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Ask the Tech Experts: Register for this free InvestmentNews webinar

Posted on June 4, 2013 by in Technology

06/12/2013 UPDATE: A replay of the webinar is available. Register for free to view the archive using the link below. NOTE: The replay is not compatible with mobile devices.

I have the privilege of presenting alongside Joel Bruckenstein, co-founder of Technology Tools for Today, and Davis Janowski, technology reporter for InvestmentNews in an upcoming free webinar. Watch the promo video above.

Ask the Tech Experts: Trends in Advisory Technology will be hosted Tuesday, June 11 at 4:00 p.m. Eastern.

View the archive for free at InvestmentNews.com.

Click the image to view the free archive.

Click the image to view the free archive.

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FPPad Bits and Bytes for May 17

Posted on May 17, 2013 by in Bits & Bytes

coast

I’m starting a long west coast swing tomorrow, so the next two weeks of Bits and Bytes are in jeopardy as I won’t be back in my home office until June 3.

Included in this trip is a stop at FPA NorCal 2013, so if you’re attending, be sure to catch my Mobile Adviser session on Wednesday the 29th at 1:15pm PT.

Here are this week’s stories of interest:

Trust Company of America And RIA in a Box Announce Strategic Alliance from PRNewswire

[I missed this story last week, but still feel it’s a good one for you. RIA in a Box carved out a great niche several years ago as the fast, turnkey way to get an RIA formed. Now the rapidly growing business continues to broaden its client base through strategic partnerships like this one with Trust Company of America. Even if you’re already an established RIA, RIA in a Box offers a range of ongoing compliance services from $99 to $399 per month. If that saves you at least two hours a month, you’re making money on the outsource relationship!] Trust Company of America, an independent technology and custody provider for RIAs, announced today that it has entered into a strategic alliance with RIA in a Box, the industry-leading RIA registration and compliance firm. RIA in a Box serves RIAs looking to start a career in the industry or break away from the wirehouse model.

 Want a More Profitable Firm? Let Employees Work From Home from AdvisorOne.com

[The place where I work (most of the time) has four walls, two windows, a desk, computer, and some office furniture. I bet the room where you work is not all that different. So does it make any difference that my room happens to be in my home? According to adviser performance consultant Angie Herbers, it doesn’t. She describes how the desire for more time with family or following a spouse in a move for a better job should not mean the end of employment with a successful advisory firm. In fact, Herbers’ example actually resulted in even stronger client connections without anyone ever stepping foot in a “traditional” advisory office.] One of the common lifestyle perks we get asked about is working from home. The technology explosion spilling over into financial advice has made working from home quite productive and profitable for many firms.

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Attend this adviser-led workshop on creating video content for free

Posted on May 13, 2013 by in General

Thinking of incorporating video into your marketing and communication strategy? Then this free workshop may be just the thing you need.

Andy Millard is an adviser in Tryon, North Carolina, but he has a global presence.

How?

He’s an avid user of video content, and uses his YouTube channel to reach a large audience from the humble town of Tryon.

Go ahead, look it up on Google Maps. Not exactly the hotbed of potential financial planning clients!

But that doesn’t matter. Millard uses video content to transcend geographical barriers.

Millard is now leveraging his experience by teaching other advisers how to do the same things he does with video.

Watch Millard’s invitation (again, a nice clever use of video) and get the details below.

  • Where: Tryon, North Carolina (nearest major airport: Greenville Spartanburg International Airport, GSP, served by most major carriers. Asheville, AVI, is also an option.)
  • When: Friday, July 12 – Sunday July 14, 2013
  • Price: FREE for the first six registrants (so act NOW because these spots will fill up fast!)
  • Contact: Email Michele@low-stress-investing.com and say you found the workshop info on FPPad.

If you do attend, come back to share the video(s) you created and provide feedback about the things you learned.

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Simulated phishing attacks can protect your business before a real phishing attack strikes

Posted on May 10, 2013 by in Software

Simulated Phishing

Phishing attacks are more sophisticated than ever. Don’t fall for them by simulating your own attacks to increase awareness of the latest phishing techniques.

Financial advisers underestimate today’s sophisticated phishing attacks, but simulating attacks helps avoid becoming the next victim.

