The RIA Tech Talk Podcast

Welcome to the RIA Tech Talk Podcast, brought to you by RIA WorkSpace. We're on a mission to simplify the complex world of technology for RIAs just like yours. In this podcast, we'll be your tech guides, breaking down those often-confusing tech topics into plain and practical terms. 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 RIA technology.

Macs for Financial Advisors: Can They Meet Your RIA’s Needs? 11/19/2024

Macs for Financial Advisors: Can They Meet Your RIA’s Needs? 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. /episode/index/show/92fed858-57e4-4a4d-b5c4-8927c003464c/id/33993497

Why Owning Your IT Hardware Could Save Your RIA Money 10/22/2024

Are You Starting a New RIA? What’s the Best Tech Stack for a Five-Person Team? 10/08/2024

Are You Starting a New RIA? What’s the Best Tech Stack for a Five-Person Team? 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: 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, Phone: 612-817-7767 Email: Please add a link to E16 once available. /episode/index/show/92fed858-57e4-4a4d-b5c4-8927c003464c/id/33363422

What’s The Best CRM For Your RIA And Why with Special Guest Christopher Johnson 09/24/2024

Hybrid Work and RIAs: Choosing the Best Endpoint Protection Solutions 09/10/2024

Hybrid Work and RIAs: Choosing the Best Endpoint Protection Solutions 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. /episode/index/show/92fed858-57e4-4a4d-b5c4-8927c003464c/id/32970382

Running Your Entire RIA Business on Microsoft 365: Eliminating Silos and Third-Party Tools 08/27/2024

Running Your Entire RIA Business on Microsoft 365: Eliminating Silos and Third-Party Tools 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. /episode/index/show/92fed858-57e4-4a4d-b5c4-8927c003464c/id/32740322

Turning IT Frustrations to Freedom: A Case Study with RIA Workspace 08/06/2024

BYOD or Not? Evaluating The Options For Your RIA 07/23/2024

Remote vs. Onsite IT Support: Making the Right Choice for Your RIA 07/09/2024

Ditch Your Onsite Server: A Simple Guide For RIAs 06/25/2024

Ditch Your Onsite Server: A Simple Guide For RIAs 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 () · #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 to access your web-based apps · #6 Set up additional advanced settings like , , 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. /episode/index/show/92fed858-57e4-4a4d-b5c4-8927c003464c/id/31872457

What Microsoft subscription should I get for my RIA? 06/11/2024

What’s The Best Document Storage Solution For My RIA? 05/21/2024

What’s The Best Document Storage Solution For My RIA? 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: If you're currently on Microsoft OneDrive, discover why SharePoint might be the better choice for your RIA's needs. READ: /episode/index/show/92fed858-57e4-4a4d-b5c4-8927c003464c/id/31381287

What’s The Best Single Sign On Solution (SSO) For My RIA? 05/07/2024

What’s The Best Single Sign On Solution (SSO) For My RIA? 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 . 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 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. /episode/index/show/92fed858-57e4-4a4d-b5c4-8927c003464c/id/31147573

The RIA Tech Talk Podcast 04/30/2024

Does My RIA Need Onsite IT Support? 04/23/2024

Discover The Top 5 Overlooked SharePoint & OneDrive Features For Your RIA 04/09/2024

Microsoft vs. Google vs. Amazon: What’s The Best Platform For Your RIA? 03/19/2024

The End of Virtual Desktops for RIAs. RIA Tech Talk Episode #3 03/05/2024

FAQs about IT support for RIAs 02/20/2024

FAQs about IT support for RIAs 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. /episode/index/show/92fed858-57e4-4a4d-b5c4-8927c003464c/id/30015793

Seven Microsoft Gems: Empowering Your RIA For Security & Compliance 02/06/2024

Seven Microsoft Gems: Empowering Your RIA For Security & Compliance The RIA Tech podcast, presented by RIA WorkSpace, is on a mission to simplify the complex world of technology for Registered Investment Advisors (RIAs). In this episode, hosts Todd de Rocha and David Kakish discuss seven key Microsoft features that can empower RIAs in terms of security and compliance. These features are often underutilized by RIAs and implementing them can enhance cybersecurity and ensure regulatory compliance. Here’s the list we cover in this podcast: 1. Multi-Factor Authentication (MFA). MFA adds an extra layer of security by requiring users to provide two or more forms of authentication before granting access. It's a fundamental security measure that every RIA should implement. 2. Email Encryption. Microsoft offers a user-friendly email encryption feature that enables users to easily encrypt sensitive emails on demand, ensuring the secure transmission of confidential information. 3. Email Archiving. Many RIAs are already paying for third-party tools like Smarsh or Global Relay for email archiving, but Microsoft's email archiving option can save money and provide a seamless solution that meets SEC compliance requirements. 4. Microsoft Teams Archiving. RIAs using Microsoft Teams for communication can efficiently archive their Teams chats and conversations without the need for third-party tools. 5. File Archiving. For RIAs using OneDrive or SharePoint, Microsoft offers file archiving options that meet SEC compliance requirements. This feature allows you to keep records of previous document versions. 6. Data Loss Prevention (DLP). DLP helps prevent accidental data leaks by automatically detecting and protecting sensitive data, such as social security numbers or client information in emails. 7. Secure Single Sign-On for web-based applications. This feature enhances productivity and security by allowing employees to access various web applications with a single sign-on tied to their Microsoft Active Directory account. These Microsoft features are fundamental to improve security and compliance, particularly in the context of remote work. These features are user-friendly and accessible, making it easy for RIAs to safeguard their sensitive data and ensure the security of their operations. RIAs are encouraged to take action, whether by configuring these features themselves, reaching out to their technology provider, or contacting RIA WorkSpace for assistance. Don't be a sitting duck; take action to protect your business and client information. /episode/index/show/92fed858-57e4-4a4d-b5c4-8927c003464c/id/29715113

The RIA Tech Talk Podcast

TOPICS