Blog

In this episode of RIA Tech Talk, What’s The Best Document Storage Solution For My RIA?
There are a lot of options for document storage and an online search will provide lots of reviews and recommendations. However, it’s important to consider the solution based on the specific needs of an RIA or financial advisor firm. An RIA is very different than a bank or a hospital, and review sites don’t really help when it comes to industry specfic requirements.

Listen To The Audio


Read The Transcript

Document management solutions for RIAs can be categorized into four main groups. 

1. The Big Players

• Microsoft, Google, and Citrix offer solutions like OneDrive, SharePoint, and Citrix ShareFile.
• While SharePoint stands out as a winner for RIAs due to its enterprise-grade features and integration capabilities, others like OneDrive may not meet the specific needs of an RIA.

2. RIA Specialty Players

• Redtail Imaging, NetDocuments, Laserfiche, and similar solutions have historically been popular in the RIA space.
• However, there’s a noticeable trend of RIAs transitioning away from these specialty solutions towards more versatile platforms like SharePoint or Box.com.

3. Big Cloud Players

• Dropbox, Box.com, and Egnyte are renowned for their user-friendly interfaces and robust collaboration features, making them attractive options for RIAs seeking seamless document management.

4. File Servers

• Surprisingly, many RIAs still rely on traditional file servers or network-attached storage for document storage, despite the prevalence of web-based applications in other areas of their operations.

And the winner is

In our view, the best option for RIAs is Microsoft SharePoint. Don’t let old perceptions cloud your judgment; SharePoint has evolved into a powerhouse for document management. It integrates seamlessly with RIA CRMs and industry software, offers enterprise-grade security features, and facilitates real-time collaboration.

In conclusion, SharePoint ticks all the boxes for RIAs seeking an efficient, secure, and integrated document storage solution.

If you’re not using SharePoint yet, dive into our detailed guide on selecting the best document storage solution for your RIA and start exploring SharePoint’s capabilities today.

READ: What’s the best document storage for your RIA

If you’re currently on Microsoft OneDrive, discover why SharePoint might be the better choice for your RIA’s needs.

READ: Why your RIA should ditch OneDrive and use SharePoint instead

Listen To The Audio:

Read The Transcript:

Todd W. Darroca

Hello, hello, and welcome to the RIA Tech Talk podcast, brought to you by RIA Workspace. I’m Todd Darroca, and alongside me as always is Mr. David Kakish. Together we’re on a mission to simplify the complex world of technologies for RIAs just like yours. So in the podcast, we’ll be your tech guides breaking down those often confusing tech topics, and we’ll put them into plain practical terms for you. And so we hope you join us each week and each episode as we dive into the latest tech trends, we’ll share expert insights and help you navigate the ever-changing world of the RIA technology universe. So let’s get started. David, hello. Hello, hello, how are you?

David Kakish

I am fantastic, Todd. Yourself? Good?

Todd W. Darroca

I’m doing well. I’m doing well. And before we started today, I don’t know if most people who are listening to this, we’re at the end of this big Arctic blast, so I know David, you’re keeping warm as well as I am. So it’s a little nippy up there where you are. Is that correct?

David Kakish

Yeah, right here in Chicago. Our high today is 34, so it’s a heat wave.

Todd W. Darroca

Well, David, we’re going to talk today about document storage. So that’s the big topic for today. What is the best document storage solution for my RRA? And so David, obviously your team works with tons of RIAs every day, obviously. So what are you seeing out there right now when it comes to document storage?

David Kakish

Yeah, thanks. Yes, we’re going to talk a little bit about document storage specifically for your RIA. One of the big things that we see with a lot of the Gartner reviews and the third party reviews is they’re talking about document management, but they don’t really say, Hey, what’s the best document management solution for an RIA? So a bank is very different than an RIA hospital is very different than an RIA manufacturing company is very different than an RIA. So a lot of the third party reviews that go out there and they review Microsoft and Dropbox and Google and everybody else, they’re not necessarily saying, Hey, how do I as an RIA with five employees, 20 employees use that? And that’s really what we’re going to focus on today. I’m really interested in what’s the best document management solution for your RIA and for other RIAs that are in this vertical. And there’s one clear winner in my mind and they’re not paying me to do this, by the way, I should say that. We’ll

Todd W. Darroca

Hold the suspense for later.

David Kakish

We’ll keep this up. Quick disclaimer, I’m not getting paid to announce who the winner is, right? This is based on our experience, but also I also want to talk about a really interesting trend that I’m seeing here in the, there’s a shift that’s happening and it’s an interesting that I just want to share with the listener. But I guess, Hey Todd, just for fun, I know you’re not a financial advisor, but we talk about this. So when I ask you about a document storage solution, what comes to mind? It’s a fancy word for something else, but when I ask you that question, document storage, what comes to mind? I’m curious.

Todd W. Darroca

I mean, right off the top, it’s Google Drive, finding an iCloud drive, putting my storage there. But also I have an external hard drive, literally right next to me here in the studio. And I a lot do a lot of editing and stuff, so obviously I put it there. So that’s where I put a lot of scripts and other things in that. So I’ve got external and in cloud storage. So that’s what comes to my mind is, and also I think for me it’s how can I access the document quickly and fast, quicker and faster as I’m traveling? So that’s also how I look at document storage is where can I easily access it no matter what computer I’m on and where I’m at.

David Kakish

Yeah, yeah. And then for RIA is a real big one I’ll typically throw in is they’re always thinking about the security. If somebody leaves, how easy is it for ’em to take the files or some of the information and stuff like that. So security and then IT compliance, those are kind of things that pop up. So alright, so there’s four, I’ll jump right on in Todd, if that’s okay with you. There’s four.

Todd W. Darroca

Oh yeah, yeah, let’s go for it.

David Kakish

Alright, cool. And I get excited about this stuff, so I don’t want to get too excited that I get ahead of myself, but there’s

Todd W. Darroca

Four only for you. David would get this excited about that. It’s great though. We love it. Alright, let’s go for

David Kakish

It David. Yeah, yeah, it’s kind of funny, I get so excited about it. Even when I’m talking to potential new clients, I have to keep myself not get off on too many tangents, but I love the podcast. This gives me a venue to like, yeah, you know what? I want to talk some more because again, when I’m talking one-on-one with clients, I have to remain focused. But here we get off on a tangents and we have fun with it. Okay. Alright. Document storage solutions. They fall in four categories. The first category are the big players. Think Microsoft, Google, Citrix, that’s one category. The second category are the RIA specialty players such as Redtail Imaging, net documents, Laserfiche, the category number three or the third category is the big cloud players like box.com, Dropbox, ignite, that’s that. And then the fourth category. And Todd, you probably looked at the notes, but if I were to ask you what’s the fourth category without looking at the notes,

Todd W. Darroca

I haven’t looked that far ahead, I’ll tell you that. Oh, okay, okay, okay. So you’ve got the big ones, you’ve got the small niche ones and the big cloud players. What about iCloud stuff or would it be external? Well, no,

David Kakish

I would still classify Apple as the big player, right? Big players,

Todd W. Darroca

Yeah, about I guess onsite, onsite storage, like my external hard drive kind of stuff.

David Kakish

Yeah, exactly. Exactly. That’s a both category. Got it. So there’s still a good number of RIAs that still have a file server in the office or a network attached storage or shared drive. Different people will have different things for it. Everybody, it’s kind of funny, I’ll even say this outside of the cloud’s, like the big thing and this and that and stuff like that, and that’s cool, but outside of the RIAs, there’s still a ton of technology where there’s still a lot of on-premise servers, onsite servers and things like that. But in the RIA space, we don’t see that a lot, but there’s still that fourth category of people that still have a file server or a shared network attached storage or a shared drive, whatever, and it sits in their office. So those are the four broad categories.

Todd W. Darroca

Can I ask, David, is that when you see people who have them onsite, is that because of legacy where they just don’t want to change and they where it’s at, is it because of compliance issues with Starbucks or something else? Or is it just because, why do you see that? What’s the main reason why they have that

David Kakish

Onsite? Yeah, both Legacy is a big one. Compliance is a big one, and then for the longest time there’s this fear of, I put it on dropbox.com, it’s very easy for the outside world to get ahold of all that. You brought up something at the top of the call, which is really important. It’s like, Hey, how easy is it to access it when I’m driving? But sort of a follow up to that is how easy is it for somebody to access that and take it and potentially expose RRIA, how do we secure it? How do we lock it down? And it’s a balancing act. But yeah, and here’s the deal. I don’t want you or the listener to think that, Hey, listen, if you’ve got an onsite server or network attached, you’re behind the times. Everything serves a business just because something is, Eric on my team likes to say that, Hey look, we don’t play with our clients in the bleeding edge space because bleeding edge has a lot of bugs.

We play in the leading edge. So there’s a difference between the bleeding edge and the leading edge. And I’ve incorporated that a lot and with many of the big players, I usually don’t go with V one or V two, we wait until V three when they’ve sorted out all the bugs and stuff like that. So to be fair, it’s not like if somebody has got something in their office that they’re way behind the times, it’s just that it made sense and they kept it. And also for the people that want to maximize their investment, you bought a server, you want to leverage it, you want to use that. But yeah, so does that answer your question? Yeah,

Todd W. Darroca

No, that’s great. Thank you.

