Don’t let hackers compromise your carefully curated LinkedIn profile. Protect your account by enabling LinkedIn’s two-step verification.
Hackers know that if they can trick you into handing over your password to online websites, they can carry out all sorts of nefarious activity.
Protecting Your Digital Assets
Online banks, Google, Dropbox and even Facebook and Twitter have all enhanced the security of user accounts by adding a two-step verification option to the login process (see: Boost your online security with two-factor authentication).
Not only do you need the right username and password to sign in to online accounts, you also need to enter a code sent to your mobile phone. That unique code is the second factor of authentication, drastically increasing the difficulty of hacking in to your account.
LinkedIn’s New Two-step Verification
Finally, LinkedIn just only recently added two-step verification to user accounts.
The video walkthrough above shows you how to quickly turn on two-step verification in your LinkedIn account.
All you need is your mobile phone and two minutes of time to keep your LinkedIn account safe from outside attacks. Go do it!
The popular online file sharing service meets regulatory record-keeping requirements with latest archiving functionality
In a press release today, ShareFile, the online file sharing service owned by Citrix, announced the availability of its Archiving for Financial Services compliance feature.
ShareFile, my 2012 Morningstar Advisor Best Back-Office Technology award winner, has been popular among financial advisers for its online file storage functionality much like Dropbox, Box, SugarSync, Google Drive, Microsoft SkyDrive, and many more.
But ShareFile’s focus on the specific needs and regulatory requirements of professionals in financial services has helped the company gain a sizable following relative to the generic competition.
According to the press release, ShareFile Archiving for Financial Services helps financial advisers satisfy SEC and FINRA record-keeping requirements “by offering retained, indexed, auditable and searchable records of client communications for the period required or longer.”
Below is a video from ShareFile with an overview of Archiving for Financial Services.
Typically, advisers who use online file sharing services to exchange documents with clients and prospects maintain two separate systems in their back office.
One system is the online file sharing service that does just that; facilitates file sharing with individuals outside the adviser’s network infrastructure.
But most advisers then maintain a second system that satisfies the record-keeping requirements imposed by the SEC and FINRA. Two systems are necessary, because consumer file sharing services (i.e. Dropbox) just aren’t built with the regulatory record-keeping requirements in mind.
For advisers using ShareFile Archiving for Financial Services, two systems should no longer be necessary to satisfy the record-keeping requirements.
A Document Management Solution?
With the addition of Archiving for Financial Services, is ShareFile now a contender among document management providers?
I believe the answer is no.
Archiving for Financial Services is a very useful addition, and it will eliminate the need to run two separate systems to facilitate file sharing and to maintain adequate record-keeping systems. But document management requires more than just indexed, auditable, and searchable records of client communications.
Document management systems offer metadata tagging and document profiling for every record stored in the system, and automated workflow is also frequently supported.
So for advisers who lack a true document management system (and surveys consistently show that there are a large number of such firms), ShareFile combined with Archiving for Financial Services is a convenient way to get two features from the same product.
But for firms already using document management systems with native record-keeping compliance, Archiving for Financial Services is unnecessary.
Nevertheless, ShareFile’s ease of use and mobile device compatibility still makes it a strong contender for online file sharing with clients, prospects, and colleagues.
[BYOD, or bring-your-own-device, is a growing trend in all businesses, including yours. Do you allow employees (and you, too) to connect to work-related systems with a personal mobile device? It can be as simple as allowing email or contacts to be synchronized to the device. If so, it’s critical you have procedures and systems in place to adequately protect any sensitive data stored on personal devices. This short review from new FP editor Paula Vasan is a timely reminder, plus you’ll get three mobile device management resources cited by me.] Personal devices can pose a serious threat to businesses if strict policies and preventative cybercrime measures are not put in place, according to a study.
