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  • Comparing Microsoft Azure and Amazon WorkSpaces for RIAs

    Comparing Microsoft Azure and Amazon WorkSpaces for RIAs

    RIAs benefit greatly from a reliable cloud infrastructure. It gives your RIA the flexibility and security you need to be successful and compliant. Microsoft has long been the industry standard – and for good reason. Azure is packed with features and security that RIAs demand. However, Amazon WorkSpaces has emerged as an option to be considered. Read on to learn more about the differences.

    FREE eGuide: 10 myths about moving your RIA to the cloud

    Microsoft Azure vs. AWS

    Here’s what RIAs can expect from the two:

  • Cost
    AWS is five times more expensive than Microsoft Azure for Windows Server and SQL Server. Azure uses Azure Hybrid Benefit to guarantee reduced compute rate (SUSE Linux Enterprise Basic rate) across Windows Server, SQL Server PaaS, and SQL Server IaaS. Furthermore, Azure uses existing SQL Server Licenses for its SQL Server PaaS package, enabling users to skip paying the standard three-year full-upfront payment terms of AWS.

    But despite the disparity in Windows Server and SQL pricing, AWS’s base cost isn’t too burdensome, as it comes in a pay-as-you-go subscription model. So businesses that need less really do end up spending less with AWS. This is particularly true for business cloud infrastructures that only require specific piecemeal AWS features.

    That said, growth is less burdensome on Azure because you can save up to 72% in costs by reserving future storage and computing capacity. Microsoft rewards its Azure users who provide good insight into their future resource needs, as this allows Microsoft to fine-tune their processes and allocate their own resources efficiently. It’s a great way to secure your future cloud costs while maintaining simplicity and flexibility.

    • Related content: Leverage cloud services to drive innovation and growth at your RIA

  • Security
    The two cloud infrastructures share similar levels and types of security features, so there’s no large distinction between the two. At the level they operate, both AWS and Azure have considerably more robust cloud security features and protocols compared to lower tier business cloud brands like OpenShift or Heroku.

    The main difference between Azure and AWS is in their long-term security update system. With AWS and most other cloud services, security updates are only provided up to a fixed term, unless you subscribe to a special arrangement that usually costs more money. With Microsoft Azure, extended security for Windows Server 2008 or Windows 7 updates are available for FREE.

    Aside from free extended security updates, Azure also provides standard distributed denial of service (DDoS) protection free of charge after the creation of your first server. This will protect your system from attackers that employ mass spamming tactics. It also sets your system up for easy deployment of future configurations.

    With the threat of ransomware and other cyberattacks on the rise — not to mention RIAs often deal with sensitive information — it is absolutely critical to ensure that your data is protected. By hosting your data on the Azure platform, you can be assured that not only is your business information secure, but that you don’t incur additional costs either.

    • Case Study: Not all clouds are created equal

  • Functionality and integration
    Microsoft and Amazon are two of the biggest software and cloud developers in the world, so they don’t tend to skimp on form and function when it comes to their offerings.

    The most important benefit of Microsoft Azure over AWS is its functionality and integration capabilities. Work processes are, pound for pound, more efficient and more reliable in the Microsoft ecosystem compared to piecemeal cloud architecture. Also with Azure, your financial software receives instant modernization and improvement, making for better banking, faster transactions, and smoother management.

    RIAs use productivity apps like Microsoft Word, Excel, Outlook, and more. By using Microsoft Azure, you enjoy easy integration and improved user experience. WIth Azure’s easy and thorough integration with other Microsoft apps, you can enjoy fewer disruptions and improved productivity.

  • Ease of use
    This is the big one for many RIAs, as Microsoft supplies the industry with the most popular and intuitive apps. Because Azure is designed and developed by the maker of Office, Outlook, Business Central, and more, you can be assured that the learning curve is not steep. Azure has a familiar and easy-to-absorb interface, so your IT staff will be comfortable using it in no time.

    That’s not to say that AWS is difficult to use because it isn’t — but if your system already relies heavily on Microsoft software, using the developer’s cloud infrastructure will save you time and effort in terms of integration and familiarization.

    • Take a big leap forward with Microsoft Azure. RIA Workspace will help your RIA organization transition smoothly from clunky, unreliable AWS to the future of cloud computing with Azure. Contact us today to schedule your appointment.

