In this episode of the RIA Tech Talk Podcast, David talks about onsite servers and even though many RIAs still have them, they’re unnecessary and better solutions are out there. 

What does your onsite server in your office do today?      

Servers today are largely used for files only.  Most of today’s email is “hosted email” and is commonly hosted with Microsoft 365.  Most applications RIAs and financial advisors use are web based so an onsite server isn’t required for them.  There is less and less that needs to be hosted onsite in most modern businesses. 

What are the big problems with onsite servers?

·       They are often clunky to manage or old technology.

·       Expensive to maintain.

·       Access with a VPN works well when you are in the office but less well when remote.

·       Backups are required. 

What risks do onsite servers bring?

·       For many, their onsite server isn’t backed up properly.  Request confirmation from your IT partner to confirm when the last time your server was backed up.

·       Hardware failures can mean days or even weeks to recover your onsite server, if recovery is even possible.

 

How to move from an onsite server

At RIA WorkSpace, we have an onboarding team that typically does this within the first 60 days of working together.  Here are the steps we follow:

·       #1 Move your files to SharePoint (not OneDrive)

·       #1b Create security groups for your files/folders so everyone has access to only what they need access to

·       #2 Set up Active Directory/Domain Controller

·       #3 Set up a next generation clientless VPN so your work is the same from anywhere

·       #4 Create a security wrap around & IT compliance for your computers so if you are working in the office at home.

·       #5 Set up printing, scanning and more so it works the same without an onsite server

·       #6 Set up any server-based applications and create Single Sign On to access your web-based apps

·       #6 Set up additional advanced settings like data loss prevention, email archiving, and others depending on needs

What is the cost to move from an onsite server to Microsoft cloud?

You probably already have SharePoint included in your Microsoft subscription, so there’s no additional cost from a licensing perspective.  Check with your IT provider for other costs. 

Microsoft's array of subscriptions can be overwhelming and lead to confusion for RIAs. Additionally, many RIAs are not fully utilizing Microsoft's features, instead opting for third-party tools that may not be as effective.  In this episode, we talk about the differences and which one fits your firm best. 

NOTE: While Microsoft's subscription offerings may change in the future, for now, this is the current landscape.

Subscription Options

Microsoft offers a productivity suite called Microsoft 365, which can be categorized into three main groups:

M365 for Home

·       Not recommended for RIAs.

M365 for Business

·       Commonly mistaken for what RIAs need, but not the optimal choice.

M365 for Enterprise

·       Specifically, the Microsoft 365 E5 subscription is recommended for RIAs, despite common advice against it due to perceived overkill. However, RIAs have unique needs that align more closely with enterprise-level requirements.

More information  

·       Ensure you own the tenant for your Microsoft subscription.

·       Consider the flexibility of monthly vs. annual commitments, especially when dealing with seasonal employees or interns.

·       For more information

M365 for home

M365 for business

M365 for enterprise

Microsoft 365, Office 365, Enterprise Mobility + Security, and Windows 11 Subscriptions for Enterprises

 

Despite Microsoft's confusing subscription structure, their products offer great solutions for RIAs. While the naming conventions may be perplexing, opting for the Microsoft 365 E5 enterprise subscription is the best choice for RIAs.

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. 

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

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. 

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. 

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.

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. 

In this episode, Todd and David focus on SharePoint and OneDrive, addressing features that are often overlooked by RIAs. Implementing these features can enhance productivity, strengthen security, and save costs by leveraging more of what your Microsoft subscription includes.

 

These are some of the key points covered in the podcast:

SharePoint is like OneDrive on steroids

·       SharePoint offers better security and permissions.

·       Nothing should be saved on a local device and SharePoint makes this easier.

Real-Time Document Collaboration

·       In SharePoint you can collaborate in real-time collaboration in apps like Microsoft Excel, Word, PowerPoint, etc.

·       Users don’t need to “check out” documents in SharePoint.  Multiple users can collaborate simultaneously.

Secure Document Upload

·       RIAs can use SharePoint for secure document uploads instead of third-party tools like Citrix ShareFile.

Secure File Sharing with Partners

·       SharePoint offers an “external folder” feature for secure file sharing with external partners.

·       Flexible sharing options in external folders let you assign view-only access, editing permissions, expiration dates, and password protection.

Versioning and File Archiving

·       The version history feature in SharePoint allows users to revert to previous document versions.

·       If set up properly, SharePoint has file archiving for SEC and FINRA compliance, with options for archiving periods and versions.

Welcome to the RIA Tech Talk podcast! In this episode, we delve into the tech giants—Microsoft, Google, Amazon, and Apple—and discuss which platform is the best fit for your RIA. We break down the pros and cons, focusing on real-world experiences and expertise, especially tailored for RIAs with 5 to 25 employees.

RIAs face challenges navigating the tech landscape, understanding their options, and how to choose the best options.

Here are some of the key takeaways from this episode:

·        Devices like laptops, phones, and tablets are agnostic about which platform you use.

