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  • Essential software for RIA and financial advisory firms

    Essential software for RIA and financial advisory firms

    There are a number of software programs and services that registered investment advisors (RIAs) and financial advisors use to run their operations. These solutions help them stay organized and efficient, as well as provide the best service possible to their clients. 

    In this blog post, we will discuss the most common software and services used in the industry, what each offers, and how your new RIA or financial advisory firm can use these solutions to your advantage.

    What software and services do RIAs and financial advisors use?

    The following software programs and services enable RIAs and financial advisors like you to easily manage client relationships, track investments, and comply with industry regulations.

    Productivity: Microsoft Office

    Most of us are familiar with Microsoft Office.  It includes business staples like Word, Excel, PowerPoint, Outlook, and SharePoint. You can use Microsoft Office to create client proposals, track your daily tasks, and store and share important files. Each program in the suite serves a different purpose, but they all work together to help you run your firm smoothly. What’s more, there are online versions of these programs, allowing RIAs to use Microsoft Office from anywhere with an internet connection.

    CRM: Tamarac

    Tamarac is a customer relationship management (CRM) software designed specifically for investment advisors and wealth managers. It has features that help you track your clients’ portfolios, manage their accounts, and stay in touch with them. What’s great about Tamarac is its wide and deep integrations with other financial advisor software, making it easier for you to get all your work done in one place. It’s also packed with security features that help you stay compliant with industry regulations.

    CRM: Redtail CRM

    Redtail CRM is a web-based platform that helps you manage your clients, their accounts, and your interactions with them. Like Tamarac, Redtail CRM integrates with many other financial advisor software programs, so you can get your work done more efficiently.

    In addition to having impressive lead and contact management, workflow automation, and customizable reporting features, Redtail CRM is easy to use. It is one of the simplest CRMs to learn and navigate, which is why many small- to mid-sized firms prefer it.

    CRM: AdvisorEngine

    Previously known as Junxure, AdvisorEngine is one of the most comprehensive CRMs in the market. With its powerful workflow automations, robust integrations, streamlined user management tools, and enhanced security features, AdvisorEngine has everything you need to manage your RIA or financial advisory firm efficiently. By automating tasks and digitizing information and processes through this CRM, you can free up time to focus on your clients and grow your business.

    CRM: Orion Advisor Solutions

    This is a range of RIA software solutions that helps advisors with portfolio management, client reporting, billing and invoicing, and more. With these different technologies, you can tailor Orion to fit the specific needs of your RIA or financial advisory firm.

    Data and news: Bloomberg

    Bloomberg is a financial data and news service that provides real-time data, analysis, and news on global markets. It is an essential tool for RIAs and financial advisors who need to stay on top of the latest market movements and announcements or reports. With Bloomberg, you can access data on stocks, bonds, commodities, currencies, and more to help your clients make informed investment decisions.

    Accounting: QuickBooks

    QuickBooks is one of the most popular accounting software programs used by small businesses because it’s easy to use and has a wide range of features. With QuickBooks, you can track your finances, manage your invoices and expenses, and generate reports, enabling you to stay on top of your firm’s finances and get a clear picture of where your money is going.

    Financial planning: eMoney

    eMoney helps you create comprehensive financial plans for your clients. This financial planning software lets you track your clients’ progress toward their goals, model different scenarios, and assist with retirement and estate planning. It’s essential for RIAs and financial advisors who want to provide their clients with the best possible financial advice.

    Related reading: Creating a breakaway RIA? Keep these IT tips in mind

    Each of these software programs and services can be an invaluable asset to your RIA or financial advisory firm. By using the right software for your needs, you can streamline your workflows, improve your client service, and grow your business.

    Get started by enlisting the help of an expert

    Guidance and support from a managed IT services provider that understands the ins and outs of the RIA industry can help you make the most of your technology and take your business to the next level. If you are interested in learning more about the RIA software and services that can empower your firm to reach its full potential, contact RIA WorkSpace today.