[Dropbox, Box, ShareFile, etc. are common names heard when talking about cloud file storage and synchronization. Dropbox is wildly popular among consumers, Box is a leader in the enterprise, and ShareFile is growing well among financial advisers (it was also one of my picks for Best Tech of 2012). This week, ShareFile enhanced its mobile app by allowing users to create and edit documents, spreadsheets, and presentations directly within the ShareFile app, as well as allows users to markup and annotate PDF documents. With Box, you can do similar tasks using other third-party apps compatible with OneCloud. With Dropbox, you can’t do this.] Citrix, a cloud, networking, and virtualization technology company, will announce on Tuesday that it is updating its ShareFile file-sharing app with better mobile content editing. What this means is that the service aims to compete against Box and other enterprise-focused file sharing services, hopefully allowing users to be more productive while on the go, even when they are offline.
[How is online advice platform Wealthfront fairing? Well, they’re up to $170 million in assets aggregated through the platform. I’d judge by growth in 2012 that the company is on its way to $500 million in assets by the end of 2014. Still, with a fresh round of $20 million raised, coupled with $3 million in Angel and $7.5 million Series A capital, its a significant investment for a questionable return so far. But again, there’s potential here if Wealthfront catches on with the next generation of wealth transfer on the horizon.] Wealthfront, which makes software that acts as a financial advisor for its clients, hasn’t had the easiest road remaking the financial world in Silicon Valley’s image. But it after a name change, a pivot and some key new hires it appears to be growing rapidly.
[Erado continues to increase their social media archiving coverage with the addition of Salesforce Chatter connectivity. Smarsh has supported Chatter since October 2012 (see FPPad Bits and Bytes for October 5), and with Erado onboard, I’d expect to see a slight uptick in Chatter use among advisers using Salesforce for their CRM.] Erado, the nation’s leading compliance and archiving firm in electronic communication, officially announced the newest addition to their Social Media Capturing suite, Salesforce Chatter.
Ten questions highlights Dropbox, Google+ Hangouts, Windows 8 and more
Each month the Journal of Financial Planning interviews “noteworthy people” for its 10 Questions feature.
I had the honor and privilege of being the featured guest in February’s issue.
Carly Schulaka, Managing Editor for the Journal of Financial Planning, lined up a great list of questions, including conversations around file sharing services like Dropbox, whether financial planners should upgrade to Windows 8, broadcasting content over the Internet, and how inStream Solutions is poised to change the way financial plans are created.
This week’s guest on FPPad On Air is Peter Giza, former CTO at RedBlack Software, LLC, to talk about emerging technology trends that have the potential to change the financial advisory industry for the better.
Note that today’s broadcast begins around 1:15pm ET instead of 4:15pm, so check the FPPad On Air page this afternoon for the link to watch.
[I just returned from Laserfiche’s Empower 2013 conference, and I must say there is a lot of excitement surrounding the new business process management (BPM) capabilities in the latest version of the company’s software, Laserfiche 9. I bet most advisers have no way to execute automated workflow in their business, let alone implement BPM. But with a large number of potential document management customers, financial advisers may soon warm up to the possibilities available by using software such as this.] Today, Laserfiche announced the immediate availability of Laserfiche 9 at its annual Empower 2013 conference. The new release unites enterprise content management (ECM) and business process management (BPM) functionality across the Laserfiche product line.
[Another document management provider, NetDocuments, released some very useful features in version 13.1 this week, including the ability to share documents with users outside of your organization using secure URLs, avoiding the need to force those users to create a NetDocuments account. It’s very similar to the way Dropbox (and others) allow users to create a unique URL that enables access to documents and folders without the need to have a Dropbox account. There are a number of other new features also described in the press release.] NetDocuments today announced the 13.1 release of its leading cloud-computing content management and collaboration service. This latest release contains more than 20 new and updated features, including document delivery via a secure link and a new search engine.
[Social is the name of the game these days, so any way you can connect to the social stream coming from clients, the better. Here’s a new feature from Redtail CRM that at least helps you consolidate links to clients’ social profiles. While not as robust as social aggregation solutions like Newsle and Rapportive, advisers can see what clients are posting in one easy click.] You can add a contact’s Facebook, Twitter, LinkedIn, Flickr, YouTube, Google+, Pinterest or MySpace addresses to their contact records, in order that you might quickly access information that is currently relevant to them.