Phishing attacks used to be very simple to identify: random email messages appeared in your inbox, littered with poor grammar and spelling, and urged you to click a link that was obviously fake.

But today, hackers and attackers are using much more sophisticated techniques to get you to lower your guard and volunteer your personal information online, including account logins and passwords.

So how do you reduce the odds of falling victim to these sophisticated attacks?

Simulate your own sophisticated phishing attack.

In a classic example of Benjamin Franklin’s “an ounce of prevention is worth a pound of cure” idiom, you can deploy your own phishing attack across your business to determine what might happen should a real attack be encountered.

And in the spirit of operational efficiency, avoid spending your time creating your own simulated phishing campaign.

Outsource your simulated phishing attacks to one of the several providers that will test how well your business evades such schemes.

Learn more about who simulates phishing attacks and how much these services cost, covered in this month’s Morningstar Advisor column.

Read Protect Against Phishing Attacks at Morningstar Advisor.

While the services mentioned may seem expensive at first, consider how expensive correcting a real attack might be.

Not only can you potentially lose tens or hundreds of thousands of dollars, but you can also significantly tarnish the trust clients have in your organization.

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FPPad Bits and Bytes for May 10

Posted on May 10, 2013 by in Bits & Bytes

I was in San Diego and Palm Springs over the last week, delivering three different presentations over four days. I’m no Michael Kitces, but I was glad to sleep in my own bed after a week on the road.

Attend The Mobile Adviser Wednesday, May 15th through the AICPA PFP Web Seminar

Attend The Mobile Adviser Wednesday, May 15th through the AICPA PFP Web Seminar

Heads up: I’m presenting a webinar on my session The Mobile Adviser: Everything financial advisers need to stay safe, connected, and productive in the Mobile Age on Wednesday the 15th for the AICPA.

Follow this link to register: AICPA PFP & CPA/PFS Web Seminars

 

Here are this week’s stories of interest:

Bloomberg’s new venture: Online advice from InvestmentNews.com

[The latest entry into the online investment advice market is BloombergBlack, a premium investment subscription service primarily targeted to high net worth individuals interested in managing their own investments. For a starting fee of $100/month (their Form ADV permits monthly fees up to $500), subscribers gain access to four investment experts and a variety of Bloomberg research and information.] An 800-pound gorilla is wading into the market for online investment management and financial advice. Media giant Bloomberg LP is quietly testing a “premium” wealth management service, BloombergBlack, aimed squarely at mass-affluent investors.

Savant Capital takes advice online from InvestmentNews.com

[Ok, so the roughly $3 billion AUM Savant Capital is launching eSavantAdvisor, a 100% online way to work with a CFP® practitioner employed by Savant. There are three advisors for eSavant, and fees are no lower than the 1% annual fee on the first $1 million in assets charged by the parent company. At least the minimum fee is down to $900 (if you don’t count TD Ameritrade Institutional’s $165/year fee) from Savant’s typical $5,000 annual minimum. So what technology does the eSavantAdvisor client get? Access to their portfolio data via Orion Advisor Services, a login at TD Ameritrade Institutional (doesn’t that duplicate info in Orion?), and web meetings with WebEx to start. There may be other technology available, but the ones listed cover the basics. But here are two things that bother me: First, which three of the dozens of Savant employees are stepping up as eSavantAdvisor planners? It’s not clear. And second, look at the Savant Capital Management website: it could use an overhaul. At least eSavantAdvisor.com features a more modern design, even if it is missing video.] Savant Capital Management is offering technology-savvy investors an online version of the comprehensive investment advice that its advisers offer clients who come into one of its offices.

Schwab Launches OpenView MarketSquare, PortfolioCenter Hosted from Financial-Advisor.com

[It’s official, the long-awaited hosted version of PortfolioCenter is now live, and so is the Zagat-style rating system, MarketSquare. Most controversial is MarketSquare, where online reviews are first screened by Schwab insiders, likely for accuracy and brevity, and not to intentionally skew the bias of reviews. Still, in the day when all of us can get unfiltered reviews of any product sold on Amazon.com, Schwab’s filter-first attribute of MarketSquare does create an odd approach. But on the other hand, there are a few websites out there already that permit unfiltered reviews of financial advisor products, and the value of those are so-so.] Schwab Intelligent Technologies (SPT) announced today that OpenView MarketSquare and PortfolioCenter Hosted have now gone live.