  • Colloquium Podcast: Why cybersecurity is crucial for RIAs and financial advisors

    Colloquium Podcast: Why cybersecurity is crucial for RIAs and financial advisors

    Cybersecurity for registered investment advisory and financial advisory firms is an entirely different ball game compared to cybersecurity for other types of businesses. The compliance and regulatory landscape is unique, and the stakes are much higher when it comes to client data and assets.

    In this episode of Colloquium, President and CEO of RIA WorkSpace, David Kakish, talks about the importance of cybersecurity for RIAs. He covers everything from what makes financial advisors a prime target for cybercriminals to how much firms should be spending on cybersecurity to when it’s time to find a qualified cybersecurity partner. He also shares how strategic technology reviews can help keep your cybersecurity up to date, and how checking your Microsoft Cloud Security Score is one of the best ways to get started on shoring up your firm’s cyber defenses.

    Listen to the podcast here: Why cybersecurity is crucial for RIAs and Financial Advisors 

    Are you ready to take your firm’s cybersecurity to the next level? Use this no-obligation cybersecurity checklist to see where your firm stands and what we at RIA WorkSpace can do to help you beef up your cybersecurity posture. Contact us today.

  • The Importance of Information Security: It’s Time to Stop DIY

    The Importance of Information Security: It’s Time to Stop DIY

    Think about what your company could accomplish with $4.24 million. That’s a lot of money regardless of whether you are a small firm, mid-sized business, or huge enterprise. And it’s also the average amount businesses lost in 2021 because of data breaches.
    Maybe you’re a company’s designated IT go-to trying to manage a patchwork of security solutions or a general analyst pulling your hair out trying to put out fires. Whatever your situation, staying on top of data security threats in today’s digital climate isn’t a task you should be trying to manage alone.

    How Does Information Security Prevent Disasters?

    Information technology has become critical to running a successful company. Everything from the equipment used at hospitals to the security systems protecting our homes is backed up with some form of connected technology.

    Much of the business world has managed to stay afloat and even thrive by shifting to remote work. That means more people relying on the internet to log into secure company systems, opening up fresh opportunities for cyber thieves. Information security, especially when it comes to remote workers, is essential in helping organizations manage threats that include:

    • Hacking attempts
    • Malicious code injection
    • Denial-of-service (DoS) attacks
    • Malware
    • Ransomware

    Many remote workers rely on a personal device to access company info, expanding the potential point of entry that you must track and protect from cyberattacks. That’s a lot to put on the shoulders of anyone, let alone IT employees who may not have the kind of background required to establish robust company-wide security policies.

    Signs You Need Help with Information Security

    A lack of preparation can leave your organization open to theft of sensitive data. Another hindrance for many companies is a lack of personnel qualified to handle security. Trying to get by with your own troubleshooting or hiring someone without the right credentials leaves your organization open to inside and outside security threats.
    If any of the following seems familiar, you likely have some serious deficiencies to address within your current security infrastructure.

    1. Lack of Employee Cybersecurity Training

    The most significant point of vulnerability for any company in information security threats is employees. Hackers often use social engineering attempts like sending fake emails allegedly from a supervisor or other company officer. The goal is to get a worker to give up valuable information that can be used to steal data.

    A report from SmallBizTrends noted that only 31% of employees received regular cybersecurity training. Security can’t just be the responsibility of one person or even a team of security professionals. An essential element of keeping data safe is teaching employees security best practices, which should include:

    • Keeping devices protected
    • Learning to recognize fake emails and websites
    • Making sure workers install recommended OS updates and security patches (or better yet, doing this for them so you know it’s done)
    • Helping workers recognize when their device may have been compromised
    • Enforcing secure logon processes
    • Prohibiting insecure company data storage

    2. No Advanced Security Measures

    Organizations can prevent attacks through the use of a bundle of security measures that should be standard, but often are not. For example, if you’re in a Microsoft environment, the standard “out of the box” security with Microsoft is really good, but there are a whole number of features that can be configured to make you even more secure. That includes the use of multifactor authentication (MFA), data loss prevention tools, single sign-on, and other advanced threat protection measures that help stop attackers.

