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  • Cryptocurrency Investment Scams

    Cryptocurrency Investment Scams

    Cryptocurrency, also known as Crypto, is a digital currency that can be exchanged online for goods and services. Although intangible, crypto has exploded in popularity in the past few years and continues to grow. We know that when a topic or product gains enough popularity scammers are not far behind.
    Phone apps have created an opportunity for anyone to become an investor in these cryptocurrencies and a huge influx of investments have come from young adults and teens. This easy access to early investing can be great, but without the proper guidance young investors face some serious threats. Scams are emerging and many are using social media platforms to target young and vulnerable investors.
    Here are some common cryptocurrency investments scams that we should all be aware of:

    The Crypto Ponzi Scheme

    The classic Ponzi scheme gets a new twist with a digital investing trend. Scammers have been known to recruit investors under them with promises of big paydays. They generally target young and inexperienced investors with flashy websites, testimonials, and alluring statistics. But these are generally a ruse to bring in investors. The schemers generally push for more investments from their followers and make it very difficult to withdraw any of their supposed profits.

    The Crypto Multiplier

    This popular scam commonly appears on social media sites and involves a promise of multiplying any cryptocurrency provided. To lure in their victims, scammers have been known to impersonate celebrities, influencers, or popular investors. Once the crypto is sent, it is typically never returned.
    Cryptocurrency can be considered an extremely volatile investment. Warn your teens and young adults about the potential pitfalls of investing in crypto and inform them that it should not be treated like a get-rich-quick plan.
    For those that do use these investing tools or digital wallets, watch for phishing scams targeting access to your accounts. Set up very strong passwords for these accounts and enable two-factor authentication if available.
    If you or a loved one has fallen victim to a cryptocurrency investment scam, you can and should report it to your local consumer protection agency.

  • Should your RIA firm leave or stay with your MSP? Here’s how to decide

    Should your RIA firm leave or stay with your MSP? Here’s how to decide

    Most registered investment advisors (RIAs) and financial advisory firms look for outside suppliers for their IT support. By outsourcing their IT needs to the right managed IT services provider (MSP), they do not only get access to technologies that help them work better and more securely, but they also have more opportunities to grow their practices.

    However, using managed IT services doesn’t come without risk, especially when your RIA firm opts for the wrong MSP. But when you do find the right partner who understands the unique needs of their industry, IT becomes an asset instead of a liability.

    Here are five reasons RIAs don’t stick with their MSP — and five reasons they do — to help you decide whether to leave or stay with your current one.

    Why RIAs leave their MSP

    MSPs often lose RIA and financial advisory clients because of the following:

    1. Poor understanding of an RIA firm’s specific needs

    Companies want an IT partner that is able to provide the right solutions to their unique challenges and goals, not just a blanket service that will work for any type of company. This is especially important for RIA firms that aren’t just ordinary local businesses. For instance, security is exponentially more important to RIAs or financial advisors like you because of the nature of the data and information you manage. A cookie-cutter IT setup won’t be enough to meet the strict security and compliance standards associated with the finance industry.

    If your firm’s MSP doesn’t provide compliance-level security, it can lead to fines and penalties at best — or client data being compromised at worst.

    Use this checklist to ensure you’re accounting for privacy concerns, compliance issues, and the policies and procedures critical to maintaining a secure RIA and a culture of cybersecurity.
     
    RIA Cybersecurity Essentials Checklist

    2. Slow response times

    MSPs are run by humans, not machines, so some delayed response times are inevitable. However, if you notice that your MSP is always slow to respond to new requests or issues, this could convince you to seek out a company with more responsive service. This also plays into the idea of being able to communicate effectively — trying to work with someone who’s consistently late to respond is a headache that no RIA firm should have to deal with.

    3. Ambiguous service offerings and costs

    Some MSPs offer “all-inclusive” packages but fail to disclose the details of what exactly is included. This can lead to problems down the line, especially if you are forced to pay for services that you didn’t know would pop up on your bill.

    On the other hand, other MSPs try to charge clients flat-rate fees that don’t accurately account for all of the tasks being completed. For instance, if you hire an MSP to manage your IT and implement backup for all of your devices, but the initial estimation neglects to include the time required for any troubleshooting that may be needed, then this could make it difficult for you to set a monthly IT budget.

    That’s why MSPs should include all of the IT services and features that your firm will receive within a certain price point. They should also outline each service so that there aren’t any misunderstandings.