NetDocuments Launches New Apps Marketplace from BusinessWire.com

[Apple’s App Store is approaching 50 billion (yes, BILLION) app downloads, Salesforce’s AppExchange has over 1.7 million installs, and now online document management provider NetDocuments is hopping on the app marketplace bandwagon. The NetDocuments Apps Marketplace is sparsely populated today with just six apps in all, and largely acts as a consolidated list of third party developers that have created their own solutions for specific tasks performed in NetDocuments. Currently, apps can not be sorted by price, so it’s not easy to tell which apps are free to use and which apps require a purchase or subscription. Oh, and they also released version 13.2 with a REST API and improved email search capabilities.] NetDocuments today announced the immediate availability of NetDocuments’ Apps Marketplace, a centralized location for third-party software developers to create apps that integrate with the company’s existing cloud-computing content management and collaboration services. The marketplace showcases apps that users can implement to streamline workflows and improve performance in managing their repository of documents and emails.

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FPPad Bits and Bytes for May 3

Posted on May 3, 2013 by in Bits & Bytes

I’m in San Diego presenting at the Shareholders Service Group 2013 conference, then headed out to Palm Springs tomorrow for FPA Retreat 2013. Grab me and introduce yourself if you’re attending either event!

Here are this weeks stories of interest:

How to secure mobile devices against “WiFi honeypots” from FPPad

[This is important, so I’m sharing it in the first spot this week. WiFi honeypots are hardware devices that fool your laptop and/or mobile device into thinking its connected to a trusted WiFi network. But its not, and unknowingly connecting to a WiFi honeypot exposes you to a man-in-the-middle attack. Read this article now to learn how you can increase your defenses against WiFi honeypots.] Most of the time, you’re likely not at risk of having data you send over WiFi intercepted by someone else. But a number of software programs and hardware devices for sale on the Internet allow users to do just that; sit on public WiFi and eavesdrop on unencrypted data being passed back and forth.

Pershing Broadens the Accessibility of NetX360 to run on Microsoft’s Surface Pro Tablet from PRNewswire

[Ok, the race to support Windows 8 is on. Pershing starts off the PR campaign by announcing its NetX360 custodial platform is now supported on Windows 8. By definition, that means NetX360 also runs on Surface Pro tablets, which run Windows 8. BUT, what I haven’t seen yet is the user interface, and I doubt there have been any major changes to the interface that correspond with the tiles UI (formerly Metro) featured so prominently in Windows 8. I’d reach out to Pershing for comment, but I’m 35,000 feet in the air as I write this.] Pershing LLC, a BNY Mellon company, today announced that the company’s industry-leading technology platform for advisors, NetX360®, now runs on Microsoft’s new Surface™ Pro tablet. The availability and compatibility of NetX360 on the Surface Pro will help advisors manage their business more effectively and efficiently while working in the office or on the road.

Building a Smarter Portfolio from Financial-Planning.com

[Joel Bruckenstein reviews Riskalyze, a web-based tool that uses questionnaires to determine a quantifiable number for a client’s risk tolerance. With the “magic” number in hand, advisers can design portfolios around the client’s appetite (or lack thereof) for risk. Sound familiar? As Bruckenstein mentioned, providers like MoneyGuidePro and FinaMetrica have similar features in their respective programs. But the fresh graphics and appealing user interface give Riskalyze a leg up on the usability factor, so this is one worth watching as they mature.] I recently tried a new cloud-based product called Riskalyze Pro that provides advisors with both risk-assessment and portfolio-construction tools. The tool was developed by Riskalyze Advisors, a new company whose proprietary platform provides risk assessment, portfolio construction, analytics and investment discovery.

eMoney And Zumbox Announce Strategic Partnership To Offer Digital Postal Mail To Clients from PRNewswire