    For example, MFA adds extra security parameters around employee logins. Workers receive an email or a text containing a one-time code to confirm their identity. That way, hackers who manage to compromise an employee’s password would still not receive access.

    Around 68% of Americans use the same password for multiple accounts, which likely carries over to their employment. That means that workers may be using the same login they use for their social media accounts at work. If hackers get hold of those credentials, they can easily slip into your organization’s systems to steal data.

    3. Lack of Regular Security Assessments

    It’s not enough to have anti-malware programs and firewalls installed. Organizations should be performing regular testing and reporting on networks and devices to ensure the cybersecurity measures work as intended.
    Bad actors continually try to find new vulnerabilities to exploit. The longer a security flaw goes undetected and unpatched, the greater the risk is that your company will become the victim of a cybersecurity incident. That goes double if you have an outside vendor who connects with your system.

    Smaller RIAs and financial advisors who handle sensitive client information should be especially aware of any potential security flaws. In addition, those companies must ensure their systems can meet the strict standards of the SEC. Additional cybersecurity support can help your organization put together robust RIA cybersecurity and risk management strategies.

    Benefits of Bringing in Additional Information Security Support

    Cybersecurity specialists can help your company design and implement protocols designed to protect company data, keep bad actors out of your security network, and monitor your hardware and software for security flaws. In addition, they can help you set up a culture of security among your workers. That way, your staff has the knowledge necessary to remain aware of potential security threats.

    Learn more about the cybersecurity services provided by RIA Workspace by reaching out to one of our agents or calling us at (855) 752-5212.

  • How endpoint security and Microsoft 365 can help RIAs and financial advisors avoid a high RON (return on negligence)

    How endpoint security and Microsoft 365 can help RIAs and financial advisors avoid a high RON (return on negligence)

    Most registered investment advisory or financial advisory firms have fewer than 25 employees. So how can a small team manage hundreds or even thousands of accounts — reaching hundreds of millions, if not billions, of dollars of assets under management? One key factor is the technology they use. That’s why it’s crucial for RIAs and financial advisors to proactively secure their technology.

    President of RIA WorkSpace, David Kakish, joined the Truelytics podcast to discuss how RIAs or financial advisors can avoid a high RON, or return on negligence, by investing in endpoint security and maximizing their Microsoft 365 licenses or subscriptions. Enabling multi-factor authentication, implementing a next-generation virtual private network solution, and using Microsoft Single Sign-On are just a few key ways to protect your clients’ data and ensure that your firm is running as efficiently as possible.

    You don’t want to be a sitting duck when it comes to cyberthreats. Use this 29-point checklist to ensure your current cybersecurity measures address privacy concerns, compliance issues, and the policies and procedures critical to maintaining a secure RIA or financial advisory firm. If you’re ready to learn more about how to improve your firm’s cybersecurity posture, please contact us today.

     

    You can listen to the Truelytics podcast here.
  • Betting sites scams – SCAM OF THE MONTH

    Betting sites scams – SCAM OF THE MONTH

    Jake wanted to place his bets during this year’s March Madness, so he took to the internet and started searching for betting providers. He found one website that was pretty good: they were newly established this year, but they offered 100% guaranteed returns. Jake signed up and placed his bets. The first go-around he was able to cash out, but once he started placing more bets, he wasn’t able to withdraw his money so easily. If he wasn’t coming across a delay in payment processing, or a technical issue, the platform started to request more money in order to withdraw his winnings. Jake was getting frustrated, so he started looking into the platform further. He found a safe betting website that listed online sportsbooks to avoid. Turns out that he had been placing bets on a well-known scamming site that now also had access to his personal information.