David Kakish

Cool. Alright, so these are the four categories. I’m going to take each category and kind of talk about it vaguely. Then at the end I want to keep a little bit of suspense, so I’m not going to announce the winner yet, but I will at the end. So alright, Microsoft, lemme talk about Microsoft, Google, Citrix, and we’ll throw in Apple too for good measure. Even though Apple isn’t like Apple is pretty big in the consumer space, we don’t see a lot of, and again, I’m talking about their storage, not the macro or anything like that, but their storage, they’re not. So with Microsoft, there’s a product that’s called OneDrive, and there’s a product that’s called SharePoint. OneDrive is great for a consumer or a small business. I would not recommend that for an RIA. SharePoint is more for an enterprise or a big business. And when I say SharePoint, many of our listeners remember SharePoint from 10 years ago. A totally Microsoft has totally revamped that. It’s basically a way for you where you can use SharePoint, where you’re using File Explorer on your Windows computer or you’re using Finder on your MacBook. And I’ll just kind of leave it at that.

A lot of people know this, right? Because schools use it and Google has Google Drive and it’s part of the G Suite or what Google now calls Google Workspace. Not a lot of RIAs are using that. There are some are. And then Citrix has, excuse me, Citrix has something called Citrix share file. And this has been very popular with RIAs for quite a while now because it’s a great way, the big challenge with RIAs is how do you send and receive secure documents with your clients? So if I’m an RIA, how do I easily send and receive documents? Because email encryption can sometimes be clunky and hard for the recipient. So Citrix Share file had a phenomenal solution for quite a long time and there’s a lot of people that are using that and it’s an easy and secure way for me to send and receive files.

And where we see a lot of RIAs using that, we see a lot of CPA firms using that, like tax documents and stuff like that. You don’t want to send that over regular email. And then Apple has the iCloud, but iCloud is really consumer. We don’t really see a lot of businesses that are using iCloud in the way that you’re thinking about that. So those are category one are the big players, Microsoft, Google, Citrix, and Apple. Got it. Make sense? Yeah, yeah, definitely. All right. I’m going to move over to category number two, which is the RIA specialty players. So these are document storage solutions that focus on RIAs. Sometimes there’s some other verticals too, but financial advisors, RIAs is the big one. Red Tail Imaging, nut Documents, Laserfiche, docu Pace, world Docs, e-file cabinet. And these are people that have done really well traditionally in this space that focused on financial advisors and RIAs.

What’s really interesting that we’ve seen over the last, I’d say three to five years, a lot of RIAs are moving away from these specialty or these niche players to main players like Microsoft, Google, and Citrix. It’s really, really interesting. And I think what’s happened is historically there was a lot of value add when you use something like laser featured net documents, there’s a lot of workflow and things like that. And what’s happened is so many of the features and simplicity of these big players, it’s available now that using something like laser feature net documents isn’t really adding that much value using, if I use SharePoint or Google Drive or Citrix ShareFile, and the big one for a long time was the integration with my CRM. So if I used wealthbox or Redtail or whatever is my CRM, I wanted something to integrate with that and the specialty players integrated, but the big players now integrate with that. So it’s really interesting to see that trend. And if you look at that, they’ve actually, a lot of these players have lost market share to some of the big players in this space.

Todd W. Darroca

Have you seen the specialty players here? Are they answering back to I guess losing market share from the bigger companies? Or are they fighting back at all? Are they changing how they’re doing things? If an RA was to look at these kind of things, is there any benefit still to going with a smaller niche one or is it

David Kakish

Comes down to integration? So I’ll keep it simple. If SharePoint is going to integrate it with Wealthbox, why am I using a third party tool, like a laser piece or whatever it is? That’s really what it comes down to. I think what these niche players have concluded is they’re not going to beat Microsoft and Google and Citrix at the document storage game, but they are going to beat them at A CRM and other specialty, other value add things that you can provide. So yeah, if you’re going to go up against Microsoft or Google, you’re going to lose that battle. So they’re focusing on other things rather and the value is just not there anymore and why play in that space? That’s kind of what I’m seeing that and then, yeah, so would just, and it’s interesting trend. This is my analysis to why that is.

Maybe there’s something else going on, but that’s sort of my analysis. Got it. Okay. Alright. So again, category one we said are the big players like Microsoft and Google and Citrix and Apple Category two are the RIA specialty document storage solutions, Redtail and others. Redtail Imaging I should say is also A CRM. And then category three are the big cloud players like box.com, Dropbox, ignite, and those are probably kind of the big ones. So Dropbox box.com and Ignite that we see playing in this space. And I think why, to your point, why people started using that was very easy to use, very intuitive and great collaboration. Like hey, I can quickly access this one on the road. I don’t have to use my VPN to remote into my file server and then do this or I don’t have to. It’s not super complicated for me to share something with a client or with a partner, but also adding some of the security to sort of lock that down.

So these are kind of the big cloud players and to be fair, there was a void that they were filling and that’s why people kind of flocked to that and they did that. Okay, yeah. Then the fourth category again, doesn’t mean you’re behind the times or anything, it just means you’re maximizing your investment is where you have an onsite file server or you’ve got some kind of a network attached storage or a drive or you’re doing something like that. Now the big challenge we see with people like that is as a whole, the entire industry in the RIA space and financial services and wealth management has moved to web-based applications. So I’ll use one example, think of a juncture. You used to have Juncture server edition, now there’s Juncture Cloud, everything is sort of moved to a cloud-based application. So what happens is, I’ll give you an example, and this is what frustrates a lot of people that have an onsite server is they’ll be working from home, they can access all of their applications, but to access their files, they have to remote into the firewall in their office a Cisco VPN or a SonicWall VPN or whatever, and then they can access the files and folders and then they have VPN issues then.

So Todd, to your point, this is kind of really, if you’re not working in the office all the time and you’re working remote, it’s like, oh man, you’re just dealing with it and it’s the last thing you want to be dealing with, right? A VPN issue or it’s not syncing or whatever the case might be. But again, if you’re physically in the office most of the time and you’re working and that file server is right there, you’re not really going to hit a lot of issues. But also the big thing with File Server that I see is not a lot of people are doing a great job of backing that up. And what I mean by that is their confusing redundancy on that server with backup and their IT provider isn’t necessarily giving ’em a backup report or clearly showing that it’s been backed up and stuff like that. So there’s some night near stories out there, but they’re not going to announce it. But where they thought something was being backed up and it really wasn’t. So

Todd W. Darroca

Lemme ask you about that when it comes to redundancy and backup. So way back when this all first kind of came out, you would say, we have to have three redundancies on here. So if something goes out there, we can still access it here or let’s make sure we back up the backup so we have our files. In what you’re seeing now, are you seeing your clients having two solutions at the same time, like a Dropbox and a Google, or are you seeing the space be more secure and reliable that that may not need to happen anymore? Yeah,

David Kakish

It’s a great question. So when I talk about, let’s just pretend because people can wrap their head around the file server or a server that contains the files, right? Yep. What you had on that server is you had something called redundancy. So you had three hard drives. If one of them failed, no problem, that server could continue, but redundancy is not the same as backup. You want to have the redundancy because hard drives fail and you want to continue to have that, right? So you had the redundancy on that server, but then typically back in the old days, it seems like ancient times you would back up to tape or another hard drive and you would take it home and you know what I’m talking about, right? Yeah. Oh yeah. Oh yeah. And then the technology advanced where you’re like, okay, great, I have an onsite server, I can do a backup to the cloud, so I have another backup that’s sitting in the cloud securely taking that. And you’re asking a great question because not a lot of people are thinking about that. If my data is sitting at Dropbox, and it could be anybody, Microsoft, Google, whatever, I’m going to pick on Dropbox, it’s sitting there. These companies, because this is their bread and butter, they have a ton of redundancy, right? The odds it’s 99.9999, the odds of something happening to that file or folder because of Dropbox is practically zero.

What people don’t think about is what if you hire a new employee and he goes in and he deletes everything, ORs, I don’t know, Todd goes in and deletes a critical file folder structure. Well, that has nothing to do with a redundancy that has to do more with like, Hey, is it archived? Do I have the ability to go back? A lot of places give you the ability to go back up to 30 days, but what if Todd went and deleted something and it’s 90 days later, right? Yeah, done gone. So you bring up a really good point, which is there are people now that say, Hey, listen, my stuff is sitting at Google. I want to have a backup someplace else with a third party company or Microsoft or whatever. And that’s something for you to think about and I’ll tie it into the winner, but I just wanted to talk about the four different categories of document storage solutions that are out there. And I guess, Todd, I’ll turn it back to you if there’s anything you wanted to add or ask, and then I’ll announce who I think the winner is in my view.

Todd W. Darroca

No, I think from the client side, from just in general, obviously you work very closely with RAs and I work very closely with tech companies and other people in the space, and I will agree that they are going more toward that more stable, bigger box solution just because of one, as many times I’m a contractor for them, they can easily shut me out whenever they want to and they, they’re lowering their risk of me doing something crazy, which I would never do. But that’s one of the things. But I think too now because of the remote work and companies, their talent pools bigger and locations are all over the place, they are trying to find that one solution. And these bigger ones do offer them that reach, but also the secure file sharing that they need. So from my different viewpoint, I would agree that that is what I’m seeing a lot of too. And I rarely see integrations are a big thing. And for me too, a lot of the tools that I use from the tech marketing side, integrations are still a big thing, but they were very niche at one point, but now you’ve got obviously Google and other players that are just seamlessly integrating and saying, well, here you go. So as a person who uses those platforms, you’re right. Why would I want to have to manage three platforms when I can just manage two, the one I’m using and the backup storage or the other cloud

David Kakish

Server? Yeah, I mean the one thing that I will say is a lot of times when you’re using a third party tool to backup up, you’re not really using it. That’s your insurance plan, right? That’s

Todd W. Darroca

The security blanket. Yeah,

David Kakish

Exactly. That’s exactly what it is. So it’s not like it’s sitting on Google and then you’re using two platforms at one, it’s sitting on Google and then you’ve got it there, just you’re right as a security blanket.