[This is a notice for an upcoming webinar hosted by Advisor Websites, Mobile Assistant, and Redtail. All of the vendors will cover tips on getting the most form your mobile devices, how to capture lead information online, and better engage clients through technology.] When? Tue, Jan 29, 2013, 11:00 AM – 12:00 PM PST. Who should attend? Reps or their marketing/administrative staff.
Now that August is here, the flow of financial planning technology news has slowed to a trickle. This week you’ll want to stay on top of security developments at Dropbox, but also check out a potential app to manage your multitude of projects.
[Salentica is the overlay provider for Microsoft Dynamics CRM. In this company press release, Salentica announces it is officially in a pilot phase of integrating account data obtained from the Schwab OpenView Gateway™ program.] In May, Salentica entered beta testing where our Client Advisory Panel which included Salentica clients as well as several RIA firms who are using a standard version of Microsoft Dynamics® CRM tested the newly developed functionality and provided us with feedback on the user interface and client experience.
[If you’re searching for a new project management solution, Projectbook may be worth investigating. I often vascillate between managing everything in one CRM or working with multiple, specialized apps to manage tasks, reminders, and workflow. There’s no one right answer, so Projectbook may be a good resource for some of you.] Keeping your personal and professional documents in the cloud so you have access to them everywhere is on it’s way to becoming standard practice: it’s why Google and Apple now have their own cloud storage solution for users. But what if you’re on the fence about committing to the cloud but want an all-in-one mobile app to organize your stuff? Then a small midwestern app company called Theory.io has an iPad app for you.
Events like this should be a lesson to you, even if you’re not a Dropbox user. Remember to follow good security practices to keep your account credentials safe, such as:
Avoid using the same username and password for multiple websites/accounts. Make each password unique for each account.
Avoid using unfamiliar or shared computers, as keystroke logging programs or other trojans may be installed without your knowledge.
In a few weeks, Dropbox should be rolling out the new security features. When they appear for your account, be sure to activate and use two-factor authentication. It’s one additional layer of protection you can add to better protect all the information you keep in your Dropbox account.
Broad terms of service language likely makes the latest cloud file storage service off limits for client files
Earlier this week, Google entered the increasingly-crowded market of cloud-based file storage services by introducing its own utility called Google Drive.
Google Drive offers convenient access to files from any device, but advisers may want to keep client files off the service
There are a number of popular cloud file storage services available today, with Dropbox, Box, SugarSync, and ShareFile generating the most buzz and interest among financial advisers. Generally, these cloud file storage services give users the ability to back up selected files and folders to servers in the cloud and enable remote access to those documents using mobile apps and web browser interfaces.
Ever since these services launched, financial advisers have questioned whether or not they’re safe to use for the storage of client files.
Last year I wrote Dropbox for Financial Advisers: Is it Safe? which continues to receive consistent traffic from advisers seeking opinions on whether or not using such services will violate any regulatory rules (the short answer is yes, but with conditions. Read the full post for details.).
Safe for Client Files?
With Google Drive, advisers want to know the same thing: is it ok to use to store files containing client information?
I believe the answer is no.
Google’s terms of service explain how the company may use files and information stored on a variety of its services, including Google Drive. Here is the relevant section for advisers:
Your Content in our Services: When you upload or otherwise submit content to our Services, you give Google (and those we work with) a worldwide licence to use, host, store, reproduce, modify, create derivative works (such as those resulting from translations, adaptations or other changes that we make so that your content works better with our Services), communicate, publish, publicly perform, publicly display and distribute such content. The rights that you grant in this licence are for the limited purpose of operating, promoting and improving our Services, and to develop new ones. This licence continues even if you stop using our Services (for example, for a business listing that you have added to Google Maps).
The terms give Google the license to publish and publicly display content uploaded to their services. In addition, that license continues long after use of the services is discontinued.