    Did you spot the red flags?
    • Jake’s betting site offered a guaranteed return. Any promise of 100% guaranteed, or risk-free, is a too-good-to-be-true red flag.
    • Jake’s betting site was new to the industry. Many sports betting scam operations pop up suddenly, take your money, and disappear. In some cases, longevity can help identify legitimacy.
    • Jake did his research at the wrong end of the process. He should have reviewed the site first, before offering up his money and personal information.
    What you should know about this scam

    Do your research! Check reviews and comments on betting providers before going all in. You can also look on trusted platforms for a list of safe and legitimate online betting locations.

    Betting sites are meant to look flashy and enticing. But don’t let looks fool you. Scammers are trying to make their sites look legitimate too, and they have the funding to do so.

    During the month of August in 2020, sports betting generated $2.1 billion dollars in revenue in the US, alone. While popularity soars around online sports gambling, scammers have been taking notice and taking advantage of this booming online industry.

  • Microsoft 365 updated pricing: What’s the best option for your RIA or financial advisory firm?

    Microsoft 365 updated pricing: What’s the best option for your RIA or financial advisory firm?

    In August 2021, Microsoft announced a new pricing structure for its Microsoft 365 subscriptions. This is the first significant price increase since Office 365 was launched in 2011, and it reflects the innovations and additions that the tech giant has made to the brand over the years. If your registered investment advisory or financial advisory firm is using Microsoft products, these pricing updates apply to you.

    Microsoft 365 new pricing

    The changes in pricing for Microsoft 365 is as follows:

    • Microsoft 365 Business Basic – from $5 to $6 per user
    • Microsoft 365 Business Premium – from $20 to $22
    • Microsoft 365 E3 – from $32 to $36
    • Office 365 E1 – from $8 to $10
    • Office 365 E3 – from $20 to $23
    • Office 365 E5 – from $35 to $38

    Microsoft also made changes to the way you purchase and manage their licenses through their business partners. You can now pay for Microsoft 365 licenses on a monthly basis without making an annual commitment. This offers greater flexibility if you need to change or scale up or down your subscription plans month to month. However, this option comes at a 20% higher cost than the standard annual subscription.

    For the annual subscription, on the other hand, you can choose to pay either on a monthly or an annual basis. The great thing about this is that your pricing will be locked in for the entire term. This means that if Microsoft decides to increase prices in the future, your rates will stay the same until your subscription expires.

    However, it’s also important to note that the annual subscription comes with some limitations. While you can easily add new licenses to the subscription, you cannot remove licenses until the end of the 12-month commitment. Likewise, there are limits to making changes to the vendor who manages your subscription — which you could also only do at the end of the 12-month contract. While these limitations may seem like a barrier, they are only a concern if you plan to scale down or change your IT support provider.

    The new prices went into effect on March 1, 2022, so now is the time to reevaluate your options and make sure you are getting the best deal for your RIA or financial advisory firm. But first, let’s take a look at the changes that Microsoft has made in the past decade and how these have affected the pricing of its commercial products.

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

    The evolution of Microsoft 365

    Since its release, the renowned productivity suite Office 365 has come to include a wide range of features and capabilities that have made it an indispensable tool for businesses. In 2017, Microsoft introduced Microsoft 365, which combined the best features of Office 365, Windows 10 Enterprise licenses, and other cloud-based security and device management products.

    The company has since added several apps to the Microsoft 365 lineup, including Teams, SharePoint, and Power BI. It has also made major innovations in key areas such as communications and collaboration, security and compliance, and artificial intelligence (AI) and automation.

    Communication and collaboration

    Microsoft Teams has more than 250 million monthly active users today, making it one of the most popular business communication platforms in the market. It’s an integrated solution where users can chat, call, and collaborate in real time, share files and folders, hold online meetings, automate business processes, and more.

    In 2020 alone, Microsoft released over 300 new features and enhancements for Teams, including Together mode, breakout rooms, and live captions with speaker attribution. Teams also now has a category of collaboration apps that’s designed to empower remote and hybrid workers. Additionally, users to work on projects together from anywhere at any time, without needing to switch between multiple apps and data.