    4. Poor service

    You may become dissatisfied with your MSP because of poor service. Maybe it’s because you experience long downtimes, slow networks, or any number of challenges that your MSP fails to address in a timely manner. Maybe stuff seems to break down more and more often, or issues keep cropping up even though your MSP has supposedly fixed them. Or maybe your MSP takes too long to respond to requests and you always have to ask for updates.

    In any case, your RIA firm can’t afford to wait around for hours or days on end for a simple fix, and you shouldn’t have to accept subpar service just because your IT needs are unique.

    5. Reactive support

    Fixing issues only when they arise isn’t as efficient as preventing them from happening in the first place. An MSP shouldn’t wait until you are experiencing a problem in order to fix it, because this typically entails downtime during work hours. Your RIAs should be able to go back to using your IT systems once the problem has been resolved, instead of worrying about it while they’re busy dealing with clients and handling data.

    Why RIAs stay with their MSP

    On the other hand, here are some reasons why RIAs stick with their MSP for the long haul:

    1. Clear understanding of an RIA firm’s needs

    Great MSPs understand their clients’ tech needs, taking the time to ask questions and learn what’s most important in order to provide the perfect solution or strategy. This means identifying what challenges your RIA firm faces, how these affect your business, and what kind of services and support you need in order to overcome these obstacles. They also understand what apps and systems you use and how best to keep them up and running.

    2. Comprehensive solutions

    Good MSPs look at the bigger picture and don’t just provide basic IT services and call it a day. Instead, they take things one step further and offer RIA and financial advisory firms like yours comprehensive solutions that will grow your business. This includes ongoing strategic planning to ensure you are making the most of your IT and staying up to date on technologies that will help you now and in the future.

    3. A problem-free environment

    The best MSP makes sure that you no longer have to worry about the performance of your IT systems. They will build a solid infrastructure that can withstand any kind of stress placed on it, as well as offer responsive support that keeps your RIAs from feeling as though they’re putting out fires all day long.

    Reliable MSPs create a problem-free IT environment by providing you with a consistent way to track and prioritize support tickets so you know your concerns aren’t overlooked and will be dealt with as soon as possible.

    4. Proactive support

    Rather than waiting for problems to arise, effective MSPs proactively monitor networks to detect problems before they have a chance to cause downtime. This typically leads to faster issue resolutions and less frustration, which are what you’d want from your IT provider.

    5. A consistent team

    You don’t want to deal with new faces every single time you call your MSP. You want the people you work closely with to be familiar with your practice, so you can count on them to be there when issues arise. This is why some MSPs offer dedicated teams and long-term relationships. For instance, RIA WorkSpace assigns each client a three-person team that they will consistently work with.

    RIA WorkSpace has what it takes to support your RIA practice for the long term. Find out if we’re the right IT partner for you by contacting us today or getting a free quote.

  • Why password autofill is risky

    Why password autofill is risky

    Many people use password autofill on their web browser or password manager for convenience. The feature, however, can be used by hackers and advertisers to access user accounts and gather your sensitive information without your consent.

    Why password autofill is so dangerous

    Modern web browsers and password managers have a feature that enables usernames and passwords to be automatically entered into a web form. This feature isn’t completely safe, however. If you enable this feature and hackers gain access to your computer or web browser, it will be easier for them to infiltrate your accounts because the autocomplete feature will fill in all saved credentials.

    Tricking a browser or password manager into providing saved information is incredibly simple. All a threat actor needs to do is place an invisible form on a compromised webpage to collect users’ login information. Once the browser or password manager enters the user’s information, the hacker will gain access to that data.

    Using autofill to track users

    Shrewd digital marketers can also use password autofill to track user activity. For instance, they can track people based on the usernames in hidden autofill forms they place on websites and sell the information they gather to advertisers. While they don’t intend to steal passwords, there’s always the likelihood of exposure.

    One simple security tip

    A quick and effective way to improve your account security is to turn off autofill. Here’s how to do it:

    • On Microsoft Edge – Open the Settings window, click Profiles, and then select Passwords. Disable “Offer to save passwords.”
    • On Google Chrome – Open the Settings window, click Autofill, and disable “Offer to save passwords.”
    • On Firefox – Open the Settings window, then click Privacy & Security. Under the Logins and Passwords heading, untick the box next to “Autofill logins and passwords.”
    • On Safari – Open the Preferences window, select the Auto-fill tab, and turn off all the features related to usernames and passwords.

    Having good password security habits can significantly protect your sensitive data. For 24/7 cybersecurity support that goes far beyond protecting your privacy, call us today.

