RIA Tech Talk Podcast: Featuring Kent Tkach from Practify

As your RIA grows, the limitations of traditional CRMs can become a major roadblock. In this episode of the RIA Tech Talk Podcast, we sit down with Kent Tkach from Practify to discuss why traditional CRMs may be falling short for RIAs that are scaling—and how a purpose-built solution can make all the difference.

Key Takeaways from the Episode 1. The CRM Struggles That RIAs Face

Many RIAs start with traditional CRMs like Redtail, Wealthbox, or Salesforce. While these solutions work well for basic client management, firms often hit roadblocks as they scale. Customization becomes costly, workflows get cumbersome, and firms find themselves needing external consultants to make their CRM work for them.

2. Why Practify is Different

Practify is designed specifically for RIAs and wealth management firms, addressing the common pain points of scalability and customization. Unlike traditional CRMs that require heavy customization or external overlays, Practify is a fully built platform designed for RIAs from the start.

3. When to Consider Switching

If your firm is hiring external Salesforce consultants, struggling with disjointed workflows, or using multiple spreadsheets to track key processes, it may be time to evaluate a CRM that scales with you—without the ongoing maintenance headaches.

4. Practify’s Approach to CRM & Workflow Management

·       Prebuilt Workflows & Reporting: Many firms find they can get started without additional customization.

·       True CRM, Not Just an Overlay: Unlike Salesforce overlays, Practify replaces Salesforce while still leveraging its powerful infrastructure.

·       Dedicated Support & Training: Practify provides in-house technology consultants to assist with onboarding and customization—so firms aren’t left figuring it out alone.

5. The Hidden Costs of Customizing Salesforce

Many RIAs underestimate the ongoing costs of maintaining a highly customized Salesforce CRM. Licensing costs are just the beginning—keeping the system functional often requires ongoing consultant fees and technical support. Practify eliminates this complexity by providing a tailored, all-in-one platform.

Who Should Consider Practify?

Practify is ideal for RIAs that are:

·       Growing beyond 10+ employees

·       Looking to streamline operations with automation

·       Frustrated with CRM limitations and costly customizations

·       Seeking a platform that provides ongoing support, rather than just software

Want to see how Practify can support your RIA’s growth? Reach out to Kent for a consultation:

Website: www.practify.com

In this episode of RIA Tech Talk, we tackle a question that’s been popping up more and more: Can an RIA run successfully on Macs? While many RIAs default to Windows for compatibility with financial software, there’s a growing interest in using Macs for their security features, user-friendly experience, and overall longevity.

Here are the highlights of this podcast episode:

1. Why Some RIAs Hesitate to Use Macs

Common concerns include compatibility with financial software and misconceptions about Macs’ security and functionality.

2. Productivity and Software Compatibility

For many RIAs, web-based tools like Google Workspace and Microsoft 365 work smoothly on Macs. With cloud solutions, critical applications like CRM and portfolio management run seamlessly, especially when using advanced tech that lets apps appear as native icons on Macs.

For older or server-bound software (e.g., customized QuickBooks Enterprise), special setups like cloud servers with remote apps are required to make them accessible on Macs.

Many RIAs use a combination of Macs and Windows computers without compatibility issues, especially with cloud-based applications.

3. Benefits of Using Macs in an RIA

Macs have built-in security features, including encryption and malware resistance. Many RIAs take additional steps like implementing Defender for Endpoint for added protection. 

Macs are valued for their intuitive interface and smooth user experience, which can reduce stress and boost productivity.  Although Macs may have a higher initial cost, their durability can mean a lower total cost over time.

4. Finding Mac-Friendly IT Support

It’s important to work with an IT provider experienced with Macs, as many IT providers are still primarily focused on Windows. 

Some firms use Macs for front-office tasks and Windows for back-office needs, allowing flexibility without compromising performance.  Macs integrate well with iPhones and iPads, enabling seamless access to RIA tools and files across devices.

In this episode, Todd Darroca and David Kakish explore the often-overlooked financial benefits of owning your IT hardware. Understanding the difference between owning and renting IT hardware can significantly impact your bottom line.

Join us as we break down the pros and cons, help you avoid common pitfalls, and provide you with actionable insights on why owning your IT hardware could be the smartest move for your RIA.

In this episode, we explore:

The Concept of Hardware as a Service (HaaS)

What is it, and why some IT providers promote it?

The Real Cost and Downsides of Renting Hardware

Understand how much more you might be paying when you rent your IT equipment, the potential pitfalls of being locked into contracts, and the limitations on flexibility when you don't own your hardware.

Benefits of Owning Your IT Hardware

Learn about the flexibility, customization options, and long-term savings that come with owning your equipment.

In this episode of RIA Tech Talk, David and Todd are again joined by Christopher Johnson of TrigaByte Technologies, to discuss the ideal technology stack for new RIA firms with a small team.

About the Guest:

Christopher Johnson: Founder of Byte Technologies with over 30 years of experience in financial services, specializing in operations, technology, and compliance. He offers unique expertise in helping RIAs optimize their technology choices and implementation.