    Also, Microsoft added unlimited dial-in capabilities for Teams meetings, so users can join a meeting using virtually any device. And to streamline collaboration further, the company introduced real-time collaboration in Word, Excel, and PowerPoint desktop apps and added and expanded OneDrive cloud storage and the Exchange Online mailboxes.

    Security and compliance

    Over the past decade, Microsoft has added several security features to its commercial products, including advanced threat protection, data loss prevention, and message encryption. The company also introduced powerful compliance capabilities such as Content Search, eDiscovery, and core Litigation Hold as a response to increasing regulatory requirements.

    Meanwhile, built-in mobile device management and other management tools like Microsoft Endpoint Manager help organizations keep their data and devices secure, making it easier to support remote and hybrid workforces.

    AI and automation

    Microsoft has also made significant investments in AI through the years. Cloud-powered AI capabilities help users save time by automatically creating maps, charts, and tables in Excel, as well as sorting email and removing clutter in Outlook. Furthermore, AI-powered real-time translation, captions, and transcription bridge the language barrier, making collaboration and communication among users across borders more accessible and engaging.

    What is the best Microsoft 365 subscription for RIA or financial advisory firms?

    The answer to this question depends on a number of factors, including the size of your RIA or financial advisory firm, your budget, and your specific needs.

    If you’re a small business with a limited budget, Microsoft 365 E3 may be your best option. It includes all the essential productivity apps that you need to get work done, including the web and mobile versions of Word, Excel, PowerPoint, Outlook, and SharePoint.

    If you’re looking for a more comprehensive solution that includes features like advanced security, cyberthreat protection, and compliance capabilities, Microsoft 365 E5 may be the better choice. It’s a great option for registered investment advisors and financial advisors like you, who need to protect confidential client information and comply with industry regulations.

    If you’re unsure which subscription is right for you, or if your needs are more complex, you can speak with one of our specialists at RIA WorkSpace who can help you find the perfect solution for your business.

    Microsoft has delivered a lot of value over the past decade, and its new pricing reflects that. With so many options and innovations available, it’s more important than ever to select the right subscription for your RIA or financial advisory firm. Contact us today to learn more about how we can help you get the most out of your Microsoft 365 investment.

  • What RIAs can expect from their IT services provider

    What RIAs can expect from their IT services provider

    If you’re a registered investment advisor (RIA), then you know that technology is critical to your success. You need systems that are reliable and fast so you can serve your clients well. That’s why it’s important to partner with an IT services provider that understands the specific needs of your firm and the financial industry in general.

    In this article, we will discuss what RIAs like you can expect from your IT services provider, as well as some tips on how to communicate effectively with them when issues arise.

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

    Response time

    When your apps or information systems experience an issue, you need to be able to rely on your IT services provider to resolve the problem quickly and help you avoid downtime. Your RIA firm can expect your provider to clearly communicate their standard response times for different types of issues up front. They should also have a way to prioritize requests so that the most urgent issues are addressed quickly, while the less critical ones are handled in due course.

    Keep in mind, however, that response time is different from resolution time. Response time refers to how quickly your IT services provider responds to a request or inquiry. Resolution time, on the other hand, is the amount of time that it takes for them to resolve an issue once it has been reported. For example, your provider can acknowledge your request within an hour, but that doesn’t mean they can fix every issue in the same hour. That’s why it’s crucial to establish expectations for both response times and resolution times early on.

    Issue resolution

    It’s not unusual for systems to experience problems from time to time. However, if the same issue keeps coming up, you should bring it to the attention of your IT services provider. They may not have resolved the problem properly the first time, which can cause unnecessary stress and frustration for everyone involved.

    Your IT partner should be able to resolve issues permanently by the second time they occur. If there is a recurring issue that can’t be fixed, then they should work with you to find a workaround or alternative solution. For example, if your RIA firm depends on online trading and your provider is having trouble fixing an issue with your connection, they should be able to recommend another service that can help you continue conducting business as usual.