[Here’s an interesting combination. Zumbox is an alternative to paper mail you get every day. Instead, Zumbox scans all your paper mail and delivers it to you through a secure portal. That worked well five years ago when everything came in the mail. I don’t know about you, but today, I get virtually everything electronically, including bank statements, credit card statements, brokerage account trade confirms. Even my tax return this year was 100% electronic. So why eMoney chooses to partner with Zumbox for electronic document delivery over more prevalent providers (say, ShareFile, Box, etc.)? I’m going to connect with eMoney soon, so I’ll report back what I learn.] eMoney Advisor (“eMoney”), the only wealth-planning system for financial advisors that offers transparency, security, mobile access and superior organization for everything that impacts their clients’ financial lives, has announced a strategic partnership with Zumbox to offer Digital Postal Mail to clients whose advisors use the eMoney platform.

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How to secure mobile devices against “WiFi honeypots”

Posted on May 1, 2013 by in Practice Management, Software, Technology

WiFi "honeypots" impersonate trusted WiFi networks remembered by your mobile devices

“WiFi honeypots” impersonate WiFi networks remembered and trusted by your mobile devices

Financial advisers should use a VPN to protect mobile devices from “WiFi honeypots.”

WiFi is almost everywhere today. But when you connect to WiFi in your local coffeeshop or hotel for the evening, do you really know who is managing the connection?

Eavesdropping on Public WiFi

You place a lot of trust in unknown providers when you connect your mobile devices to public WiFi.

Most of the time, you’re likely not at risk of having data you send over WiFi intercepted by someone else. But a number of software programs and hardware devices for sale on the Internet allow users to do just that; sit on public WiFi and eavesdrop on unencrypted data being passed back and forth.

WiFi Honeypot

According to one hardware manufacturer, launching man-in-the-middle attacks is "as simple as setting up your typical home wireless router."

According to one hardware manufacturer, launching man-in-the-middle attacks is “as simple as setting up your typical home wireless router.”

Other devices are even more nefarious. Did you know that most of your mobile devices passively seek trusted WiFi networks to which they have connected in the past?

Your mobile devices remember trusted WiFi networks so you don’t have to repeatedly enter your password and/or approve the connection over and over again. Convenient, right?

Well, these nefarious devices called “honeypots” are built to respond to your mobile devices’ inquiry for a trusted WiFi network.

For example, when your phone broadcasts “is the ‘ApexWealthSecureWiFi’ SSID available?” the WiFi honeypot responds, “Yes, I’m the ApexWealthSecureWiFi access point, you can connect with me!”

And that connection now exposes your phone, tablet, or laptop to a potential man-in-the-middle attack (MitM).

Elude WiFi Honeypots

How do you protect yourself against WiFi honeypots?

First, ensure that you use https:// and SSL connections online as much as possible. Download and install browser plugins like HTTPS Anywhere for Firefox and Chrome (sorry Internet Explorer users, consider this one more reason to stop using that browser).

Implement VPN

Second, set up your own VPN, or virtual private network, connection that provides a secure, encrypted “tunnel” through which your Internet traffic is routed.

If you don’t have your own VPN connection available from your IT department, you can subscribe to one of several private VPN services, most of which cost roughly $50 per year.

For a more detailed review of VPN, read my latest column for Morningstar Advisor titled Secure Your Mobile Connections and increase your safety and security when using WiFi away from your authentic networks.

Avoid WiFi Altogether

When in doubt, avoid using WiFi altogether when you’re away from your trusted networks.

Instead, use your mobile device’s cellular connection (3G or 4G LTE), and if your device doesn’t have its own cellular modem, buy a mobile 4G LTE hotspot for $100 and use that (may I recommend an Overdrive Pro 3G/4G Mobile Hotspot from Virgin Mobile?)

Remember that there are people out there who will exploit vulnerabilities for a variety of reasons. Follow the recommendations above to reduce your odds of becoming a victim of a man-in-the-middle attack when using WiFi networks.

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FPPad Bits and Bytes for April 26

Posted on April 26, 2013 by in Bits & Bytes

Get a lead on the weekend with this week's best stories in technology

Get a lead on the weekend with this week’s best stories in technology

It’s been a slow week with respect to technology news in the financial planning industry. So get your quick update below and get a fast start to your weekend.