Todd W. Darroca

So who’s the winner, David? Who would you say is the better place to store your documents? I can only guess. I can only guess. So

David Kakish

I am going to go ahead and put it a quick disclaimer. Nobody I’m not getting paid to save. I’m not getting paid by this company or by this vendor, anything like that. So in the space, we’re in the RIA space, the clear winner from my perspective is Microsoft SharePoint. And for anybody that’s been listening to me, again Todd, it’s not a

Todd W. Darroca

Surprise. I asked him folks, I said, look, you had a secret deal with Microsoft. But I will say he is vendor agnostic. A lot of discussions that we have, he’s very vendor agnostic,

David Kakish

And again, I’m not listen outside of the RIA space or other industries or let’s just say in the academic world or Hey, listen, Google’s a big player for many different reasons and I get it, but specifically for financial advisors and RIAs, Microsoft SharePoint’s, the clear winner, and let me qualify a couple of things here. Please don’t think it’s the same SharePoint from 10 years ago. That’s number one. The way that this SharePoint works is you basically, again, on your computer, if you’re using Windows, you open up File Explorer, it’s indexed locally on your computer, but it’s saved at the Microsoft data center. You don’t even have to have it local on your computer on a MacBook. You just open up Finder and then you’re working. And again, it’s indexed on your MacBook, but it’s saved at the Microsoft data center. If you are going to be working without an internet connection, you can download it and work locally and then when you connect to the internet, it’s going to sync up.

So from an employee perspective, it’s very, very, very simple and easy to use. It feels, it’s basically totally integrated with my Windows computer or my MacBook. Now on the backend, there’s a lot of enterprise security that we set up, and part of the reason why I say this is a winner, it’s many reasons. The enterprise security is a big one, but also you’re most likely paying as an RIA. You’re most likely already paying for your Microsoft subscription to use the Office Suite, Microsoft 365 and SharePoint’s included, you probably just don’t know it. And it integrates really well with the CRMs and with RIA software, everybody wants to integrate with a Microsoft solution now. So you can have a link from your Word document or from that file folder structure that you can kind of put into your CRM security groups and permissions. I’m telling you, if you’re using OneDrive, that’s good, it’s okay.

But SharePoint is 10 times better than OneDrive from the security groups and permissions, for example, most of our clients, what we’re doing is most of the folders are locked down internally, and you can not share that with the outside world, but there are specific folders, mark folder, one dash external. You can share that with the outside world. Part of the reason why Citrix share file was very popular and now it’s sort of dying away in this specific vertical was you could easily share files back and forth, Hey, to upload a secure document, click here, and they click on the link and then they upload that. That is something that is available with Microsoft SharePoint. The other thing that you can do, if you work a lot with a firm, you’re a financial advisor, you’re an RIA, but you work with Todd’s CPA firm, you can actually have external folders where you can securely share back and forth Todd and I, where we don’t have to email things and Todd can upload that.

The other thing that we can do, and we do this for our clients, is you asked about sort of backup and disaster recovery, we’re actually archiving these documents. So we’re doing a backup within Microsoft Data Center, we’re doing two backups, and then we’re doing file versioning so that if I overwrite something, I can go back up to now this needs to be set up. I can go back up to 500 times and say, hang on, give me that document from two weeks ago before I overwrote and I lost 10 hours worth of work. And again, you can hyperlink directly to files and folders or the Word document or Excel document itself. And so I’ve talking about some of the features because again, not a lot of people know that this is something that is available and you can do sort of in the Microsoft ecosystem, but that’s why I say I’m like, listen, Microsoft SharePoint is the clear winner.

It doesn’t mean the other guys are bad or that they don’t work or anything like that. But I like it because again, you’re probably paying for it and you don’t know it. And I like it because it integrates with a lot of the third party applications in this RIA vertical. And then I like it because there’s a lot of things that you can do with it that you just don’t know about it. So anyways, and there’s just a lot of misconception around that, right? I’m like, Microsoft is the easy company for people to talk smack about. And I’m like, yeah,

Todd W. Darroca

It is. But they just became, I think they got the top place enough for the most valuable company over Apple after all those

David Kakish

Years. Oh really? I didn’t know that.

Todd W. Darroca

Oh,

David Kakish

I haven’t

Todd W. Darroca

Been following you. There you go.

David Kakish

I’m so focused on very specific solutions. I didn’t look at that. That’s interesting. The new CEO is doing phenomenal. Alright, so Todd, I covered a lot of stuff and you could probably tell I get excited and again, there’s just some misconceptions around that. Again, I don’t want to say Google is bad because Google is not, I don’t want to say that these, they’re not, there’s specific reasons to why in my view that Microsoft is the winner and I share that. Yeah, of course.

Todd W. Darroca

Yeah. Okay. So lots of information as you said, you covered today, David. So let’s remind listeners and watchers what they need to think about when it comes to these document storage solutions. We’ve got four categories. First category is Microsoft, Google, and Citrix. Those big players out there that you should keep in mind. The second category in that storage area is the RIA, specialty players like Red Tail Imaging, net documents, and Laser Fish. And you were saying that these are slowly going to the side now because of the integrations that the category one companies are doing by making it a lot simpler

David Kakish

Because these companies are focused on A CRM or portfolio management or something very specific. This has just been another product that they introduced, but that’s not their core competency and their core focus. So that piece is kind of really disintegrating quickly. Action. Got it.

Todd W. Darroca

Okay. Category three, we’ve got the big cloud players like box.com, Dropbox and Ignite. And then the last category, category number four is that onsite storage, the servers onsite site that some of the RAs still use out there and some companies who are not RAs do still use it. And obviously David, your final recommendation is for those to use Microsoft SharePoint for a variety of reasons. But the big reason is, David,

David Kakish

You’re paying for it already. There’s a lot of enterprise security that you can do with that, and then you could use hyperlinks that you probably weren’t aware that you can do. Those are probably the three main reasons. And then I should say, hey, if you want, we talked for quite a while about this, but we have a much shorter article on our website and we’ll link it in the show notes. That’s basically saying, what’s the best document storage for your RIA? And we put, it’s much more summarized there, so you can get the gist right there. But then also if you are using OneDrive, we are going to link it in the show notes while your RIA should ditch OneDrive and use SharePoint instead. There’s very specific articles and those are much more concise. You can look at that and you can see what that is. Hopefully, Todd and I are also entertaining you beyond just talking Tech,

Todd W. Darroca

And if we are, hey, leave us a review and subscribe. And I will tell you as a marketing guy myself, leaving those reviews really do help with the algorithms that we have to play with Apple and all those stitchers and all that stuff. So please leave us a review, and as always, we do want to hear from you. So if there’s an episode that you’d like us to focus on of a specific topic, just send it over in the notes or email us and we’d love to hear from you and get your feedback. So hey, we do want to say thank you again for listening to the RIA Tech Talk podcast. Make sure you hit that like and subscribe button, and of course it’s brought to you by ria, a workspace. And so for more podcasts and resources, go to staging-riaworkspace.kinsta.cloud and check out the learning center where the show notes will be. Excuse me. The documents that we talked about will be in the show notes, but also on that resource center. And so again, for David Kish and the whole entire team here, we want to say thanks for joining us and we hope you stay tuned for our next episode

About RIA Tech Insights. We’ll see you next time guys. Thanks so much.

David Kakish

Thank.

In this episode of RIA Tech Talk, David explains the benefits of a single sign on solution (SSO) for RIAs and financial advisors and provides insights on how to choose one that fits your office. 

Listen To The Audio


Read The Transcript

Here are the highlights from the podcast:

What is SSO  – Web Single Sign On ?

SSO a secure way to access your web-based applications with a single login.  This includes common RIA applications like Wealthbox, Tamarac, Orion, redtail, salesforce, e-money, QB online, and others.  Your team accesses their SSO via a browser, it’s highly secure, and allows everyone to be more productive. 

SSO is not a Password Manager

Many RIAs are either not using SSO at all or are using a consumer solutions like Chrome Password Manager or LastPass. 

LastPass is not an SSO solution, LastPass is a password manager.  SSO and password managers are 2 different things.  Password manager will not provide the security a RIA or financial advisor needs. 

What are some of the best enterprise SSO out on the market today?

We generally recommend Microsoft, Okta, OneLogin, IBM and others that you’ll find on Gartner’s Magic Quadrant for Access Management. 

For our client’s, Microsoft is the clear winner for 3 reasons:

• It’s in the Gartner Leader Magic Quadrant
• There’s a lot of enterprise /big business security features built it
• If you have Microsoft Enterprise 365 E3 or E5 subscription, it is included in your subscription. If not, you can upgrade or buy the Microsoft Entra Single Sign On add on.  A

Microsoft SSO Security

There are several security features that are important for an RIA or financial advisor:

• Microsoft ‘s SSO solution comes with enterprise-grade security which should be the standard for anyone in the wealth management space
• There is a secure direct integration between Microsoft and the software vendors
• All your accounts are protected by Microsoft Security and their best practices
• This includes Identity Management & Protection with Azure Active Directory. This is what over 90% of Fortune 1000 companies are using. 

What do RIAs like about SSO?

