make sure to analyze emails before clicking links or sending money.
Even if a message seems relevant, verify with a known point of contact in-person or through another method.
Just because a message doesn’t fit a “phishy” mold doesn’t mean it’s entirely legitimate.
In this podcast, the CEO of RIA WorkSpace, David Kakish talks about how they coach RIAs and financial advisor firms to use the Microsoft platform to share files with people outside the company.
Many RIAs avoid Microsoft for sharing files because in the past it was a difficult process. As a result, they often use third-party tools for file sharing. But, Microsoft has upped their game and its now easy, secure, and compliant to use SharePoint or OneDrive to share files.
Here are the highlights of what we discuss on the podcast:
Microsoft’s integrated file folder system allows easy uploading and tracking of secure documents.
Accessing shared folders is simple and intuitive, even for non-tech-savvy users.
Security is a major concern, but Microsoft’s solution offers internal folders that are completely locked down and external folders that can be restricted to specific individuals or domains.
Access to files and folders can be limited, and permissions can be set to control viewing and downloading.
Expiration dates can be assigned to links for added security.
Microsoft’s solution is SEC and FINRa compliant.
RIAs can transition from third-party tools like Citrix or Dropbox to Microsoft without downtime or complexity.
The move to Microsoft maximizes existing subscriptions and streamlines file management.
How does SharePoint compare to the third-party app you’re using today
All of our Managed IT packages include getting you set up to share files easily and securely using Microsoft. We can help you reduce your costs from third-party apps and simplify how you collaborate. Contact Us for a free quote.
Want to take a deeper dive into SharePoint and your file sharing options from Microsoft?
Do you need clients or colleagues to share confidential documents with you, but want to avoid the risks associated with sending sensitive information via email? …
Secure collaboration is an essential part of financial advising, and it is imperative to ensure that your RIA firm’s sensitive data is properly shared and …
File management solutions are a must for RIA firms, especially given the scope and sensitivity of the information you handle. Most RIAs are using Microsoft …
Join David Kakish, the CEO of RIA WorkSpace, on this podcast about the importance of data loss prevention for Registered Investment Advisors and financial advisors.
David highlights two major problems he has observed in the industry:
Many RIAs are unaware that they already have data loss prevention capabilities through their Microsoft subscriptions
Many RIAs instead opt for expensive and complex third-party tools.
Your existing Microsoft subscription might have all the answers you need for data loss prevention
Over 90% of RIAs we talk to are already paying for a Microsoft subscription that includes data loss prevention features, but they are unaware or not utilizing them effectively.
Data loss prevention tools can automatically encrypt emails and notify your chief compliance officer when sensitive information like Social Security numbers or account numbers are detected in emails, attachments, or instant messages.
Customizable keyword filtering allows RIAs to flag specific terms of interest to their compliance officers, such as “illegal” or “guaranteed returns,” for review without hindering workflow.
The right data loss prevention setup should not impact the day-to-day workflow of your team.
If you want some help with data loss prevention at your RIA, or if you want to take full advantage of your Microsoft subscription, Contact Us for a free quote. Our Managed IT package includes full data loss prevention services.
Want to take a deeper dive into data loss prevention?