    Published with permission from TechAdvisory.org. Source.
  • How to Bookmark Important Content in Microsoft Teams Chats

    How to Bookmark Important Content in Microsoft Teams Chats

    How to Bookmark Important Content in Microsoft Teams Chats

    The Microsoft Teams Chat app is great for sharing information and messaging your colleagues. But its easy for information to get lost in a long chat. Luckily, Microsoft Teams has a bookmarking feature that helps you tag important information and find it easily later.

  • Switching to a new managed IT services provider? What your RIA firm needs to know

    Switching to a new managed IT services provider? What your RIA firm needs to know

    Making the decision to switch to a new managed IT services provider (MSP) can be challenging. Maybe your contract is ending, or your registered investment advisory or financial advisory firm is not getting what you need from your current arrangement. In any case, it’s important to know what to expect when changing MSPs so the transition can go as smoothly as possible. Here are some tips for a seamless transition.

    Leaving your current MSP

    Before switching IT partners, it’s important to evaluate your current MSP and why you’re looking to leave. If it’s simply because you’re not happy with the service, then make sure to document your frustrations so that you can relay them accurately to the new MSP. Be sure to highlight specific areas where your current MSP is falling short. This information will help the new MSP understand your current environment and ensure that there are no issues or surprises once the transition is complete.

    Typically, the process of breaking ties with your current MSP will take anywhere from two to four months. This is because most MSPs require at least a 30-day notice before terminating a contract. Once they know when you want to end your partnership with them, they can plan for offboarding. This involves removing all their hardware and software from your IT environment and transferring all of your data and systems over to the new provider.

    Choosing a new MSP

    Now that you’ve made the decision to leave your current MSP, it’s time to find a new one. You can start by asking your colleagues and peers for recommendations. If you know other registered investment advisors or financial advisors who work with an MSP, ask them what their experience has been like with that particular provider. You can also look for reviews online and on social media.

    Once you’ve narrowed down your list of potential providers, reach out and schedule some demos. Most providers offer a free consultation in order to get a better understanding of your business and the services you need. During this meeting, be prepared to discuss your current IT environment, as well as what you’re looking for in a new provider.

    As an RIA or financial advisory firm, it’s crucial that you find an MSP that is familiar with your industry, particularly in the areas of security and compliance. The more experience they have working with companies in the financial industry, the more likely they are to have solutions designed to meet your specific needs.

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

    Onboarding with your new MSP

    Once you’ve decided on a new MSP, you can start the transition process. This includes signing a new contract and scheduling the installation of new hardware and software.

    Most MSPs have a standard onboarding process that usually takes between two and four weeks. During this time, they will work with you, as well as your old MSP, to migrate your data over to their systems and ensure that everything is up and running smoothly. There may be some downtime during this process, but your new MSP should work with you to minimize it as much as possible.

    You should inform your employees of the changes in advance so they can plan their tasks accordingly. Although IT systems are rarely inaccessible during transitions, it’s always best to be prepared for the unexpected.

    Once everything is up and running, monitor the new provider closely to make sure they are meeting your expectations. If not, don’t hesitate to reach out to them and discuss your concerns.

    Switching to a new MSP may seem like a tedious process, but with careful planning, it can be smooth and seamless for your RIAs or financial advisors. By knowing what you’re getting into, you can minimize the amount of downtime and ensure that the new provider meets your expectations.

    RIA WorkSpace can help ensure that your RIAs and staff have the technology they need to adhere to cybersecurity policies. Contact us today to see how we can help.

  • How much should an RIA expect to pay for IT services nationwide?

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

    Break/fix and managed IT services are essential in the world of business IT support, and the cost of these services can vary greatly depending on a variety of factors. From how complex your IT environment is, to how unique your business demands are, to how many technology users you have — the list goes on.

    To better understand how much your RIA or financial advisory firm should pay for these types of services, let’s explore what each service entails and how much they normally cost.

    Break/fix

    Break/fix services are the more traditional form of IT support where you’ll pay an hourly rate for your technology provider to fix whatever issues your devices or systems are experiencing. This can cost from $150 to $250, depending on the complexity of the repair. The biggest benefit of break/fix services is the convenience factor: if an issue arises, help will usually arrive within a few hours or less.

    The transactional nature of break/fix services also means that you’re not locked into a contract, and there are usually no long-term commitments. You don’t have to undergo the tedious process of contract procurement and can instead just call your technology provider on an as-needed basis.

    However, there are some drawbacks to this type of support. For one, because break/fix services are reactive in nature, your provider may not be able to prevent issues from happening in the first place. Additionally, a break/fix relationship with your IT provider means they don’t spend time to understand your needs in depth. And this is especially important for RIA and financial advisory firms that need security to be the top priority.