·        Microsoft and Google are the primary productivity platforms for RIAs.

o   Microsoft is the preferred choice for RIAs due to its robust enterprise security features, bundling of security tools, and ease of collaboration.

o   Google is a good platform, but the need for additional third-party tools for security, make it less favorable for RIAs.

·        Apple has a more consumer-centric productivity suite, which isn't a prominent choice for RIAs, and Amazon's limited presence in the productivity suite space also limits its use.

·        Microsoft offers Office Suite, including Outlook, Word, Excel, and more. Google has its Google Workspace, while Apple's productivity suite consists of Pages, Numbers, and Keynote. However, Amazon, primarily known for its cloud services, doesn't have a dedicated productivity suite for RIAs.

To recap, for RIAs with 5 to 25 employees, Microsoft stands out as the top choice for productivity platforms, with Google trailing behind. For those interested in learning more or seeking personalized advice, you can reach out to us directly.

In this episode of RIA Tech Talk, hosts Todd Darroca and David Kakish unravel the world of virtual desktops, exploring why this once-popular technology is becoming obsolete for RIAs. They delve into the challenges faced by RIAs using virtual desktop infrastructure, shedding light on video and audio latency, security concerns, and the pitfalls of doubling up on cloud resources. The episode unveils a modern solution, urging RIAs to embrace Microsoft 365 for a seamless, secure, and integrated tech experience, fundamentally reshaping how businesses operate in the digital age.

Here are the highlights from this podcast:

Problem with Virtual Desktops for RIAs:

   - Outdated technology with challenges such as confusion between local and hosted browsers.

   - Keyboard shortcuts may not work, and there's latency in video and audio.

   - Employees find workarounds, defeating the purpose.

   - Double payments for cloud resources and Microsoft licenses.

Advantages of Virtual Desktops (in the past)

   - Relevant when RIAs had server-based applications in their office.

   - Useful for multiple offices and accessing server-based applications.

Why Move Away from Virtual Desktops

   - Most RIAs now use web-based applications, making virtual desktops unnecessary.

   - Virtual desktops create more problems than they solve in the current scenario.

Recommended Solution: Leveraging Microsoft 365

   - Entire RIA business can run on the Microsoft 365 platform.

   - Use Office Suite, email, encryption, archiving, Microsoft Teams, SharePoint, single sign-on, data loss prevention, and e-discovery.

   - Security and productivity are integrated into the Microsoft 365 subscription.

   - Similar experience for Mac users.

Welcome to RIA Tech Talk with Todd Darroca and David Kakish, President of RIA WorkSpace.  In this podcast series, we address the most important IT challenges faced by Registered Investment Advisor (RIA) firms.

You need tailored solutions

One of the biggest IT issue we see with RIAs is that they don’t have an IT partner that’s a good fit.  Generally, their IT support fits into 1 of 3 categories:

1. Local IT Providers: Many RIAs engage with local IT providers unfamiliar with the unique needs of RIAs. Despite your smaller team sizes, RIAs require cybersecurity and IT compliance comparable to larger enterprises.  Local IT providers often don’t understand this.   

2. Specialized IT Providers: Some RIAs who are working with industry-specialized IT providers face issues of poor customer service and delayed responses.

3. Large IT Providers: RIAs working with large IT providers suitable for enterprises face neglect or inadequate support due to their smaller size.  An RIA with under 25 employees are often not a priority for these large IT providers. 

FAQs about working with RIA WorkSpace Why is RIA WorkSpace different than other IT providers?

RIA WorkSpace offers a comprehensive suite of services, acting as a one-stop-shop for IT needs. We provide managed IT services, cybersecurity, help desk support, and IT compliance, with a focus on assigning dedicated teams to ensure personalized and efficient support.

What sets RIA WorkSpace apart is their understanding of the unique challenges faced by RIAs. Regardless of firm size, they provide an enterprise-level platform and cybersecurity measures, offering individualized attention and making them a strategic partner for RIAs.

What are the costs to work with RIA WorkSpace?

RIA WorkSpace primarily serves firms with 5 to 30 employees, catering to the specific needs of this range. The pricing structure is transparent, with a fixed monthly fee of $145 (2023) per employee, providing simplicity and predictability.

How does the transition to RIA WorkSpace work?

Transitioning to RIA WorkSpace is a streamlined process, involving pre-kickoff calls, data synchronization, and a final cutover or go-live date. The emphasis is on transparency and handholding to minimize downtime and ease clients through the transition.

Does RIA WorkSpace offer onsite support?

While onsite support is available, the trend has shifted towards remote support for efficiency. RIA WorkSpace boasts impressive response times, logging emergency tickets within five minutes and responding within 30 minutes, showcasing dedication to swift issue resolution.

The human element is an important part of our approach, with a dedicated team of under 20 individuals providing personalized assistance. Assigned teams, comprising a primary support engineer, a technical account manager, and an IT manager, ensure holistic and strategic IT solutions.