  • Real-time collaboration with Microsoft 365

    Real-time collaboration with Microsoft 365

    In the RIA industry, effective team collaboration dictates success. Teams that work well together are more productive and profitable than lone wolves and fragmented squads. Working with tools that facilitate effective collaboration help maintain high levels of work quality and customer service, which helps RIAs become the sought-after investment advisors they aim to be. This is why many RIAs today turn to the best in the market: Microsoft 365.

    “RIAs need to use tools that allow them to collaborate efficiently and in real time. This is why many RIAs today turn to Microsoft 365.”

    Improve your RIA experience with the cloud

    Microsoft 365’s host of apps and functions is a perfect fit for RIAs seeking to maintain or even raise their productivity levels. RIAs can use these apps to schedule meetings, draft wealth reports, communicate with colleagues, store and manage files, check compliance requirements, and more.

    The best part is that Microsoft 365 empowers businesses — even the ones with no experience in cloud computing — to leverage the cloud easily. It looks and feels just like the Microsoft Office apps everyone is familiar with, but with improved integrations with other Microsoft apps and an intuitive interface for using the cloud.

    Related article: Microsoft 365: New Office features for the same price

    Collaborate effectively with your peers

    On Microsoft 365, you can easily co-edit, co-author, and co-manage files and workspaces with trusted peers. You can choose who you want to share your work with, be they your teammate, your entire team, or the entire organization — no need to be emailing files back and forth and keeping track of different versions. This makes it a great way to tap into the skills and expertise on your team.

    And because everything is on the cloud, where your co-collaborators are won’t matter. You can still work seamlessly with one another, whether your peers are on different floors, in different states, or even in different countries. This means that if you’re discussing something with a client at their favorite cafe, you can easily create a document and share the information with your people back in the office. All your progress will be tracked and reflected as if you were physically together.

    Enjoy real-time everything

    Ideas can flow in real time with Microsoft 365’s syncing features and communication apps. You and your team can build plans and share ideas via chat and/or video conferencing on Teams. You can also write notes and comments on PowerPoint slides and Excel spreadsheets so that no detail is missed. Every bit of information is synced in the cloud as soon as it is posted, even if there are multiple users accessing the file at once. Therefore, everyone on your team can see in real time all the comments and suggestions they need to complete their tasks properly.

    For instance, if you and several colleagues are crafting a pitch to a prospective client, you can pull up investment histories from Excel and collate the information you need. At the same time:

    • One peer designs the PowerPoint presentation.
    • Another peer configures spreadsheets to pull live stock data and metrics from online sources.
    • A superior oversees everyone’s progress, provides suggestions, and notifies specific people in the comments section so that every detail is accounted for.

    All of this can happen simultaneously, making for efficient, speedy, and effective work.

    Impress with seamless integrations and presentations

    Microsoft 365 is designed as a cohesive environment, meaning all of its apps sync and integrate seamlessly with one another. No need to keep multiple browser tabs open at once during video presentations, as this is computer memory-intensive and can slow down virtual meetings with technical difficulties. You can simply keep Teams running and pull up spreadsheets, slideshows, and documents in the Teams interface alone.

    Company-wide conferences are also a breeze, even if your workforce isn’t all in one place. You can easily schedule meetings and share calendars with everyone in the organization as well as with external stakeholders.

    Boost your RIA practice’s productivity and collaboration today with Microsoft 365. Our technicians can deploy Microsoft 365 for your company with as little disruption as possible. Contact us today to learn more.

  • IM archiving and compliance tips for RIAs

    IM archiving and compliance tips for RIAs

    Today’s RIAs are always on the go, so they rely more than ever on the convenience of chat apps to stay in touch with clients and colleagues. This is critical because sometimes responding in a timely manner spells the difference between investment success and failure.

    But with growing reliance on instant messaging (IM) comes a growing concern over whether it’s the correct tool for the job. Popular messaging apps have all had their share of privacy and security concerns. RIAs should understand how to use them when transmitting sensitive information and how they impact compliance.

    “With growing reliance on instant messaging (IM) comes growing concern over whether it is the correct tool for the job”

    Are chats and instant messaging apps safe?