Key Takeaways from Christopher: 1. Choosing the Right Platform: Microsoft vs. Google

·       Microsoft 365 is recommended for new RIAs due to its comprehensive suite of integrated tools that support IT compliance and security without needing multiple third-party tools.

·       Google Workspace requires additional third-party tools for compliance and security, which can complicate setup and increase costs.

2. CRM Options for New RIAs

·       Redtail: Highly popular among new RIAs due to its ease of use and extensive integrations. Ideal for firms that prioritize simplicity and functionality.

·       Wealthbox: A close competitor to Redtail, offering a user-friendly interface and good integration capabilities.

 

Christopher joined us in a previous podcast episode: What’s The Best CRM For Your RIA And Why [CT1]   which you may also want to check out. 

3. Portfolio Management Software

·       Best in Class: Black Diamond is a top choice for firms looking for comprehensive portfolio management and performance reporting.

·       All-in-One Solution: Orion offers an integrated suite of services, making it ideal for firms looking for simplicity and ease of use.

4. Financial Planning Tools

·       eMoney and MoneyGuide Pro are the dominant choices for financial planning, known for their robust features and ease of integration with other platforms.

5. Custodian Selection

·       Charles Schwab is highly recommended for new RIAs due to its supportive onboarding process and comprehensive services tailored to RIA needs.

6. Communication Archiving

·       Microsoft offers built-in archiving capabilities for emails and Teams, providing a cost-effective solution that meets SEC and FINRA compliance requirements.

·       MessageWatcher is a budget-friendly option for archiving social media and text communications.

7. Compliance Solutions

·       A robust compliance tool is crucial for monitoring employee activities and ensuring regulatory adherence. AdvisorAssist and Smartria are popular choices.

8. Managed Service Provider (MSP)

·       RIA Workspace is recommended for its specialization in providing IT services tailored to RIAs, offering better understanding and support than general IT providers.

Starting a new RIA firm requires careful consideration of the right technology stack to ensure efficiency, compliance, and security. By selecting the appropriate tools and platforms, new RIAs can build a strong foundation for growth and success.

 

Get in touch with Christopher

Christopher Johnson, TrigaByte Technologies

Phone:  612-817-7767

Email:  [email protected]

 [CT1]

Please add a link to E16 once available. 

In this episode of RIA Tech Talk, we welcome Christopher Johnson of TrigaByte Technologies to the show.  He brings insights into CRM options for RIAs and answers some of our FAQs for each.

We cover some of the top CRMs used by RIAs including:

·       Redtail

·        Wealthbox

·        Salesforce

·        Tamarack

·        AdvisorEngine

·        Advyzon

Christopher answers our top questions to help you make the best decision about a CRM for your firm.

·       What are the pros and cons of each CRM?

·       Are some CRMs better suited for a smaller advisor vs a large RIA firm?

·       From your perspective, what are the top 3 CRMS for the RIA industry?

·       If you were running your RIA firm, which one would you use and why?

·       Which ones do you get the most complaints about?

  Get in touch with Christopher

Christopher Johnson, TrigaByte Technologies

Phone:  612-817-7767

Email:  [email protected]

In the latest episode of the RIA Tech Talk podcast, Todd and David talk about how more and more RIAs are embracing hybrid work and why endpoint protection is crucial. 

Whether your firm is fully remote, hybrid, or predominantly office-based, securing your workforce wherever they operate is essential. Hybrid work offers flexibility and employee benefits, but it also brings unique security challenges that firms must address.

Importance of Endpoint Protection

RIAs must prioritize endpoint protection to secure devices such as laptops, smartphones, and tablets used by employees working remotely. Endpoint protection ensures that these devices are safeguarded from cyber threats, even when not behind the company's firewall. It's not just about protecting computers but also securing smartphones and tablets employees use to access work resources on the go.

The Top Endpoint Protection Solutions

David and Todd highlight six top endpoint protection solutions recognized by Gartner's Magic Quadrant: Microsoft, SentinelOne, CrowdStrike, Trend Micro, Palo Alto Networks, and Sophos. Among these, Microsoft and SentinelOne stand out as leaders due to their comprehensive capabilities and integration with other security tools.

Microsoft Defender for Endpoint

This solution offers robust protection with advanced AI capabilities and seamlessly integrating with other Microsoft security tools. It provides real-time threat detection and response, helping firms identify and mitigate potential threats effectively.

SentinelOne

Known for its strong presence in the financial services space, SentinelOne offers a comprehensive security platform with features like endpoint detection and response and extended detection and response. These solutions provide enhanced visibility and protection across various endpoints.

Understanding the Acronyms: EDR, XDR, and MDR EDR (Endpoint Detection and Response)

Focuses on detecting and responding to threats at the endpoint level, providing visibility into device activities.

XDR (Extended Detection and Response)

Expands protection beyond endpoints to include networks and cloud services, offering a holistic security approach.

MDR (Managed Detection and Response)

Adds a layer of human expertise, with a security operations center actively monitoring and responding to threats.