• It’s very easy to access from a work computer. They simply open a browser and all the web-based applications are listed.  Remember, the work computer must meet your IT compliance requirements before they can log on with their SSO. 
• Very productive for employees with everything in one space.
• Our clients rest easy knowing that the security is enterprise-level.
• When you fire or hire an employee it’s very easy to disable or enable new accounts.
• You can identify critical application that an employee can only access from a certain location or certain compliant computer. For example, you can restrict access to the IP address in your office. 
• Logs are available so you can see what apps a user accesses via their SSO, when they accessed those applications, which location, and so on.
• SSO simplifies shared web accounts when you want to give login access to multiple people to access applications like Fedex or UPS. You’re able to give them access without sharing the actual login credentials. 

Listen To The Audio:

Read The Transcript:

Todd W. Darroca

Hello and welcome to the RIA Tech Tech Talk podcast, brought to you by of course, RIA Workspace. I’m Todd Darroca, and alongside me is David Kakish. And together we’re on a mission to simplify the complex world of technology for RIAs just like yours. So in this podcast, we’ll be your tech guides breaking down those often confusing tech topics into plain and practical terms. So we hope you join us for every episode as we dive into the latest tech trends, share expert insights, and help you navigate the ever-changing world of RIA technology. So David, welcome. I’m glad you’re here with us as always, as our captain, my captain, telling us about some good stuff inside of what’s happening in the world for I a technology. So today we are asking the question about single sign-on what’s the best single sign-on solution for my RIA. It looks obviously cybersecurity attacks, keeping things safe, it’s always a big deal more now than ever. Good topic to start on. First off, why should anybody care about an SSO?

David Kakish

Yeah, well hey Todd, I’m always mesmerized as I listen to you. You’ve got that DJ voice.

Todd W. Darroca

It’s taken a lot of practice to get there, but no, it’s really weird. Every time just like I get a mic on it just automatically flips on. That’s

David Kakish

Funny. Alright, so to the topic at hand, to the topic at hand, web single sign on a lot of RIAs, and basically it’s a way for an RIA where you can secure your web-based applications, think like e-money, Salesforce, Redtail, Wealthbox and so on, and why this is important for you as RIAs, A most RIAs that we start working with are either not using it or B, they’re using a consumer version of a single sign-on solution, or they’re using a password manager like ClassPass as a single sign-on solution. So I can confidently tell you that out of all the new RIAs we work with, probably over 80%, they’re either not using a single sign-on solution, or if they are using one, they’re using a consumer version one and not an enterprise version. And so what we’re going to be talking about is an enterprise version of secure single today and why you want to use that.

By the end of the session today, you’re going to know, hey, here’s some of the options that are out there. There’s one that for us is a clear winner and we’ll tell you why. And then you can go ahead and can implement that yourself or you can reach out to us and we’re happy to help. So just kind of a highlight of what we’re going to go over today. And again, I try not to get too much into the technical jargon. Most of our listeners are managing partners, chief compliance officers, VP of operations and stuff like that. So this is not meant for an IT person, this is meant for a managing partner or a chief compliance officer at an RIA with 10 20 people. Okay, got

Todd W. Darroca

It. Awesome. So let’s start with the basics then. David, what is web single sign on? Let’s start right there.

David Kakish

Yeah, so if you look at a typical RIA today, vast majority of the software applications that they use are no longer server-based. Remember five, 10 years ago you had a server in the closet that was running like your files and your application and things like that. Today, most RIAs are using web-based applications. Think Dropbox, think e-money think salesforce.com. Again, wealthbox, Orion, Redtail, the list goes on and on and on. And so the question becomes now that you’re using a lot of web-based applications, how can you use an RIA secure those web-based applications? And so what essentially this is, and I’ll share this here on my screen in a minute, what this basically is, it’s a way for you to go ahead and access all of your web-based applications securely. And think of it as you hire an employee or hire Mary, she opens up her browser and then she sees a dashboard for e-money, Salesforce and everything else. As a matter of fact, let me share my screen here and then you can go ahead and see that. So I’m going to share my screen.

Todd W. Darroca

I’ll walk those who are listening through David’s demo, but he’s pulling it up right now. So

David Kakish

Todd, do you see my screen right now?

Todd W. Darroca

I do. You’ve got the apps dashboard with a whole bunch of apps on there, including eight by eight teams booking Calendly.

David Kakish

Exactly. Yeah, exactly. So all that I do is I open up my, I’m on my computer, my computer is secure and registered to my company. I open up the browser and then I can come in. And what I did is I came here and I opened up my apps, my applications, and this is tied into my Azure active directory account. And if you look, these are the web-based applications that I use. I have it as a dashboard one, and then the Microsoft Web-based applications are also available. But just to kind of go back here, I have active campaign, I have QuickBooks online, I have Bamboo hr, I have Zoho, CRM, and a combination of other things. Your RIA would have the applications that you would use, wealthbox, salesforce.com, Orion and so on, it would all be listed right here. And I’ll click on Calendly as an example.

What’s going to happen is it’s going to automatically log me in and now I am a lot more productive. I don’t have to remember all the usernames on the passwords, but on the backend it’s a lot more secure because what I have essentially done is I went ahead and now it’s a much more complex password that’s tied into my Microsoft account. So anyways, I just wanted to share that quickly because again, you may know what that is and you may not, but don’t confuse a password manager for a single sign on and I’ll talk about that. I’ll talk about the problem in a minute. But just at a very high level, for those that are not familiar with web single sign-on, I wanted to explain it and then show it to you. So from Todd as an employee, you would be a lot more productive because you don’t have to remember 10 different passwords and usernames and then you’re a lot more secure because now much, much tighter integration with Microsoft and a much more secure password that’s tied into that.

Todd W. Darroca

And just so I’m clear too, this is very different than multifactor authentication like a duo mobile or all those other kind of enter this number into that that is not single sign on correct for a while. That’s why I was thinking that’s why.

David Kakish

Well, a lot of the so correct multi-factor authentication and single sign-on are two different things. We already have multifactor authentication built in. So when I logged into my computer, it forced me to, so think of it as this way, what you saw was just a glimpse. I’ve already signed securely into my computer, this computer knows that it’s me and Microsoft acknowledges that it’s me and that’s why I can securely access these web-based applications. But yes, secure single sign-on is a way for you to productively and securely access all of your web-based applications for your company without compromising usernames and passwords and things like that.

Todd W. Darroca

I want to go back to what you said earlier when we first started the podcast here, you said about 80% or that was your best guess, 80% are not using an SSO. And so I’m astonished by that. Maybe astonished too strong of a word, but I’m surprised Why is that? And I know you were going to touch on a couple of big problems that you see. So is that one of them or are there other problems that you’re seeing that RIAs and SSOs, why they don’t get along so much or there’s conflicting cation channels?

David Kakish

So I just want to qualify that 80% are either not using single sign on or they’re using a consumer version of single sign-on think of like Chrome SSO, it’s really a password manager. It’s not a single sign-on LastPass. It’s a really great password manager, but it’s not single. And people kind of confuse the two sometimes. And this is just really phenomenal. The big, big reason why is historically single sign-on solution was available for large enterprises. So really big businesses use that. And it was really complicated to set that up for a small business RIA 5 10, 25 employees. And so that’s what that is. When I say 80% are not using it, they’re not using single sign-on at all or they’re using a consumer version of single sign-on very, very, very few are using an enterprise or a big business single sign-on solution. So I just wanted to qualify that a little bit. Okay,

Todd W. Darroca

Gotcha, gotcha. Why?

Todd W. Darroca

Ahead. Go ahead. So why do you think that they’re not using that bigger enterprise solution? Is it cost? Is it just ignorance of understanding what that is or that is surprising? Yeah,

David Kakish

So I think it’s a combination of things, right? Number one is just sort of understanding that again, a password manager is not a single sign-on solution. And then the other thing is these enterprise businesses historically have not made it easy for a small business with 10 employees, 25 employees, five employees to use a single sign-on solution. If you think about, and we struggle with this all the time, right? Because we’re always bringing the latest technology that enterprises are using to an RIA with 10 employees. Think of a vendor or a software vendor that has something built specifically for banks where each bank has like 10,000 employees. They’re not even going to return the phone call for that RIA with five employees, right? So we kind see that. So it’s a combination, it’s education. The product has been really focused on these large enterprises and it’s been to be fair, complex and expensive, but not anymore. That’s part of why we’re talking about this and want to bring this to the RIA that’s listening to us and really highly recommend that you implement this single sign-on solution.

Todd W. Darroca

So what isn’t considered a single sign-on? So for example, you mentioned LastPass, and so I do use one of my clients, they gave me a full dashboard of, hey, here’s everything you need to have to access to just click on it and it’ll fill the password in for you. So what makes that not a single sign-on solution if I have all the passwords there, sure. And am I still safe, secure wise when I use those items or is there a different level of security I get with an enterprise level, obviously. But

David Kakish

Yeah, that is a great question and that’s sort of the crux of it all right? Which is, look, having your username and passwords in Excel spreadsheet is not a good idea and some people have that. So having it in something like a keeper or LastPass is really smart. But LastPass, and we see this a lot is not a single sign-on solution. I’m going to tell you the difference because what LastPass and you still want to have a password manager like LastPass, right? The LastPass is going to list a username and a password for something. You might need to share it among employees or whatever. With the SSO solution, what happens is I create a dashboard for you, Todd, and then you go into that dashboard and now you’re accessing Redtail and Wealthbox and e-money and Orion and salesforce.com. You as an employee, you don’t know what that username and password is for Salesforce, you’re just accessing that.