    RIAs should avoid using popular instant messaging apps like Facebook Messenger and Whatsapp for work-related communications because these lack high levels of encryption. Furthermore, anyone with enough time to parse pages of user agreements will discover that Messenger, Whatsapp, and many other apps reserve some rights to use message data as they see fit. These hidden clauses can result in breaches and data loss, not to mention targeted spam and advertising profiling.

    Do these communication tools hurt my compliance profile?

    Absolutely. Non-business messaging apps are designed for personal use. They don’t have the archiving, reporting, and discovery capabilities of compliant communications systems. Also, RIA compliance regulations require you to develop policies and procedures that will help prevent violations of the law. Popular messaging apps do not provide IT administrators enough control to meet that requirement.

    Sometimes, it’s unavoidable for RIAs to use popular messaging apps. Clients may be more comfortable using apps they are already familiar with, and because good RIAs are also good customer service representatives, they will make that adjustment. So the best thing for RIAs who communicate with clients via Messenger or other common apps is to exercise discretion and always err on the side of caution. To set expectations, RIAs must explicitly alert clients that they will shift to more secure channels whenever they need to transmit sensitive information.

    How can I archive data on chats and IM?

    If you’re already using non-enterprise messaging apps, the first thing you should do is archive your conversations with your clients. Most messaging apps don’t have archiving functions on their mobile versions, but you should be able to manually copy and paste your conversation threads from the web version of these chats.

    Facebook Messenger has an archiving function, but the app defines archiving differently from professional messaging apps. In Messenger, archiving is simply putting aside a chat thread from your list of active chats. It doesn’t provide IT administrators with conversation histories, making complete reportage nearly impossible to accomplish.

    To ensure that your RIA firm fully meets compliance requirements, it is best to use messaging apps that are intended for professional use. An excellent example is Teams, Microsoft’s brand new unified communications platform that provides instant messaging, video conferencing, and more.

    How can my IT provider help?

    Your IT provider should understand the unique needs of an RIA — including your need to be systematic about how you archive your IM chats. Pairing up with an IT provider unfamiliar with the rigors of the RIA industry can put client data at risk of theft or loss. Furthermore, you’ll also be at risk of failing to meet compliance rules.

    Don’t take any chances with any random communications network. Make sure your RIA company relies on messaging services that allow for complete archiving and total compliance. Contact our technicians today to learn how you can have such systems installed.

  • Biometrics authentication for data security at your RIA

    Biometrics authentication for data security at your RIA

    Data loss is a bigger concern than ever nowadays, as cyberattackers are getting creative with their breaches and exploits. So it’s a smart choice to add layers of security — such as biometrics authentication — to make your data as difficult as possible to steal.

    Authenticate your profile on your mobile device

    Chrome OS, Windows, MacOS, Linux, and Android are all adding features to help users safely log in using biometric identification via USB, Bluetooth, and NFC devices connected to smartphones and tablets. With such convenience, users can verify their accounts on the go.

    iOS users already enjoy either TouchID (fingerprint scanning) or FaceID (facial recognition) authentication, depending on their specific device. Android users can also use biometrics to protect their data, as most new Android devices have fingerprint scanners that make use of a secure storage protocol called Trusted Execution Environment.

    Prevent cyberattacks with browser-based biometrics

    Passwords are notoriously bad at protecting users’ accounts and the information they store. Thankfully, facial scans, fingerprints, and voice recognition make it exponentially harder for hackers to commit identity theft. That means you’re also less likely to be duped by an email from a hacker pretending to be your boss asking for the company credit card’s details.

    The concept behind this protection is the practice of two-factor (2FA) or multifactor authentication (MFA). This means that access to private information requires two or more stages of authentication, instead of just one. And because biometric authentication is an active authentication attempt by the user, it makes unauthorized access much more difficult to attempt.

    Enjoy more secure online transactions

    Biometric verification will also retire the need for logging in your information when shopping online, streaming videos, using cloud applications, and other internet-based transactions. Windows 10 has already adopted features that offer limited account management with fingerprints and facial scans. Another example is Samsung Pay, which turns smartphones into digital wallets that are protected by fingerprint or iris scans.

    Browser-based biometrics is starting to revolutionize and streamline the steps in verifying online accounts. It promises to add more security and ease in logging in and transacting on the internet.

    To keep up with the latest and greatest in browser-related innovations your company can benefit from, give us a call now.

    Published with permission from TechAdvisory.org. Source.