Implementing Security Solutions

For RIAs with five or more employees, investing in robust endpoint protection is critical. While smaller firms might assume they're not targets, the reality is that cyber threats are real and can cause significant harm. By implementing solutions like Microsoft Defender for Endpoint or SentinelOne, firms can secure their remote workforce effectively.

Privacy Considerations

Endpoint protection solutions, particularly on personal devices like smartphones, separate work and personal data. This ensures that companies can monitor and secure work-related activities while maintaining user privacy for personal activities.

In this episode of RIA Tech Talk, we talk about how most RIAs with between 5 and 25 employees are not fully utilizing their Microsoft 365 subscription.  These firms are often paying for 3rd party tools that are not as good as those provided by Microsoft and, worse yet, work in silos.

Tune in to hear how you can run your entire business on Microsoft:

Maximizing Microsoft 365: Overcoming Underutilization

There is a common issue among RIAs: the underutilization of Microsoft 365. Many RIAs continue to pay for third-party tools that offer similar or inferior capabilities to those included in their Microsoft 365 subscriptions. In this podcast, we encourage RIAs to explore and fully utilize the features available in Microsoft 365, which can handle 80-90% of your business needs. This includes tools for communication, file management, security, and more, all integrated into a single ecosystem.

Email Management

Most RIAs already use Microsoft 365 for email. By hosting their emails with Microsoft instead of third-party services, RIAs can enjoy better integration and security.

File and Folder Organization

Using SharePoint for file management eliminates the need for separate services like Dropbox, offering seamless integration and security within the Microsoft ecosystem.

Instant Messaging with Teams

Microsoft Teams is recommended for internal communication, providing a robust alternative to Slack and other messaging apps.

Phone System Integration

While Teams can replace traditional VoIP systems, David advises caution as it currently lacks texting capabilities, an essential feature for some RIAs.

Securing System Access

Microsoft’s Entra (formerly Azure Active Directory) offers tools for securing access to systems, ensuring both physical and identity security.

Endpoint Security

Microsoft Defender provides comprehensive endpoint security, outperforming many third-party solutions in protecting laptops and other devices.

Single Sign-On (SSO)

This feature simplifies access to web-based applications like RedTail, eMoney, and Orion, streamlining operations and enhancing security.

Advanced Email Features

Microsoft 365 offers advanced email functionalities, including encryption, data loss prevention, and eDiscovery, often eliminating the need for additional third-party tools.

In this episode of the RIA Tech Talk podcast, David and Todd discuss the challenges of a current RIA WorkSpace client who had similar IT issues to many RIAs out there.  This company went from a frustrating, time-demanding experience with their previous IT provider, to a trouble free one with RIA WorkSpace.

Background on the RIA

·       13 employees all working remotely

·       Based in Dallas, TX with offices in San Diego, Minneapolis and Denver.

·       The 4 office locations were in shared workspace locations

·       Our main contact was Mary, the Director of Operations.

Biggest IT Challenge

·        Mary was spending too much time doing tech support and managing the MSP

·        The previous IT provider didn't understand RIAs and the SEC requirements

·        There was no IT roadmap and the IT provider was not proactive

·        The IT support was poor and there was no assigned team

·       Mary was concerned about several issues

o   Onboarding new employees was difficult and took too long

o   They wanted Single Sign On (SSO) but couldn’t get it set up

o   They experienced ongoing sync issues with OneDrive and SharePoint

o   Their Microsoft licensing was a mess and they wanted their MSP to manage it

To hear about Mary’s IT situation today, tune in to the podcast and hear about how RIA WorkSpace eliminated the IT frustration. 

Check out the case study here. 

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

This episode of the RIA Tech Talk Podcast take a closer look at the confusion and best practices around Bring Your Own Device (BYOD) and what works best for RIA firms. 

In this episode, we cover:

Smart phones and handheld devices

It’s pretty standard for RIAs to use personal smartphones.  We can create a separate and secure “container” for work applications on that device so work-related activities are secured.  This is most common with email, but it is also done for other work applications. 

 Desktop or laptops (Windows or Mac)

It’s very rare that employees are using their personal computers for work.  Most RIA’s prefer a company-issued device be used.  We encourage RIAs to move away from virtual desktops for better productivity.

Starting a new RIA firm

In the early days of a new RIA firm, partners or the leadership team could work with a personal computer if it’s properly set up.

In this episode of the RIA Tech Talk Podcast, we answer some of the questions we get from RIAs about the need for onsite IT support. 

The answers we give are for RIAs with between 5 and 25 employees.  These are the firms we work with most often and for smaller or very large firms, the answers might be different.

Here are the questions we answer in this podcast. 

1.       Does my RIA need on-site support?

2.       Does on-site support offer something that remote support can’t?

3.       Is on-site help required when we have new hardware to install or are opening a new office?

4.       If we’re using Microsoft and cloud-based applications, will remote support be enough?

5.       If our IT partner offers on-site support, how often will someone be at our office?

6.       What is the cost difference when we have on-site support?

7.       Does RIA WorkSpace offer on-site support?