Whereas with LastPass, it’s giving you the username and it’s giving you the password. And what happens now is Todd no longer works with us, we’re going to let you go. You already know the username and the password for salesforce.com in a single sign-on solution, I disable your main account and now you can’t access salesforce.com, you can’t access whatever web-based application. So that’s one. And then also when we hire you, this dashboard is kind of created for you. You can go and you can’t access these web-based applications securely. You as an employee, you don’t know that username and that password.

And to kind of expand on that, many of these software vendors also have a really great direct integration with Microsoft. And so the security is much, much higher because now you’re not relying on just a username and a password. And then, but wait, there’s more. So the last thing that we see, and not a lot of people are using this, but it is really nice, is I can look at logs like, Hey, how often is Todd accessing salesforce.com and wealthbox? And by the way, where is he accessing it from? And then another security feature for really highly sensitive applications, I can lock it down and I say, Hey, Todd can only access this from inside the office, or I can restrict it to access within the US or from your home office and the work office. So you start looking at some of these highly sensitive applications where you want to really lock it down and you can really do that. So now you begin to see the difference between single sign-on and password manager. There’s some similarities, but they are sort of two different things

Todd W. Darroca

When you talk about you can get a log of who’s using what app for how long, is this something that all the time teams are asking for new software applications? Or let’s say they want a sales navigator and it’s so much money per month, can I see that they said they wanted it, but let’s just see if they’re actually using it is can I use a single sign-on solution to see how much they are using that app and say, look, you wanted it, but now you’re not using it at all and here’s the proof. Is that something I can do in poll?

David Kakish

Yeah, absolutely. And I didn’t even think about the application that way. That’s interesting how you’re even thinking about that, right? I’m like, oh wow, yeah, that’s actually really smart. Hey David, I put in a request to use this. Really get that

Todd W. Darroca

All the time.

David Kakish

And so you can look at the logs and you can say, Hey, how often are they using it and how long are they in it and where do they log in from? And different things like that. So yes, absolutely you can do that. And I’ll take it a step further. There are some applications where there’s shared credentials, think like FedEx and UPS. So you’ve got maybe three employees that are using the same username and password. So what we can actually do is we can set up Todd and David and Mary and Bob to use that same FedEx account. They just don’t know what that username and password are, but they can go in and they can use that and they can be fully productive within that right there. So there’s a couple of different ways you can do that. But yes, I didn’t even think about the way that use case that you just presented, and I think that’s phenomenal.

Todd W. Darroca

Yeah, I just think you’ve got these huge programs that are worth like $10,000 a month and you’re always hearing, I need that, I need that, I need that. And so it’s good as a business owner to be able to go back and say, okay, is it worth the investment we’re doing now? No, it’s not. So let’s knock it off and improve that bottom line. So if I’m looking for an SSO, tell me what are the best enterprise ones that I should be considering and what things should I consider if I’m going to, or when I decide to buy one of these?

David Kakish

So before I answer that question, back to the previous point, something we’ve done here in our businesses where somebody’s asking for something, we’re going to say, okay, great, what is that going to replace? So what we’ve trained them is, and now they come and they’re like, Hey, we want use this tool, but we no longer use this tool, so we want to swap it and it’s going to break even. So that’s a very common practice that we do here on purpose. Now if there’s a business case and it’s net new, we will go ahead and we’ll do that. But everybody’s been trained that well, if you’re going to do a new thing, what’s the old thing that’s going to go away? Yeah, talk

Todd W. Darroca

About a technology stack that’s obsolete after a while. Alright, yeah. So let’s tell me about the top ones to use and ones and how I should consider them.

David Kakish

Sure. And I’m going to share my screen. I have a really nice Gartner report here. So if you look, this is a Gartner report, the Gartner Magic Quadrant report. And if you look, it’s really nice because if you haven’t seen this before, it’s nice because they do it basically on the ability to execute and then completeness of vision. And then up in here are typically the leaders or the winners in the top right hand corner. So if you look, the really two big ones in this space is Microsoft and Okta. And then there’s some other players like IBM. Historically what we’ve seen is Microsoft, Okta, and then one login. Those are kind of the big ones that we’ve seen. But there are other players and we we’ll include this Gartner report in the show notes, so you can see that. But yeah, Okta, OneLogin, IBM, Microsoft, those are probably the big ones. And for me, there’s a clear winner and I’ll explain why in a minute, but I’ll come back to you if you wanted to ask something or add what I just said.

Todd W. Darroca

And that magic quadrant, everybody wants that top. If I’m as a business owner, I’m like, I want to get the best, the one that can get me everything I can. How should somebody, is that the end all be all of like, Hey, anything in that right hand side quadrant, if you wanted to use that, that’s what you should be using. Or should I be considering different levels? First, we talked about a five to 10 person business, but maybe you base it off of not employees, but revenue size or how many business units you have. Are there anything that I should consider specific characteristics or specific priorities I guess that I should consider when I decide on one of these?

David Kakish

Absolutely, absolutely. Generally speaking, everybody wants to be sort of in that top right hand corner, that’s kind of the leader. You’ve got the best ability to execute and you’ve got the best vision. But funny enough, and it’s funny that you asked that question in the bottom left hand one where unquote people don’t want to be there. They’re considering those niche players or niche players. And so to me, if they’re focused on my niche, absolutely I want to work with that. So that’s something to keep in mind. Now, there aren’t really any niche players in this specific vertical, so I would definitely look in the top right hand corner. And especially in this industry where people say financial services and they think it’s all encompassing. Well, an RIA is very different than a trading company, very different than a bank, very different than a credit union and so on. And so generally speaking, if they don’t focus on your niche, then you want to be in the top right hand corner.

Todd W. Darroca

So in your opinion, who’s the number one that I should be? That’s the best top of the line.

David Kakish

If people have listened to me for a while, they’re probably not surprised.

Todd W. Darroca

Who is it, David? I can just guess. So

David Kakish

For us, and for me, the clear winner is Microsoft and people love to talk trash about Microsoft. They’re the easy target. And I’m sharing a Gartner report where they’re in the top right hand corner, but there’s really three reasons. Number one is I love that they’re in the leader quadrant in the Gartner report. That’s a third party objective survey. The second thing is there’s a lot of enterprise or big business security built in. So I know we’re talking about SSO, but actually this report by Gartner is the magic quadrant for access management. Think of this as sort of identity management and not just single sign on. And I’m going to give you a really simple example. If it’s detected that Todd, all of a sudden you logged in and you are Austin, and now you logged in and you were in Denver for whatever reason, it’s going to force the multi-factor authentication because it’s saying, hang on, that doesn’t make sense.

Why is Todd logging in from two places at once for most of our RIAs, the entire businesses in the us So we restrict access to only within the us. There’s no reason for anybody to access it from France or whatever. And so there’s a lot of what I would call enterprise security built in, and I touched upon to that. And then the third reason is really pricing. It’s probably already part of your Microsoft subscription and you don’t know it. So if you have the Microsoft Enterprise E three or E five subscription, this is already part of your subscription. If it’s not, Microsoft has a product, they just changed the name of it. So I’m going to put a disclaimer, I don’t know what they’re going to stick with in the future, but now it’s called Microsoft entra single sign-on, and you can go and you can buy that. What

Todd W. Darroca

A sexy name that is.

David Kakish

Yeah, they literally, they just made this change, but whatever. That’s fine. I’m just going to call it the SSO and the pricing. The pricing, right. I’m going to pop it here real quick. I don’t have it memorized, but if you get sort of the, the premium version of that, it’s $9 per employee per month if you get that. So just again, it might be part of your subscription check into that, but if it’s not, then you can get that single sign on as sort of a, you have to do the math. Is it better to upgrade, right? Or is it better to buy it as a standalone? But we’ll leave that up to the listener how to do that.

Todd W. Darroca

So what impresses you about Microsoft’s SSO from a security perspective?

David Kakish

Yeah, I think again, one of the big things is just, again, I call it big business or enterprise security. There’s just so much that’s kind of built in here. And again, it’s just think of locking in access for outside the us. That’s a pretty big deal. If you have a really critical application, locking access to inside the office or specific IP addresses from home or things like that is really nice. The other one that I really like is that secure direct integration between the Microsoft and the software vendors. And what I mean by that is everybody wants to, excuse me, everybody wants to integrate, have a direct integration with Microsoft, and I’m not talking about some Zapier integration or third party integration or something like that. I mean, having that direct integration is really good. And then I guess I’ll leave you with this thought.

And again, all of my accounts are protected by Microsoft security and best practices, but the thing that not a lot of people realize is this whole concept, identity management and protection, you’ve probably heard about something called active directory or Azure Directory Services. This is what over 90% of Fortune 1000 companies are using. And so if they’re using it, if over 90% are using this technology, we take that same technology, that enterprise technology, and we extend it to your RIA with five employees, 25 employees, 10 employees and so on. So for me, I know people talk about SSO, but for me it’s really about identity management and protection. And SSO is a component of that.

Todd W. Darroca

So obviously you’re recommending it to your clients, and I’m sure that some of your clients probably already have this within their system or their technology stack. So how are your clients using that? If you give us a little insight into that, and then what are you hearing from them as far as what they’re liking about it or even what they’re not liking about it? But

David Kakish

Yeah, I mean, listen, we use that here too. I use that personally and I’ve become very, very dependent on that. I use it all the time, and I think we’ve touched upon some of these things, but for me, remember, my computer is already compliant to my company. So I log into my computer, my computer meets the IT compliance requirements, all that fun stuff. I open up the browser, any browser, and then when I open up that browser, I can go and I can click in the top right hand corner where it says my apps, my applications, and then I get that dashboard of all the different applications that I use. I’ve created for demo purposes, I created separate dashboards, but let’s just say a really great, and so for me as an employee, that’s it. I turn on my computer, I do what I needed to log in securely, and then I open up my browser regardless of what the browser is, and then I can access all of my web-based applications. It’s kind of like a dashboard for the business. Phenomenal, fantastic, and productive. The really nice thing too is if I am not part of the accounting team and I don’t need to use QuickBooks online, I won’t even see that application listed right there.