  • A Look at Microsoft Office Delve

    A Look at Microsoft Office Delve

    Many small- and medium-sized RIAs have started using Microsoft 365 to enhance their processes and productivity. This means the amount of data created by Microsoft 365 is growing, posing some challenges in tracking connections and information. This is where the Office Delve feature comes in handy.

    What is Office Delve?

    Office Delve is a cloud-based data solution, file hub, enterprise social network, and collaborative tool developed using Microsoft Graph. It is currently available for Microsoft 365 Business Basic and Standard, Office 365 Government, Office 365 Education, and Office 365 Enterprise. This nifty tool allows you to:

    • Discover new information – Delve displays information from different sources in Microsoft 365 that you may find useful for what you’re currently working on.
    • Discover what you need – Documents you have seen before, or have recently worked on, are highlighted and made easier for you to find, regardless of where they are stored. This makes it less taxing to find work you have done/started in the past and continue from where you left off.
    • Discover new connections – Typing a name in Microsoft 365 will allow you to see what a user is working on, their connections, and even connect with them to build relationships and share information.

    How does it work?

    Microsoft created Delve with a tool called Graph to provide users with information they’ll find useful. Graph maps the relationships among the various Microsoft 365 users in your company and the content/information related to them.

    This “map” is then used by Delve to provide users with the information they need when they need it. Content and information are displayed on a card-based screen, which is found under the Delve tab in the main Microsoft 365 launch screen.

    Aside from content such as profile information and document links, users can also see likes, views, comments, and tags, bringing a deeper social integration into Microsoft 365.

    Delve also orders content in different ways, including:

    • What you’ve recently worked on – shows you content in card-form that you recently opened or worked on
    • Content that has been shared with you – shows the content your colleagues have shared with you
    • Content that has been presented to you – shows content that colleagues have presented recently, or content that has been sent to you

    If you don’t have access to your desktop or if you’re working outside the office, you’ll be glad to know that Delve is also available for iOS and Android. The mobile app version of Delve lets you browse cards with files, search for colleagues, view documents they have shared with you, and view their recent activity.

    Is my data safe with Office Delve?

    Delve keeps all your documents private by default unless you want to share them with other users. For example, if you have a document stored in a private folder, you’ll be the only one who can access and modify it through Delve. If that document is in a shared folder, it’s accessible to you and the people you shared it with.

    If you are looking to learn more about Delve, contact us today.

    Published with permission from TechAdvisory.org. Source.

  • Should your RIA migrate away from Dropbox?

    Should your RIA migrate away from Dropbox?

    Dropbox is a popular file hosting service for personal users, but as with any freemium cloud service, it has also become a popular storage option for businesses. However, as threats of ransomware and other cyberattacks come to dominate the news, many Dropbox users have begun to wonder whether it’s truly a safe and reliable choice. As a result, many RIAs ask us whether they should move client files out of Dropbox.

    The short answer is yes

    In a nutshell, your RIA should not use Dropbox for work purposes. Dropbox is better suited for personal, lower-power use such as for backing up certain personal files.

    Dropbox’s drawbacks

    • Poor administrative visibility
      Dropbox doesn’t give a lot of control and visibility to IT administrators, which is critical for companies managing the sensitive files of various clients scattered across different agents. You have limited control over who can access what.

      Another critical issue is that Dropbox doesn’t allow companies to view audit logs and remotely wipe devices. This means that if data is stolen or devices are lost, there is no way of finding out who may be responsible nor is there a way to remove sensitive information safely.

    • No granular permissions
      Different users handle data differently. This is more evident than ever with the rise of remote or home-based working and digital collaboration. So it is important for your RIA firm’s IT personnel to have some granular control over the various sets of permissions that govern your organization. This granular control prevents accidental overwrites and deletions, and helps ensure your business meets privacy standards and compliance regulations. Dropbox does not have this feature, so continuing to use Dropbox for storing private client information can be very risky.

    • Limited encryption
      Because Dropbox is a consumer-grade cloud storage system, one user’s files aren’t well-partitioned away from those of other users. It’s a public cloud at its current scale and it does take the expected measures to protect user data, albeit only at a one-size-fits-all encryption level. So if Dropbox suffers a breach, you can expect that all of its users’ data will be compromised. An enterprise-grade cloud solution will give you more control over how your data is protected, and it will also provide you with better protection tools to boot.