    Proactiveness

    In some cases, IT services providers will wait for you to contact them before addressing any problems with their apps or systems. This is not ideal because it means that you have no idea what is going on behind the scenes until something goes wrong. That is why you should expect your provider to be proactive about contacting you when potential issues arise, as well as taking preventive measures instead of waiting until something breaks down.

    Let’s say that your provider notices an issue with the server hosting your website. This isn’t something that is directly impacting your ability to conduct business yet, but it could cause problems in the future if left unchecked. Instead of waiting for you to experience website issues, they should proactively reach out and explain how they plan on fixing it before anything happens (e.g., by upgrading hardware).

    Certain services may also require more proactive maintenance from IT providers than others depending on their nature (e.g., email servers are typically less prone to issues than other systems). That’s why it’s important that you understand what level of service comes with each type of technology being used at your RIA or financial advisory firm.

    IT services providers should be proactive about contacting you when potential issues arise, as well as taking preventive measures instead of waiting until something breaks down.

    Efficiency

    You should expect your IT services provider to work efficiently and proactively to resolve any issues that arise within your IT environment without slowing down operations. They should also be able to provide you with regular updates about what has been done so far in order to address these problems, as well as when you can expect them to be resolved.

    Communication

    If your RIA firm is experiencing issues or you are dissatisfied with the service that you’re receiving, then you need to communicate this with your IT services provider. RIAs should expect their providers to be responsive and willing to listen when there are problems that need addressing. This is where a good ticketing system comes in; submitting a ticket is an efficient way to request support and is part of what should be an efficient system for resolving issues.

    You can communicate your concerns by calling or emailing your provider’s support team, depending on how urgent they are; a phone call would be appropriate for more serious matters that need an immediate response, while an email may suffice if you’re not in such a hurry. If you don’t feel like your issues are being resolved satisfactorily, then it may help to escalate the situation to a higher-up within the company.

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

    It’s important for you to know what to expect from an IT services provider to ensure that your RIA firm is getting the best service possible. By understanding the expectations that come with working with an IT partner, you can avoid any surprises and ensure your systems are running smoothly.

    If you’re looking for an IT services provider that can meet your needs, contact us today. We would be happy to discuss our services with you and see how we can help make your RIA more successful through technology.

  • Dating Apps Scams – SCAM OF THE MONTH

    Dating Apps Scams – SCAM OF THE MONTH

    Rose was tired of online dating… and then she met Sam.  They connected on a dating app, but Sam quickly moved the conversation to texts since he hardly used the app.  After a week of banter and flirting, Rose suggested meeting in person.  Unfortunately, Sam worked overseas for the winter.  But, once week two rolled around, Sam proclaimed his love for Rose and promised to meet her in person when he returned in the Spring.  Rose felt that this could finally be the man of her dreams.  Her sister, however, was much more cautious.  When Rose told Sam about her sister’s concerns of them moving too fast, he got very angry.  He felt Rose’s sister was unsupportive and shouldn’t meddle. To calm the situation, Rose agreed to stop sharing as much information about their relationship with her sister.  Now, Sam is having difficulty putting money together for a flight home.  He wants to finally meet Rose in person (hinting that a proposal might be involved).  He’s asked Rose to help with purchasing the tickets, but he doesn’t want her to tell anyone because he’s ashamed that he needs the help.

    Did you spot the red flags?
    • Sam proclaimed his love very quickly. Scammers use strong emotions, such as love to have you fall more easily for their tricks, and not second guess their actions.
    • Sam claims he works overseas. Scammers make up similar excuses as to why they can’t meet in person, or video chat. If it’s been a month or two, it may be a suspicious sign if you still haven’t met.
    • Sam asked for money. Never give money to someone you have not met in real life.
    What you should know about this scam

    Many scammers will try to isolate you from your family and friends.  This makes it easier to manipulate you and places less hurdles in front of them.  Be sure to stay close with people you trust in your life and seek their guidance if you feel hesitant about suspicious messages.