    In addition, the hourly rate can add up quickly if you have plenty of IT issues, your environment is complex, or you require emergency or urgent services. You’ll also need to pay extra for any hardware or software that need to be replaced. These make it very difficult to predict your monthly IT budget.

    Managed IT

    On the other hand, managed IT services provide a more holistic and proactive approach to your technology needs. Rather than waiting for something to break before addressing it, your managed IT services provider (MSP) will work to prevent issues from even occurring. This typically includes tasks like server and device monitoring, patch management, and malware protection, among others. These proactive measures will reduce the number of incidents you experience, thereby saving your company time and money and keeping you operational and productive.

    Managed IT services are typically priced on a monthly basis, and the rates can vary depending on the size of your business and the services you need. In general, there are three managed IT services pricing models. Let’s take a look at each one:

    Per device

    In this model, your MSP bills you for the total number of devices on your network. This can include servers, computers, mobile devices, printers, copiers, and the like. The typical pricing is between $5 and $100 per device per month. This is a good option if you have a relatively smaller IT environment and want to keep costs as low as possible.

    Per user

    In this model, your MSP bills you based on the total number of users in your company, regardless of how many devices they use. Typical pricing ranges from $125 to $200 per user per month. This is a good option if you have many employees and want to ensure that everyone has access to the best possible IT support.

    Flat fee

    With this pricing model, your MSP charges you a fixed monthly rate for all the managed IT services you need. This often includes remote and on-site support, network monitoring and maintenance, and updating and patching. Some providers even offer consultation services, so you can get expert advice on how to improve your IT infrastructure.

    There’s no definitive price range for this model since MSPs must first determine the scope of your RIAs’ IT needs. However, flat-fee pricing is ideal if you want predictability in your IT expenses or if you have a complex environment that would otherwise be difficult to price out individually.

    Break/fix vs. managed IT: Which is better for your RIA firm?

    Ultimately, the decision comes down to your RIA firm’s specific needs. If you have a relatively small environment and don’t need a lot of support, break/fix may be the better option. But if you have more than five employees, want preventive maintenance, and need access to expert IT professionals, managed IT services are the way to go.

    At RIA WorkSpace, we offer an all-inclusive, flat fee per employee available in your choice of three different plans. Reach out today and get a free quote to get started!

    At RIA WorkSpace, we offer three different all-inclusive managed IT services plans, which are available for a flat monthly fee per user.

  • Managed IT Services – Eliminating technology pains for RIAs

    Managed IT Services – Eliminating technology pains for RIAs

    Staying on top of and implement new technology is a challenge.

    Many RIA firms today don’t get the best performance out of their IT network. That makes it hard to focus on what’s really important – growing your business. Managed IT services can help RIAs get past the technology pains.

    Download our whitepaper to learn more about:

    • What Managed IT services are and why they make sense for small and mid-sized RIAs
    • The kinds of services offered by most Managed IT services providers
    • The difference between a Managed IT services contract and a “Break-fix” model.


    DOWNLOAD YOUR FREE eBOOK NOW

  • Microsoft Teams: An indispensable unified communications and meeting solution for RIAs

    Microsoft Teams: An indispensable unified communications and meeting solution for RIAs

    Registered investment advisors (RIAs) and financial services firms are no strangers to the importance of communication and collaboration. After all, they are entrusted with the financial futures of their clients. That’s why any firm that is serious about providing high-quality advice and service to its clients needs to invest in a robust and reliable communications solution that can enable business-critical conversations. That solution is Microsoft Teams.

    For many years, Teams has been one of the top unified communications (UC) and meeting solutions on the market. It has been helping organizations of all sizes to connect and collaborate easily, securely, and effectively. And with the recent addition of powerful AI features, Teams has become an even more powerful business solution.

    Let’s have a look at the most recent Teams innovations that helped Microsoft earn a spot as a visionary in Gartner’s Unified Communications as a Service (UCaaS) and Meeting Solutions Magic Quadrants in 2021.

    Staying connected with Microsoft Teams Phone

    More and more users have become familiar with Teams in the era of remote and hybrid working, using the platform to boost productivity and collaboration. However, many are still unaware of the Microsoft Teams Phone add-on, which enables users to make and receive calls directly in the app and integrates Teams with more modern Voice over Internet Protocol (VoIP) functionality. This is a great way for RIAs without a desk phone to still use their Teams phone number to take and make voice messages and join traditional conference calls.

    In the past year, Microsoft released the following Teams Phone capabilities to make calls richer and more collaborative.