    • No password-protected sharing
      You can share links of Dropbox folders to your friends, making it a convenient way to provide access to photos or music. But it’s not a good idea to use it for work because Dropbox does not provide options to secure folders with passwords. There is also no way to retroactively secure previously shared files. On Dropbox, admins have no control over who can access and edit documents and the like.

    • Collaborative syncups aren’t optimal
      Dropbox is notorious for sync issues because of the way it is programmed to create temporary instances for unsynced files. Some users even report syncs failing altogether, resulting in cluttered folders and an incomplete master file. This hurts not only your productivity but also the security of your information, as it leads to difficulties in data audits.

    • Tends to be resource-intensive
      Lastly, and this is a very common complaint, Dropbox is a resource monster. Its Windows app is notorious for heavy consumption of computing power. It can render even newer laptops unusable, which is a big no-no considering most workers need to access files while attending teleconferences and Zoom calls nowadays. And with RIAs working on the go, frozen devices will truly hurt not just your company’s productivity, but also its reputation.

    Dropbox Business

    Dropbox Business solves almost all of the problems with Dropbox for personal use, but it comes with some caveats that are hard to ignore. First of all, Dropbox Business does not provide data management formats to meet specific compliance requirements — to stay compliant, you’ll have to manually set up and maintain your data system under Dropbox. SharePoint also provides customized web controls, information rights management tools, and WOPI cloud protocols, features that are unavailable on Dropbox Business. Best of all, SharePoint integrates tightly with Microsoft Office, Business Central, Microsoft 365, and more, integration that Dropbox simply doesn’t offer.

    Microsoft SharePoint is a much better option

    SharePoint is the unquestionable choice over Dropbox for RIA firms. It integrates with other Microsoft solutions, is robust and scalable, and offers the most value for businesses of all sizes. SharePoint keeps data secure, thanks to Microsoft’s enterprise-grade protection systems, and it provides your IT administrators with all the tools and features they need to ensure high productivity at all times. Plus, it’s likely available as part of your current Microsoft subscription, so moving from Dropbox to SharePoint should help reduce your IT budget each month.

    Related article: OneDrive and SharePoint for RIAs: Which one to use?

    SharePoint features

    SharePoint has an updated interface for access, interaction, and collaboration. It also has tools like Power Automate and Power Apps for improving repetitive tasks and transactions. For IT administrators, SharePoint provides control and policy tools to help ensure that all the data, financial information, and other sensitive files you handle for your clients are protected. Lastly, the app comes with SharePoint add-ins, third party extensions that further refine your processes and help you achieve success.

    How to make the move

    Migration to and deployment of SharePoint isn’t a one-click process, but that is its only main drawback compared to Dropbox. Proper setups and integration can be done through a trusted RIA-specialized managed IT partner like RIA WorkSpace. Because we have a deep understanding of the RIA industry, we are well suited to configure Microsoft SharePoint to meet your business’s specific needs.

    To better protect your data, migrate your RIA to Microsoft SharePoint. Our experts will make that transition as smooth as possible so you can hit the ground running. Contact us today to schedule your appointment.

  • Microsoft Data Loss Prevention tools for RIAs

    Microsoft Data Loss Prevention tools for RIAs

    Microsoft provides a host of productivity and data management solutions for RIAs. So it comes as no surprise that the tech giant also offers ways to protect its enterprise users from data loss. Microsoft Data Loss Prevention (DLP) is one prime example.

    If you don’t know the term Data Loss Prevention – that’s ok. But it is something you should get to know. It’s a series of tools you can use to prevent the accidental or intentional sharing of information that you don’t want shared outside of your RIA.

    The technology is sophisticated, but applying it to protect your clients and your firm isn’t complicated. In fact, it’s one of the items we cover in our list of 2021 IT priorities for RIAs. Your IT provider should be able to get you set up. If not, contact us and we can help.