Todd W. Darroca

Got

David Kakish

It. So there’s a lot of really, really great

Todd W. Darroca

Noise then for me. Yeah, that

David Kakish

Makes sense. Yeah, yeah, exactly. Exactly. I showed you in my demo, I have a lot of applications just for demo purposes, but most people don’t have all those applications listed. And so for me and for our clients, what we love about it is for me as an employee, I am so much more productive. I don’t need to worry about all the different passwords and different things like that. I log into the work-based applications. I’m productive. I do what I need to. And so as an employee perspective, I’m a lot happier. It’s easier. I don’t have to manage all this other stuff on the backend for your chief compliance officer and the people that are looking at the security, it’s a lot more secure. Got it. And then what I want you to think about two scenarios that really come in handy when you hire a new employee, and then when you fire somebody.

So imagine you hire somebody and all of their applications are right there on that browser, and you don’t have to give them the last pass with all the credentials, right? And then we let go of, we Fire Bob, we need to let go of Bob. Bob’s probably working from home or whatever the case might be. We disable his main account and then he can’t access all these other web-based applications. Rather than saying, hang on, where’s my spreadsheet? What did we give Bob access to? Let’s go in and manually disable all of his accounts and things like that. So that’s kind of what we’ve seen that are a pretty big deal. And then I touched upon this before, the highly critical applications, you can really, really, really lock that down. And then the logs, you can kind of look at the logs and then the shared web accounts that you have with multiple employees. Again, think UPS, FedEx and so on.

Todd W. Darroca

When somebody does, one of the things I always think about is implementation of this. How long is it going to take to do it and can I do it myself? So you say if I have a subscription that’s either an E three or E five, I probably already have it. So what is that? Is the setup pretty quick? I just turn it on and it’s all set up, or what does that look like? How much time do I need to make sure to invest?

David Kakish

So we typically set up all of our clients with, is there any onboarding process? There’s a lot of different things we do in the onboarding, and that’s one of them. You’re asking a great question. I don’t get involved in setting this up. I know there’s two different ways to set that up. You can have an admin in your company and the admin sets up all the credentials for all the employees. Again, I’ll pick on the chief compliance officer, but it can be anybody. So Mary is the chief compliance officer. She can set up all 10 employees with this whole single side on solution, and they will not know what that username and password is. So that’s one type of setup. The other type of setup, if you wanted to, employees would know their own username and password and they can kind of set it up themselves.

That’s typically not the best way to set that up, but that is an option to do that. Yeah, there’s a little bit of work to get this set up in the beginning. It’s not plug and play. And so I would encourage you to research it or to talk with your IT provider or reach out to us. We’re happy to help. I don’t want to mislead the listener and say, yeah, it’s kind of like installing office. You do need to set up some things inside your Microsoft tenant to get that going. But what we find amazing, and even for me is it just becomes such part of your operating system, your daily operating system, because you use these every single day all the time. And to the point that I can’t remember, I had an issue once. I’m like, hang on. I’m like, I can’t work. And so the single sign on has become mission critical because that’s how we access our main web-based applications. But yeah, there’s a little bit to set that up. There’s a little bit of work that your CCO would want to do. Most of our listeners are probably not do it yourself. So I’d encourage you to reach out to your IT provider or reach out to us and we’re happy to help.

Todd W. Darroca

Cool. So we’ve covered a lot a lot today. I think this is probably one of the meatier ones that we’ve discussed so far. So tell me, if I were to walk out of my car or whatever, I’ve looked at this podcast or watching it, what are my key takeaways? What are the big three things that I should remember if I’m going to go do an SSO or thinking about pulling that into my tech stack?

David Kakish

Yeah, so the big takeaway, or maybe even better yet, the question for you is why are you not using the Microsoft single sign-on solution for your web-based applications? A lot of RIAs are using the Microsoft platform, right? Not all of them, but many of ’em are. And so my big question that big insight is why are you not using the Microsoft single sign-on solution? It’s better security, it’s better productivity. The answer is you probably don’t know that it’s available, or you probably didn’t know that that’s part of your subscription, or you probably don’t know how to implement that, and that’s okay. I would just encourage you to reach out to your IT provider and just say, Hey, look, I listened to this guy, David, we listened to Todd and David. They’re talking about this SSO stuff. Microsoft has something. Can you help us with it? And if they can help you, fantastic. If not, reach out to us and we’re happy to do it. And if you want to read up more on it, we’re going to include in the show notes, we’re going to include the link to the Microsoft products. You can go read up on it, and then we’ll also include report to the Gartner report. So you can go and do that. But again, the big question, the big takeaway is why are you not using Microsoft Single Sign-on for your web-based applications?

Todd W. Darroca

All right, well, there you have IT folks. That’s a big question. See if you can answer it. Hopefully you can answer it pretty detailed and take some steps forward to get yourself more secure and productive in your team. Of course, David, we’re also going to put a lot of these other resources and links to the previous podcast episodes on our website, ria workspace.com, and just click on the learning center folks and you’ll be able to access all this information. Well, that’s it for this episode for the RIA Tech Talk podcast. We want to thank you so much, and also thanks to RIA Workspace for bringing on this great podcast for our weekly updates to our listeners. And so feel free to reach out to us for more information or questions or topics that you’d like us to cover. Again, we want this to be a two-way conversation, not just me and David being talking heads. So please let us know what you’d like to hear next or things that you’re really interested in us diving into. Again, for David and myself, thanks so much for listening to us and we hope you stay tuned for our next episode with more RIA Tech Insights. So we’ll see you then.

David Kakish

Thank you.

Explore the world of RIA technology with insights from the RIA Tech Talk podcast by RIA Workspace. In this episode, Todd Darroca and David Kish discuss the relevance of onsite computer and IT support for RIAs. They delve into common assumptions about the necessity of onsite assistance, addressing misconceptions and shedding light on the shift towards remote support.

Listen To The Audio


Read The Transcript

RIA tech expertise trumps location

In this podcast we highlight that most RIAs, regardless of location, prefer remote support due to its efficiency and cost-effectiveness. Understanding the specific needs of RIAs is crucial for your IT provider, and a lot of local providers simply don’t have that experience and don’t understand your unique challenges. 

Few tasks can’t be done remotely

It’s a myth that certain tasks, like new computer setup or office location configuration, require an onsite presence.  In reality, these can be efficiently managed remotely.

Remote doesn’t mean slower

The podcast also challenges the traditional view that local support guarantees faster response times.  The truth is that remote troubleshooting often surpasses onsite support in speed and effectiveness.  In fact, a local provider might use remote troubleshooting for most of the work they do for you anyhow. 

The cloud makes onsite less important

Modern technology has shifted towards cloud-based solutions, rendering the need for onsite support less critical.  Most issues are resolved remotely. 

Listen To The Audio:

Read The Transcript:

Todd Darroca (00:10):

Hello and welcome to the RIA Tech Talk podcast, brought to you by RIA Workspace. I’m Todd Darroca, and of course, joining me every time is Mr. David Kish. Together we’re on a mission to simplify the complex world of technology for RIAs just like yours. So in this podcast, we’ll be your tech guides breaking down those often confusing tech topics into the plain, layman’s term, practical terms for you. So join us in each episode as we dive into the latest tech trends, share expert insights and help you navigate the ever-changing world of the RIA technology. So let’s get started. David, welcome. Obviously, it’s good to have you here, always here because you’re the one who knows all this stuff. I’m just here to be your sidekick, but today’s session is, does my RIA need onsite computer slash IT support? So David, is this a question a lot of our a’s ask and why is it important for them to be asking themselves this question if they’re not?

David Kakish (01:09):

Yeah, it’s a really important question and we actually get this question a lot based in Chicago, but we support RIAs nationwide. And so the quick answer to that question is yes, we provide onsite support, but the follow-up question is, do you need onsite support, right? Computer IT support and so on. And so by the end of the session today, you’re going to know whether or not your RIA needs onsite computer and IT support why some RIAs are comfortable with remote IT support and why some want to have the onsite IT and computer support and kind of where you fall in. So Todd, if it’s okay, well I should say I want to welcome you, I want to welcome the listener and let’s kind of dive right on in.

Todd Darroca (01:55):

Yeah,

David Kakish (01:55):

Yeah, yeah. So I guess I’m going to talk about it in detail, but I don’t like calling you a sidekick because I think a lot more than you claim to know. But if I asked you that question, let’s pretend you’re that CCO, the Chief Compliance Officer for an RIA with 10 employees. I guess I would ask you that question. Do you need onsite computer and IT support for your RIA and if you needed that, what would you need it for? I’m asking you. I’m playing devil’s an advocate. Yeah,

Todd Darroca (02:32):

I guess the first thing I’d ask is how much is it going to cost me to have an onsite person there and is it worth that full-time employee being there just for 10 people? I don’t think I would honestly, I probably wouldn’t hire an IT guy or person.

David Kakish (02:51):

Let me rephrase the question. I’m not necessarily saying hiring an IT person. Most RIAs are not hiring an IT person. They don’t want to manage an it. They’re like, oh no, that’s the last thing you want to do. But if you worked with a company that provided you IT support and IT services. Got it. Yeah. Would you want it onsite IT support and what would you want it for?