Here are this week’s stories of interest:

Fidelity selects External IT for a cloud-based virtual desktop solution for financial advisers from FPPad

[In case you missed it, Fidelity announced it has vetted cloud desktop provider External IT for its advisers, giving them a fast track solution to leave legacy servers behind and move critical resources to the cloud. Pricing is around $150/month/user, so while it may not save advisers tons of money, it will give them greater mobility in business and better backup and disaster recovery.] In a press release today, Fidelity announced it has selected External IT as the exclusive provider of a cloud-based virtual desktop solution to financial advisers.

AP Twitter Hack Preceded By A Phishing Attempt, News Org Says from TechCrunch

[Don’t think Twitter moves the stock market? Think again. One rogue tweet from a hacked AP account sent the Dow plunging nearly 150 points in a matter of seconds. What’s your takeaway from all this? Vigorously guard your online credentials, because attackers will do everything they can to get them and then exploit them for financial gain.] The AP Twitter hack which sent the stock market briefly crashing was caused by a phishing attack, according to the AP. The news organization now says the attack on Twitter was “preceded by a phishing attempt on AP’s corporate network.”

Erado Message Control Solutions Reports First Quarter Growth Strongest in Company History from Erado

[Social media archiving provider Erado continues to grow quickly. You’ve read here before about its relationships with firms like LPL, the largest independent broker dealer ranked by revenue as wel as account assets.] Erado, the nation’s leading compliance and archiving firm in electronic communication, announced today their record first quarter growth.  Erado added new services for over 500 offices, and continued hiring due to its continued growth.  The quarter was the strongest in the company’s history.

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Fidelity selects External IT for a cloud-based virtual desktop solution for financial advisers

Posted on April 24, 2013 by in Technology

Fidelity selects External IT to deliver a "first-of-its-kind solution" to advisers

Fidelity selects External IT to deliver a “first-of-its-kind solution” to advisers

In a press release today, Fidelity announced it has selected External IT as the exclusive provider of a cloud-based virtual desktop solution to financial advisers.

The Cloud Virtual Desktop

Advisers who custody client assets with Fidelity Institutional Wealth Services® (IWS) will soon leverage External IT’s technology known as the OS33 Portal Desktop.

According to Ed O’Brien, head of technology for Fidelity IWS, pricing for the virtual desktop will be approximately $150 per user per month.

Native, Not Watered-Down

In the virtual desktop solution, advisors will find familiar programs including Adobe Acrobat, the Microsoft Office 2010 suite, Quickbooks and more.

External IT users get access to full versions of the office productivity software through Citrix Receiver, not scaled down web-based counterparts with limited functionality.

The External IT dashboard with office productivity programs included

The External IT dashboard with office productivity programs included (click to view full size image)

File Access

The virtual desktop also supports traditional file management, accessed in two ways.

First, a file manager interface can be accessed directly within the web browser, allowing users to browse a file directory structure similar to those found in most computer operating systems.

The alternate file access method actually launches a separate file manager window that looks just like the Windows 7 file explorer. Users can browse files and folders in both the hosted file system as well as their local hard drive using the External IT file manager window. Worth noting is that the search field works in this separate file manager window just as it does in the native Windows 7 operating system, so users may find this method a bit faster to find documents and files.

Mobile

The External IT solution is also accessible from mobile devices using the standard mobile web browser. Users have a few options when working with office files like Word, Excel, and PowerPoint documents.

The mobile optimized External IT dashboard, viewed on an iPad

The mobile optimized External IT dashboard, viewed on an iPad (click to view full size image)

First, the full versions of Office programs can be streamed to the mobile device using the Citrix Receiver app. However, most will find that attempting to touch menu bars and manipulating the cursor is challenging on non-touch optimized software.

Therefore, if users have appropriate permissions, Office documents can be downloaded and opened in third party apps such as QuickOffice Pro HD or Office² HD. Changes can then be uploaded back into the External IT solution.

Security

Advisers will also benefit from a wide array of security features available in the External IT solution. Users can easily add and delete (aka provision) employee accounts, prohibit file downloads onto personal devices, and enforce multi-factor authentication when users log in.