    How Microsoft DLP helps your RIA meet your meets SEC requirements

    • It identifies sensitive data across locations.
      For example, you can pull up all documents containing a specific credit card number, even if they are scattered across Outlook attachments, Word documents, Excel files, or Business Central records. As long as the data is saved in the OneDrive cloud, you will be able to find all instances of specific information on different applications.
    • It prevents accidental sharing of data.
      DLP’s data tools provide access control, and can even prevent emails from being sent out if needed. It’s a great way to ensure that only the necessary information is shared with certain people, especially to those outside the organization.
    • It monitors and protects Office-based sensitive information.
      DLP can automatically recognize sensitive information and apply the appropriate data policies to them. The system also provides continuous monitoring of such content, even when they’re shared and accessed on different Microsoft applications.
    • It helps users stay compliant without interruptions.
      Because the system automatically identifies sensitive data and applies the corresponding privacy policies to them, it can also automatically inform your staff of the ways specific data should be handled. For example, if an employee attempts to send a file containing sensitive information, the system can send them an email notification about the data they’re sending out.
    • It will inform you of content that matches your organization’s DLP policies.
      Alerts and reports are readily available via the DLP Alerts Management Dashboard. You’ll be able to view how well your organization is complying with DLP policies and see what your employees have reported with just a couple of keystrokes.

    How does Microsoft DLP work?

    Microsoft DLP is powered by policies, which dictate how certain types of files and information are handled and stored. Policies contain sets of conditions that sift through email messages, attachments, and files. These conditions contain mail flow rules, conditions, exceptions, and actions that users create in the Exchange Admin Center or EAC.

    With Microsoft DLP, you can perform deep content analysis and classify sensitive data in a compliant, coherent, and powerful manner. By setting your keyword matching, dictionary matching, regular expression evaluations, and other content examination conditions, you’ll be able to thoroughly analyze which content meets organizational DLP policies and which don’t.

    Key features

    • Ability to define your own DLP policy
      At the start, you’ll define the specific coverage of your DLP policy. It sounds daunting, but it isn’t.

      Essentially, you define when and how your RIA’s content and data must be protected using a combination of Rules, Conditions, and Actions.

      Rules enforce business requirements on your company’s content, and each Rule consists of Conditions and Actions. Conditions specify the object of the Rule (e.g., files that contain Social Security numbers) and the event that threatens this object (e.g., unauthorized access). If the Conditions of a Rule are met, these trigger an Action — an automated response for protecting the object.

      To illustrate, if an unauthorized user tries to access files with Social Security numbers, DLP may respond by blocking all access to such files and sending an email notification to a compliance officer about the incident.

      You can choose to protect information stored and used in Exchange Online, SharePoint Online, OneDrive, Teams, or all of the above.

    • Notifications, alerts, and incident reports
      DLP provides administrators with notifications and corresponding override options (if applicable) so users can immediately learn about policies that cover their activities. For example, should a user attempt to send out a file containing sensitive information, DLP may block them from doing so. When this Action is taken, the program will send the user an email notification about it. This will also include a tip that allows them to override the policy if they have an acceptable justification.

      The system also has an alert protocol wherein it will send an email to your compliance officer should a rule be violated. This alert email will also contain a link to the DLP Alerts Management Dashboard, where the incident report containing details of the event that triggered the alert can be accessed.

    • Rule prioritization
      DLP executes Rules by level of priority. By default, priority levels are defined by the order in which the rules were created. But you can always define the specific order your rules will be used. Also, the system ensures that the most restrictive actions are always performed. Rules that block access will always be performed over rules that simply send notifications.

    Related article: How RIAs keep private data safe with data retention

    Advanced settings

    The main feature of advanced settings is the rule editor. It gives you total control over all settings of your DLP policy. It even allows your admins to customize instance counts, match accuracy levels, and other conditions and modifiers to suit your unique business needs.

    Make sure your RIA practice meets compliance regulations with Microsoft’s tried and tested data protection tools. Our experts are always at hand to assist with data loss prevention and more. Contact us today to have your system assessed.

  • Microsoft Office 365 encryption for RIAs

    Microsoft Office 365 encryption for RIAs

    https://www.youtube.com/watch?v=BWCw7lH7h5U?autoplay=1

    Microsoft Office 365 encryption for RIAs

    How to send an encrypted email. Opening an encrypted email.

    If you’re using Microsoft Office and need to send confidential information via email, this video will show you the ins and outs of sending encrypted email. We also highlight how the encrypted email is received in both Outlook and Gmail.