Todd Darroca (03:14):

I would, yeah, just so that I could be able to quickly, if I had a fire drill, I can get somebody right away. I can quickly just go over to them and see what’s going on. And if there was a security breach or something, I at least have somebody there that I can grab quickly. So I’m always hesitant just for people to be remote just because I dunno if I can get ’em that fast. So especially if things are happening, it’s just like are they going to respond fast enough if something happens? So

David Kakish (03:48):

Your big thing is like, hey listen, if we need something, we need it fast, right? And then the next logical, at least in your mind it’s like, hey, if fast means that they’re local or they come on onsite right away. So the irony of all that is fast is a lot faster when it’s remote than it’s onsite because even if they’re 10 drive from you, they prefer to provide a remote support faster rather than actually scheduling an onsite visit and doing a lot of that stuff. So it’s interesting, your line of logic on that right there, and I’ll dive into it, but I just wanted to tell you, even if you worked with an IT provider and they were 10 minutes away from you, it’s a lot faster for them to provide you with remote support rather than put an engineer in a car, drive to your location and provide support with you that way.

(04:34):

So I just wanted to quickly talk about the speed thing. Alright, so I’m going to dive right into that, but Todd, I like how you’re thinking about this, right? It’s a speed thing like, hey listen, there’s something going on, I need it and I need it fast. I don’t care if you’re remote or on site. At least that’s what we get. Yeah. Alright, so again, the question comes up a lot. Does my RIA need onsite IT computer and IT support? And if so, what kind of support is needed for that? We’re based out of Chicago. We support RIAs nationwide. We do have the ability to provide onsite IT support regardless of where you are. It’s an additional fee. The ironic thing is when people see that additional fee, most of them choose not to go with that option and most RIAs prefer to do it all remote now.

(05:19):

So I just wanted to kind of quickly do that and then you and I were going to kind of dissect different pieces of that. And one of the first questions that comes up is what about onsite servers, physical servers that I might have in my office? So that’s one of the things that comes up. What’s happened really over the course of the last five to 10 years, most RIAs that are 5, 10, 25 employees no longer have an onsite server. Or if they do have an onsite server, it’s doing something very simple like a file server or something called a domain controller. You don’t need to have that anymore. And again, most RIAs have moved to web-based applications, think Salesforce, red Tail, Orion, Tamarack and so on. And so yes, 10 years and before you had a lot of onsite servers and there was complexity and this and that and all that fun stuff.

(06:16):

You don’t have that today. And even the people that actually have that today we’re decommissioning those onsite servers for ‘EM and running everything on the Microsoft cloud because you don’t need to have, let me put it to you this way, I haven’t met a single RIA in the last two years that has a core business or IT requirement to run a server in their office. I’ll just leave it at that. So I don’t know if you had any follow-up questions on that. I can talk a lot about this, but any follow-up questions or did you want to ask me something else?

Todd Darroca (06:48):

No, that’s just interesting to me. And obviously technology has advanced duh, but it’s just interesting that most of the servers are not on site anymore or that they’re decommissioning them and that the cloud, the cloud has become much more secure and people are obviously trusting that more. So that’s just interesting, especially I don’t know if data laws or regulations require or used to require that they were on-prem and maybe that’s just by industry, but that’s just interesting. I wouldn’t think they would decommission them, but obviously

David Kakish (07:22):

Yeah. Yeah, and it is. I mean if you think about what did a server in your office used to do 10 years ago as an RIA, it used to run email, it used to run your files, it used to run applications, your applications and things like that. And then it used to be security and fun stuff like that. So when you think about email, almost everybody has embraced that I don’t need to have an email server in my office anymore that it’s a hosted email with Microsoft or Google or whoever. People say, okay, you know what? It’s much more redundant, it’s much more secure. It’s the same thing with applications. When you think about applications, a lot of the applications have moved to web-based applications. So you used to have a CRM that used to run on your server in your office and now you’re using Salesforce or Red Tail or take your pick of wealth box, whatever, take your pick on that.

(08:20):

Those are all web-based applications. They’re not running on that server anymore. There are some very few exceptions, but you don’t really need that. And then the third part is your files and folders. So what are people using today? They’re using Google Drive. An RIA is using SharePoint, dropbox box.com and so on. And so when you start thinking about that, you’re like, all right, what is my server? What’s the purpose of my server in my office anymore? There is no purpose. And when you had again servers in your office, there was complexity, you kind of needed to manage that, you had to do a lot. But we’ve sort of eliminated that. And so a business today running web-based applications, and I’ll use Microsoft and there are others that can do this, but you have your own private Microsoft network or your Microsoft tenant, and that is just for your RIA. It’s not shared with anybody else. And you can accomplish all that in your email, your applications, your web-based applications, your files and folders, and then your security. So anyways, so to answer your question, as an industry holistically, they’ve moved from onsite servers to no need to have that. And so a big part of an IT person coming onsite a lot of times was also dealing with the complexity of an onsite server. And that’s kind of gone away.

Todd Darroca (09:44):

Got it, got it. So what kind of IT equipment, what is that IT equipment that’s in my office. I don’t have the servers and all that. What is that in my office?

David Kakish (09:54):

So a typical office, again, whether you’re three people or 30 or it doesn’t matter, it’s going to be the same thing. So typically you’ve got your internet connection and then right after that you have a network firewall. Some people will call it a router or something like that, but let’s you think a network firewall and then you have a switch and then you have a wireless access point and then you just have all the computers and printers that sort of connect and you’re working. So again, from a network perspective, you have a number one is a network firewall. Number two, you have a switch. And then number three, you just have a wireless access point. And those are the three things that, and again, those are typically we manage, monitor and maintain all those remotely. We don’t need to come on site to do that.

Todd Darroca (10:38):

When you talk about coming on, you come in remotely, obviously there are some RAs that will only want to work with a local provider. So why is that? If servers are more on the cloud and it’s all going offsite, why do some still want that person in? Honestly, I would do the same thing. I’d be like, yeah, I want a local guy here. So I guess what have you seen in your experience of why that is in broader respects? Yeah,

David Kakish (11:11):

Let me kind of talk about it this way. I think, again, we work with RIAs nationwide. Most of our work is done supporting them remotely. We have the ability to be on site when we need to be on site. It’s an additional fee to do that. The vast majority, over 90% prefer to just go with a remote option. They’re saving money and things like that. Now, there is one valid reason why RIAs typically will work with a local provider and it’s part of their DNA and they say, Hey look, we’re a company, we’re based in Detroit. We want to support the local economy and we want to work with a local IT provider. We’re based in Chicago. And I get it, I understand that, I respect it. And it’s sort of just a company policy to say, look, we’ve really set up our company. So we only work with a local IT provider and it doesn’t happen a lot, but it does come up on occasion.

(12:10):

I go, Hey, listen, I respect that. And that’s fine. And you can absolutely do that. Now, the only problem that I would say, and I am very transparent when I say this, is you’re an RIA with seven employees, 15 employees, whatever that number is, regardless of a UM, when you work with a local IT provider, they’re a good local IT provider. They don’t understand the unique challenges of your RIA. So you might be 12 employees as an RIA, but you’re different because your requirements for cybersecurity, for IT compliance for productivity are very different than that business across town or across the street with 12 employees. Both of you might be 12 employees, but your local IT provider is going to treat you very similar to the other company you’ve got as a 12 person RIA, you have millions in a UM, that other company. And so your requirements for big business or enterprise security in a platform are just very different than that other business.

(13:12):

And so a lot of times what happens is they work with that local provider and then realize within a year or two that they’ve kind of outgrown them or there’s a disconnect where it’s not that local provider doesn’t care about security or IT compliance. They don’t realize that they need it. Like your RIA needs it just like a big business needs it. You need a big business cybersecurity and IT compliance requirement. So in many ways you’re doing yourself a disservice by working with a local IT provider. Now you’re helping the local economy. And I get it and I respect it, but there’s just so many. Again, they’re treating you like a 12 person business that doesn’t have millions of dollars in AUM m. So that’s a little bit of what we see, but honestly, that’s one of the biggest valid reasons why people will sometimes work with, again, even in a remote market, I use Detroit as a major metro, but you could be out in the middle of nowhere Iowa and you say, no, we want to work with a local company because we want to support the local economy. But again, you’re just doing your RIA little bit of a disservice because you’re working with somebody that just doesn’t get the uniqueness of your RIA.

Todd Darroca (14:21):

And I think it’s interesting, and this kind of goes back to what you said earlier, that most companies are working with remote support and many times the support or the tech support will just want a remote in. So I’m assuming that probably these local IT providers do the same thing. They’re probably not coming in, they’re probably just remoting in, right?

David Kakish (14:47):

Yeah. Yeah. You bring up a good point. So it’s funny, your it, and I get this all the time, and I talked about this earlier, you might be working with a local IT provider in your town that’s a 10 minute drive from your office. But when I ask, and I get this a lot, and my favorite question is asked to say, Hey, listen, in the last year, how often have they been on site? And they sit down and they think, right, just kind of like your brain was thinking through and they’re like, as a matter of fact, they’ve not been on site in the last year or even the last two years, or if they have been on onsite, it’s once or something very minimal. The way that MSPs and IT companies are set up, even if they are local to that market, is to quickly help you remotely.