    • Seamlessly transfer calls between devices – users can transfer a call from a computer to a mobile device or vice versa without interrupting or dropping the call
    • Spam call identification – Teams Phone can identify potential spam calls and prevent unnecessary interruptions
    • “Better together” device experience – when signed into both the desktop client app and a desktop phone with the same user account, users can answer a call, mute or unmute, and end the call on either device
    • Walkie-talkie for desk phones – a push-to-talk function available on desk phones allows users to connect instantly with other users in a Teams channel
    • Apple CarPlay support – users can join calls and meetings using their vehicle’s built-in or hands-free control

    Enabling flexible, hybrid work with Microsoft Teams meetings

    Teams and Microsoft 365 as a whole support the diverse needs and work styles of employees, no matter where or when they work. The following recent innovations help ensure that hybrid meetings are as effective as in-person ones.

    • PowerPoint Live in Microsoft Teams – presenters can lead meetings while having access to speaker notes, slides, meeting chat, and participants; attendees can view slides at their own pace and use the translate feature to see the slides in their preferred language
    • Speaker coach – uses AI to privately provide presenters with guidance on their speech pace, notify them if anyone else speaks during the presentation (to avoid interruptions and missed comments), and remind them to check in with the audience
    • New Whiteboard experiences – the new visual collaboration workspace comes with the ability to insert images and shapes and features like new customizable templates, reactions stickers, and collaboration cursors that show what other users are doing on the Whiteboard

    These plus other communication and meeting capabilities are especially beneficial for RIAs and financial advisors that rely on Teams for their day-to-day operations. By empowering users to stay connected with colleagues and clients no matter where they are, Microsoft is making it easier than ever for your firm to operate efficiently and effectively.

    Registered investment advisors like you have a lot on your plate — you need to stay on top of market trends, monitor portfolios, and provide valuable advice to your clients. In order to do all of this effectively, you need to implement the right technology. RIA WorkSpace can help with that and more. Contact us today for more information.

  • A handy guide to keeping computers and mobile devices clean

    A handy guide to keeping computers and mobile devices clean

    Keeping work PCs and mobile devices clean not only encourages people to be more organized, but it also prevents glitches and downtime due to poorly maintained hardware. It also contributes to immaculate workspaces, which may positively affect employee morale. If you want your workstations and devices to look spick and span, here’s how to get started.

    Desktop monitors

    You spend several hours looking at your computer monitor, so it’s important to make sure it doesn’t have any dust or smudges. To clean your monitor, turn it off first and gently wipe the screen with a microfiber cloth.

    If there are still spots, try dampening the cloth before wiping but make sure you don’t spray water onto the screen. Don’t press too hard on the display, as this could damage the pixels on the monitor. Also, don’t use paper products like napkins or tissues, as they can leave a residue and scratch the monitor.

    Mobile screens

    Mobile devices will usually accumulate fingerprints. The best way to clean your mobile device’s screen is to wipe it down a microfiber cloth. For tougher spots, dip the cloth in a small amount of water and then gently wipe the screen. Don’t splash water onto the device itself, as the liquid could get inside and damage internal components, which can void your warranty.

    Some people suggest rubbing alcohol to remove fingerprints and disinfect the device. While this will work for some screens, many manufacturers advise against this because the alcohol can wear down the protective film on some devices.

    If you find dust or gunk in the edges or cracks of your screen, take the device to a mobile shop for more thorough cleaning. Do not open the device yourself, as this could also void the warranty.

    Keyboards

    Debris and dirt can accumulate between the keys of your keyboard. Before you start cleaning your keyboard, be sure to unplug it. Then gently run cotton swabs dipped in water or rubbing alcohol over the keys.

    To remove dirt between keys, you can use a keyboard brush or compressed air, which can be purchased at most office supply and computer stores. Spraying compressed air in between keys should be enough to get rid of most of the dust and grit.

    Computer mice

    Similar to the keyboard, mice can get quite dirty with grime from dust and your fingers. To clean a mouse, unplug it then use cotton swabs dipped in rubbing alcohol.

    Computer towers

    Before you start cleaning your computer towers, disconnect the power source and all wires to avoid short-circuiting.

    Next, take a slightly damp microfiber cloth and wipe down all sides. Be careful when cleaning the front and back, as these parts house sensitive ports and components.

    Dust can also clog up cooling fans, causing them to stop working properly. This can potentially lead to other components overheating. To clean the insides of your computer tower, remove the casing with a screwdriver. Then, use a brush or short bursts of compressed air to remove accumulated dust.

    Making sure your computer is clean and running optimally is important to staying productive at work. If you want more advice on how to optimize your IT, our technicians are here to help. Call us today.Published with permission from TechAdvisory.org. Source.