    • Encrypting an email in Microsoft Outlook
    • Adding the “Do Not Forward” option
    • Opening an encrypted email in Microsoft Outlook
    • Opening an encrypted email in Gmail
  • Hiring an IT Services Company for your RIA? Here are the things you should know

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

    Whether you’re negotiating a contract renewal for your current IT services company or looking for proposals from new potential partners, there are a few things you should know from the start. The goal after all is to establish a relationship with a company you can trust for the long term. Nobody wants to be doing this all again in a year.
    If you want to find a good fit for your RIA who can improve your current IT situation (and not make it worse), start by asking these questions.
    1. Do you have experience working with RIAs?
    Your RIA is not just another SMB. You manage highly sensitive data that, if compromised, could put your entire firm at risk. Find an experienced IT services provider who understands your unique challenges and needs.
    Your IT provider should:

    • have experience working with RIAs and the financial services industry and understand the sensitive nature of your client data and how to protect it
    • offer affordable enterprise-level security (off-the-shelf security setups don’t cut it for an RIA). They should immediately recognize you need advanced threat protection and data loss prevention tools.
    • help you meet your SEC compliance requirements

    2. Who makes up the team that will be supporting our firm?
    There are lots of different models of IT support companies out there. Some are a mix of sub contractors, outsourced helpdesk banks, and employees. You want a company who has the right people available when you need them.
    Your IT provider should:

    • give you an assigned team so you’re always dealing with the same people who get to know and understand your business. Those team members should be highly trained and certified professionals with a diverse skill set.
    • have employees (not contractors) overseeing your account at all times so there are no lapses in service levels, and someone is pro-actively looking for improvements and recommendations for your firm. This includes a real person answering the phone, not voicemail.
    • offer in-office support if you need it. It’s increasingly common to work with IT service companies outside your local area, especially when looking for a company with a specific area of expertise like an RIA needs. They should still offer in-office support however, possibly through a local trusted network.

    3. What can we expect when staff put in a support request?
    While there is a lot your IT services company does “in the background” that you’ll never see, many of your IT needs will be those day-to-day requests from staff. Expectations for how these service tickets are handled is a really significant part of your IT support contract. Get it all in writing.
    Your IT provider should:

    • have standard response times that they share with you. These will likely be based on the urgency of the request with critical items dealt with immediately.
    • use a documented process to prioritize, assign, and manage all your requests. Without a system in place, things get missed and service levels can suffer. You want consistency and to be sure your requests don’t end up in a “black-hole” somewhere.
    • be available when you need them. This goes for both service requests as well as pro-actively monitoring your network and infrastructure. Pressing problems on the weekend cannot wait until Monday.

    4. How is our data backed up and secured?Not all IT service companies manage data backup and security the same. If you’re a small or midsized RIA, they might assume you’re like other SMBs and don’t need anything extra. It couldn’t be further from the truth. RIAs (of all sizes) should use a combination of onsite and offsite backups if possible with regular testing.
    Your IT provider should:

    • give you the option for both onsite and offsite backups to minimize risk. Backing your data up at multiple locations keeps it available should one location be compromised.
    • conduct regular (at least semi-annual) backup testing that includes confirming: 1) the backup is successful AND 2) that it can be restored. The second half of this testing is often missed. Ask for regular reports that both are done.
    • monitor backup alerts in real time and use automatic alerts to notify their team if issues emerge. You want any concerns addressed as soon as they emerge.

    5. Is our service package all-inclusive and for a fixed fee?
    Some IT service providers offer support on a break-fix hourly model. You end up with unpredictable IT costs and nobody pro-actively monitoring your network. Many RIAs prefer all-inclusive packages because they want a predictable price and full management of their IT.
    Your IT provider should:

    • be clear about what is and isn’t included in their service packages. You want to be sure that “all-inclusive” means everything you need for your IT and extra projects or support don’t end up costing you extra.
    • not require you to purchase hardware or software from them as a condition of the contract. Many IT service companies want everything purchased through them which can create a conflict of interest.
    • offer a trial or money-back guarantee if you change your mind. It should be easy to back out of an agreement if it turns out not to be a good fit. You don’t want to be stuck with an IT company you don’t want to work with.
    Getting started with a new IT service company for your RIA.

    Ideally, your relationship with an IT service company will be a long and happy one. To get there, spend some time researching potential partners. Ask for referrals from another RIA. Request proposals from at least 3 different companies so you can compare your options.
    If you’d like to receive a proposal from our team at RIA WorkSpace, you can request one today and we’ll be in touch with more details.