(15:33):

And then if it’s needed on site, that’s sort of the secondary, and then it gets scheduled and okay, we’ll have somebody out there tomorrow or next week or something like that, but kind of like that fast response that’s happening remotely anyways. Even if the company is a five minute drive from your office, it’s a waste of time for that local IT provider to put an engineer in a car drive to your place, get into your place and do that. Not that I’m not saying that they don’t do that, it’s just a lot slower and that’s sort of the secondary response. But again, yeah, you’re right, Todd. I find it interesting. I ask and they’re like, oh yeah, but there’s that comfort level of, Hey, I’m working with Todd and Todd’s local and I get it and I respect it, but Todd hasn’t been on site for the last one to two years.

Todd Darroca (16:22):

So what would be the common issues that you would need someone on site or at least that historically I would need to call somebody to get on site. Again, like I said, I would rather them come in fast, but as you kind of pointed out, it’s a 10 minute drive, it’s X, Y, and Z, so what were the common issues that I would need somebody on site for?

David Kakish (16:42):

So these are the things that we do remotely for our clients, and we’re able to do that remotely. And actually a lot of IT providers, even if they are in your local market, will do it remotely, but there’s a misconception that, hey, I need somebody physically in my office to do that. So I’ll talk about a couple of those things. One of the things that comes up a lot is like, Hey, how do you set up a new computer? We hired Mary and Mary’s going to start in two weeks. We need to get her new computer set up, right?

(17:11):

An RIA, like yours, A-C-C-O-A lot of times will think, oh, okay, I’ll call Todd, Todd’s local, and then Todd will come on site, set it up, and everything is good to go. All this is done remotely. We ask you to just plug it into the internet. We set it up for Mary, her Outlook, her applications, the credentials and all that fun stuff. And so we do it all remote. We don’t need to be physically on site. Where we need your help is just to plug in the internet cable so we can get it to the internet, and then we just take it from there. That’s how we’re doing it with our

Todd Darroca (17:45):

Clients. And you can add security software that let’s say somebody loses their laptop, you can wipe it. You can still do that all remotely. Wow. Yeah,

David Kakish (17:55):

Exactly. Yeah. Yeah. So we actually just by default, we do that. It’s a good point that you bring up. And what we’re doing is we’re installing encryption and then we’re also installing remote wipe. And then I won’t get into this too much, but it’s the same thing with your iPhone and your iPad and Android and stuff like that, but I’m just using a computer as an example. Gotcha, gotcha. Cool. Yeah, the other, go ahead, you were going to ask.

Todd Darroca (18:17):

No, yeah, I’m just taking it in as far as I remember. I dunno if I’m aging myself. I remember when you’d have to go to, when I joined a company, you’d get a big old laptop and you’d go over to your CIS admin and they would set you up with all the software and the deep freeze kind of stuff to wipe it. Again, I’m not surprised, but it’s just, it’s different now that you can just do it, plug it into the internet, and then somebody else can set it up for you. So

David Kakish (18:48):

Yeah, the key by the way, just is setting it up whether you’re onsite or remote, doesn’t matter, right? It’s just setting up the right security mechanisms, the right applications, all that fun stuff. Yeah, cool. The other really big misconception too is a new location set up. Let’s just say you’re in Austin and you say, Hey, we want to open up another office in Houston or whatever the case might be. Again, typically even if you’re going to have a new office and you’re going to have five employees work there, number one is a network firewall. Number two is a switch, and number three is a wireless access point. And we have the ability to configure and set all that up remotely. What we don’t have a patent on is plugging everything physically in person. We need somebody to do that. And so we have the ability to have somebody be in Houston or whatever market for a half a day to set this up, but there’s a fee for it.

(19:47):

And so Todd, we’re like, Hey, I mean, I’ll just kind of say it. Typically it’s $150 an hour for either four hours or eight hours to have somebody there. So you do the math and Todd calculates the math and his heading, you know what? That’s okay. We’ll have Bob on our team plug it in for you so you can beat his eyes and his ears and it’s not that hard. So we walk Bob through it and it’s pretty simple. So I would say 80 to 90% of the time people prefer that option, but there are occasionally where they say, Hey, look, we’re busy. We don’t want to, Todd’s not really good with his hands, just that’s okay, bill us and have somebody out for a full day or a half a day. But again, even when we do that, that person that’s on site isn’t configuring it. They’re just plugging it in and that’s it. We’re doing all the configuration and all the setup remotely. So again, computer setup, we do it all remote, new office setup or a new location setup. We do it all remote, but again, we can be on onsite if you want us to. The third one, so I’m talk about the three most common ones is like, Hey, what about printing? How do you guys help me with printing remotely? Isn’t

Todd Darroca (20:53):

That crazy that still after all this technology, the printer is the thing that still busts or causes the biggest headaches in life? The printer?

David Kakish (21:03):

Yeah. Well, and it’s funny, it’s just not a big deal for our clients because we troubleshoot all that remotely. There’s a network printer that everybody can connect to or there’s an individual printer to my computer. Now, obviously we can’t remotely put in the toner and stuff like that. We’re working on a patent on that. We’re

Todd Darroca (21:25):

Not there yet. Not yet, not yet.

David Kakish (21:27):

But in terms of troubleshooting, like, hey, I can’t print and this and that. And again, the funny part is if you work with a local IT provider, they’re going to want to troubleshoot that remotely before they even come in. So I’m just kind of painting the picture. The three most common ones that people assume you need to be on site and you don’t is a new computer, set up a new office location. And number three, just printer troubleshooting. Listen, I’m going to even go a step further. And I would say it’s actually even an advantage to support you remotely because a lot of RIAs today work in the office and they work at home and the question becomes, Hey, I need help, but I’m not in the office, so what you going to come to my house or just help me. I don’t want you coming to my house.

(22:15):

Stuff like that. And it’s faster. It’s funny, at the top of the call, you and I were talking and you mentioned speed, and I go, I can assure you, even in our local market, just so you know, in Chicago with our clients where we do go onsite, we have it set up so that the fast support is remote, and then anything onsite gets scheduled. So we’re really resolving things remotely first and then scheduling that on site, even if you’re a five minute drive from where I’m physically at right now, that’s how we’re, plus by the way, we should say a lot of our people work remotely anyways. They work from both. So the location of the office is somewhat irrelevant, but even us, I’m just telling you how we do it. Even if somebody was a five minute drive, right? Our workflow is set up so that we can quickly support them remotely, but then if we need somebody on site, we can go ahead and we could schedule that. But again, it’s so infrequent, it’s just crazy. So I hope this kind of gives you an idea, the common question we get, and in my head it’s sort of like, yeah, it’s a simple answer, but I keep forgetting that it’s simple for us, but it’s when it’s new to somebody else, you’re like, oh, okay, yeah, these are things that I’m actually curious about.

Todd Darroca (23:31):

So as somebody who’s still in the car or listening to us as they’re doing stuff at home, recap for me again why somebody would need an onsite computer IT support and actually why they probably don’t need an onsite support.

David Kakish (23:48):

So here’s my quick answer. You probably don’t need onsite support, but if you do, we can help you with that. And again, the only exception is if you’re trying to support the local economy, which I appreciate and I respect, but you’re doing a disservice to yourself if that’s the case, because typically a local IT provider just doesn’t understand the unique challenges of an RIA. You’re typically small from a headcount, but your requirements are like that of a big business. From an onsite support perspective, people are usually, it’s a common question. And then when I talk about it, they’re usually shocked. I’m like, oh yeah, you know what? That does make sense. And here, maybe I’ll leave you with this idea. Think about this. What is the value of somebody helping you onsite? If you’ve got a problem with the Google Suite or the Microsoft Suite, it’s not even sitting in your office in the first place, right? It’s sitting at the Microsoft data center. So you need somebody or Google or Dropbox or Salesforce. What’s the value of somebody helping you with Salesforce or with Microsoft hosted because you have nothing that’s on site. So I think that the industry has really shifted where we can do all that remote and we can help you remote. There’s little value in providing onsite, but for those clients that that is something that we provide, but over 90% don’t want to pay the extra money to get that. Yeah.

Todd Darroca (25:18):

So how can someone, if they’re starting a new business or they’re looking at that, what’s the best first step they can take to talk with you or your team? Yeah,

David Kakish (25:27):

I mean, I would just say, look, we have a lot of really helpful resources on our website. So if you go to our website@www.riaworkspace.com and you click on the learning center, if you kind of want to do it on your own and learn, we’ve got a lot of very helpful material there. If not, just reach out to us. We can give you a quote, no cost to you at all, and you can kind of see what’s involved. And yeah, I would just leave it at that. A lot of times when people are sort of looking at changing like their IT provider or a breakaway RIA or whatever, there’s just so many things on their mind that what I think is simple from an IT perspective is kind of complex because we’re just one small component of their entire business. And so it’s almost like, Hey, I want to work with somebody who eliminates this headache. Just take care of this for us. Here’s the check and let’s move on. That’s typically what that is. But I would definitely, if you want to talk to us, reach out to us, get a quote, it’s free, or if you kind of want to learn, go to our learning center. We have some really great blogs and white papers and where we talk about this in more detail.

Todd Darroca (26:35):

Awesome. Well, David, as always, it’s always a learning experience for me, learning some new stuff, and hopefully for you listening and watching that is the same experience you’re getting. So hey, thanks so much for listening to the RIA Tech Talk podcast, brought to you by of course, RIA workspace. And as David mentioned, go to the learning center at the website and also you can find our previous podcasts and other helpful resources for you. And David and team is always happy to answer any questions you may have. So obviously, reach out to them directly. Just go to the website, ria workspace.com and they’ll answer it there. So for David Kish and the rest of us, I’m Todd Darroca, and thanks so much for joining us on this episode and stay tuned for more RIA Tech Insights in our next episode. We’ll see you later guys.

David Kakish (27:20):

Thank you.