Reactions

For reaction on the solution announcement, I reached out to several providers of virtual desktop solutions for those in financial services.

Wes Stilman, CEO of Right Size Solutions. "If the custodian desires, it provides an opportunity to integrate their technology with a cloud provider."

Wes Stilman, CEO of Right Size Solutions. “If the custodian desires, it provides an opportunity to integrate their technology with a cloud provider.”

“If the custodian desires, it provides an opportunity to integrate their technology with a cloud provider.  For example, it could simplify single sign on,” said Wes Stillman, president of Right Size Solutions.

“The potential negative for the custodian is that the cloud provider has to earn consistent high marks,” added Stillman. “Should the quality of service falter, it could reflect badly on the custodian.”

For this reason, Fidelity arranged dedicated support for advisers from External IT and also aligned support times with the equity and bond market schedule, according to O’Brien.

O’Brien added that advisers always have access to the online External IT help desk and can also call in for support during both peak and non-peak hours.

Ryan Terwedo, founder and CEO of CloudRIA: "Depending on how they are providing the [virtual desktop] window, the user experience is not great."

Ryan Terwedo, founder and CEO of CloudRIA: “Depending on how they are providing the [virtual desktop] window, the user experience is not great.”

Ryan Terwedo, founder and CEO of cloudRIA, agrees with Stillman’s sentiment of the provider’s service quality, including the user experience.

“Depending on how they are providing the [virtual desktop] window, the user experience is not great,” said Terwedo. “Microsoft Word was never designed for anything but being installed on a local windows machine.”

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FPPad Bits and Bytes for April 19

Posted on April 19, 2013 by in Bits & Bytes

I started a six-week stint of travel across six cities, including several presentations at upcoming conferences.

See my speaking page for my upcoming conference appearances to see if you’re attending one of the events. Please stop by and say hello!

Here are this week’s stories of interest:

Pershing Integrates Redtail Technology to Simplify Client Onboarding for Advisors from Pershing.com

[Pershing is not one to flaunt news of new integrations, so here’s a rare example of the company taking a bit more public stance on new partnerships. Here, Pershing now integrates with adviser-favorite CRM Redtail, particularly to push contact information in CRM to Pershing forms. This is useful when prospects are tracked in Redtail, then after some time, are converted to clients. Instead of manually filling in account forms, or using a third-party service like LaserApp, Redtail can now push data directly to NetX360. The fewer points of failure in technology systems, the better!] Pershing LLC, a BNY Mellon company, today announced a significant innovation in its industry-leading NetX360 platform through its relationship with Redtail Technology, a provider of web-based Client Relationship Management (CRM) solutions. Pershing’s integration of Redtail’s solution into NetX360 is designed to help advisors onboard clients more quickly, easily and efficiently.

Comply or die: NRS upgrades ‘manual’ to the 21st century from InvestmentNews.com

[The days are over of maintaining a compliance manual printed out in a three-ring binder sitting on the COO’s bookshelf. Today’s modern office demands more flexible systems, including a higher-tech compliance manual. It’s surprising that it’s taken until 2013 to achieve this, but hey, compliance isn’t exactly cutting edge.] Simply put, Policy Architect is meant to help both registered investment advisers and those affiliated with a broker-dealer stay compliant by allowing for more frequent updating of a firm’s compliance manuals (it helps, of course, if you keep yours digital as opposed to cutting down trees for a binder).

Mobile Assistant Launches iPhone App, “TALK IT” from PRNewswire.com

[Have bad cell coverage, but still need to dictate meeting notes from the road? Now Mobile Assistant has an iPhone app to facilitate this process. It’s not the first dictation service to support a mobile app (CopyTalk did it several months ago, starting this arms race), but definitely is a useful feature to all of the Mobile Assistant users who ever experienced a dropped call or two in the middle of dictations.] Mobile Assistant, the professional quality voice-to-text dictation service for the financial, insurance and sales industries, announces the release of its iPhone Application, TALK IT, this week. Mobile Assistant’s TALK IT is a high quality transcription service and an alternative to inaccurate automated voice-to-text solutions on the market, appealing to financial advisors and insurance agents as an easy way to accurately and securely document client meeting notes.

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