    Most dating apps provide in-app messaging.  This helps keep personal information safe and can assist in tracking down a scammer if you fall victim to fraud.  Be wary of tactics pressuring you to take conversations off the app and do not give out personal contact details until after you’ve vetted your match in person.

    Always do your research: Search for your new interest on the internet.  Do a reverse image search.  Make sure their story matches up with what you find online.

  • Staying SEC-compliant with Microsoft’s email archiving

    Staying SEC-compliant with Microsoft’s email archiving

    SEC compliance is a critical aspect of any RIA practice in the United States. Failing to adhere to these rules can result in fines or other harsher penalties, so it’s important for financial services companies to make sure their information system is capable of meeting such stringent requirements.

    One area of strict SEC scrutiny is email archiving. Financial advisors use emails to communicate with clients and colleagues regarding sensitive information such as bank details, investment strategies, and more. To support proper preservation of electronic records, some RIAs use third-party email archiving solutions, as manual monitoring and archiving can be very time-consuming, not to mention error-prone. With specialized software, RIA practices can simply set compliance rules that they would like to follow and the system will automatically do the grunt work.

    Related article: Email archiving at your RIA is about more than just compliance

    Microsoft and SEC Rule 17a-4(f)

    Financial services are among the most regulated industries in the world, so Microsoft strives to provide industry-specific tools that facilitate companies’ compliance efforts. For instance, SEC Rule 17a-4(f) mandates RIAs to retain books and records on tamper-proof electronic media, with no ability to modify or erase within a specified retention period. To help RIAs adhere to SEC Rule 17a-4(f), Microsoft has provided Immutable Blob Storage on Microsoft Azure and Preservation Lock on Microsoft Office and Microsoft 365.

    On Azure, RIAs can save information in Write Once, Read Many (WORM) format, making that data non-erasable and non-rewritable until the set retention period expires and any associated legal bonds have been released. On Office and Microsoft 365, Preservation Lock’s retention and archiving features can be used to preserve a wide range of data for a defined period of time.

    With these features, RIAs will be able to immutably store the following types of data:

    • Azure Blobs
    • Emails
    • Voicemails
    • Shared documents
    • Instant messages
    • Third-party data
    Other SEC-compliant archiving services

    There are many SEC-compliant data management systems available, each with its own merits. Two of the more popular ones are Smarsh and Global Relay.

    • Smarsh
      Smarsh is a financial services-specific email archiving and compliance system that utilizes TLS encryption technology to protect email data from interception. Smarsh has decryption features that allow outgoing emails to be read on non-Smarsh web portal platforms such as Microsoft Outlook. It can also encrypt responses from Outlook back to the Smarsh system as long as certain encryption policies are triggered. For instance, if the email from Outlook contains a calendar invite, an attachment, and/or sensitive information in the email body, encryption will be automatically activated.
    • Global Relay
      Global Relay is a secure, closed-network communications system. It is designed to comply with FINRA and SEC regulations regarding sensitive information transmitted via email, chat, and more. It is best known for its automated retention rules, which you can set and forget. However, a common complaint about Global Relay is that it can be cost-prohibitive for small- and mid-sized businesses.

    Related article: IM archiving and compliance tips for RIAs

    The benefits of archiving with Microsoft

    Microsoft’s email archiving is on par with established industry standards. What sets it apart is its unparalleled integration with other Microsoft products and services, such as Business Central. And if your RIA practice already uses Office, Microsoft 365, or Azure, you no longer need to install a third-party email archiving solution, as these platforms already have their own record retention features.

    On a fully Microsoft-powered system, you can be assured that all business data is robustly protected from cyberthreats. What’s more, security features are frequently updated to comply with any changes in regulatory requirements, making compliance convenient and effective for your RIAs.

    Elevate your compliance profile with Microsoft’s Immutable Blob Storage and Preservation Lock features on Microsoft Azure, Office, and Microsoft 365. Contact us today to learn more about these Microsoft products.