Sure, for a listing on Google Maps, the terms make sense. But for files stored on Google Drive, applying the same terms can mean there is no limit to how long Google has the option to use your content.
Google Drive may ultimately prove to be the product that disrupts the cloud file storage market, but for now, financial advisers should stay clear of the service and never use it to store files containing client data.
My first item of note this week is an Operations and Technology Survey currently being hosted by ByAllAccounts. In return for providing your email address and survey responses, you’ll receive an executive summary of the survey results. I think it’s a worthwhile tradeoff.
[He’s a general interest article from tech website Mashable.com with 10 great app suggestions. Kudos to Mobile Assistant for being recommended in tip #9!] We asked a panel of successful young entrepreneurs for the mobile apps that keep them on track in their work and on the go. Here are their favorite suggestions.
[Advisors Assistant is a top-five CRM program, according to the 2011 Financial Planning Tech Survey, and is very popular with small firms with revenue under $1 million. With a new integration with Orion, Advisors Assistant users can save clicks when wishing to view portfolio information associated with a client record.] Client Marketing Systems, Inc., parent company of Advisors Assistant®, is pleased to announce a new integration with Orion Advisor Services, LLC, an online service bureau and portfolio management system.
[I like this article’s balance between opportunities of Google’s long-awaited file storage service and the potential privacy pitfalls of such a service. Advisers seeking client-friendly file sharing solutions similar to Dropbox and Box will want to take note.] Google could easily amass a good deal of data on users of its expected cloud storage service.
[Envestnet’s purchase of Tamarac, Inc. in February for $54 million certainly boosted the company’s technological capabilities, but they continue to win advisers with its own Vantage offering.] Envestnet took its Silicon Valley- and Trivandrum, India-based technology unit and began to offer it as a standalone service called Envestnet Vantage.
Wednesday’s post on client spoofing received tremendous response from readers and subscribers. Many of you shared your own stories of attempted client spoofing that was eventually detected, and several asked about practices that can be employed to increase the recognition of spoofing without overburdening back office staff and clients. I’m working on several follow up posts to break down examples and provide more information and resources advisers can use to be vigilant against spoofing.
And with that, let’s move on to this week’s stories of interest:
First up is this month’s Morningstar Advisor column, Laserfiche Offers Cloud Connectivity. This leading provider of on-premises document management software is now extending its product line to include a service delivered exclusively over the cloud. This makes the program, one that traditionally required large up-front costs, a more cost-effective option for advisers.
[You know all-too well that iPads are the tablet of choice among advisers. I have the following slide shown below in my iPad presentation showing how much traffic FPPad.com gets from the device. I get 53% from iPads, 27% from iPhone, 16% from Android and 4% for everything else. The FPPad adviser audience should be more tech-savvy than the broad InvestmentNews audience, and it shows! Thank you!] Roughly 36% of our mobile visits [to InvestmentNews.com] came from the iPad in March, compared with roughly 35% from the iPhone, which came in as No. 2 for mobile traffic sources.
[Advisers visit FPPad for information on cloud file storage services like Dropbox, ShareFile, and Box, but one that I haven’t specifically covered (though it’s on my resource radar) is Egnyte. This press release from the company features useful feedback from one Dallas-based RIA, True North Advisors, on how the solution satisfied the firm’s needs for security and easy deployment.] Egnyte, the leading provider of Cloud and HybridCloud File Sharing solutions for Businesses, today announced the Box Buster Buyout program. Aimed at businesses that are paying for Box accounts and found they’ve outgrown their usefulness, the Box Buster program allows paying Box customers to switch to a matching plan on Egnyte, at no cost for the duration of 2012 and free migration.
[Like I said above, cloud file storage services are getting lots of attention from everywhere. Here’s yet another service from the folks at LogMeIn called Cubby to add to your list of potential resources.] LogMeIn, the company known best for its remote access tools, is today launching its own cloud storage service, as an alternative to those from Dropbox or Box, for example.
In response, Dropbox said 
