External IT Archives

FPPad Bits and Bytes for March 4

Posted on March 4, 2016 by Bill Winterberg in Bits & Bytes

On today’s broadcast, ransomware strikes again, updates on LPL Financial’s automated investment service, and Morningstar releases sustainability ratings for mutual funds.

So get ready, FPPad Bits and Bytes begins now!

(WatchFPPad Bits and Bytes on YouTube)

Today’s episode is brought to you by IMPLEMENT NOW, the independent advisor’s Practice Management Virtual Summit hosted by Kristin Harad broadcasting online March 14th to the 18th. When you register, you’ll get access to the interviews and bonus material from 25 industry thought leaders who share how-to advice you can use right away to improve your practice. And, when you register by March 13th, your participation will count toward scholarships for the Child Mind Institute’s Brave Buddies program for anxious children.

Find all the details for this high-impact online event by visiting fppad.com/implementnow

Stay on Guard Against Cyberattacks from ThinkAdvisor.com,

2 New Members Of The Ransomware Family That Are Already Wreaking Havoc! from True North Networks, and

The Pentagon wants you to hack its network for real from TheNextWeb

This week’s top story covers cybersecurity, as Dan Skiles, president of Shareholders Service Group, urges advisers to rethink their approach to keeping the firm safe from attacks. Skiles’ column is timely for two reasons: First, new ransomware called Locky is making the rounds, as True North Networks shared that they are helping one company restore critical data after getting infected by Locky ransomware.

And second, I don’t know if you heard, but this week the Pentagon, probably one of the most well-defended organizations on Earth, announced their own “Hack the Pentagon” program to pay hackers a bounty for finding vulnerabilities! If the Pentagon needs cybersecurity help, I think think it’s safe to say you probably need it, too.

So, where do you begin? I asked one expert to find out:

[Michelle Jacko] Advisors should begin with conducting a risk assessment, doing an inventory of what their technology uses are. Take a look at vulnerabilities by hiring an IT security specialist. Look at internal controls, develop those policies and procedures, and finally, really concentrate on user awareness training, which often is the beginning of where problems start.

If you want cybersecurity help from an outside partner, I connected with Itegria and External IT to find out what’s new:

[Robert Madi] Bill, we’re really excited to announce AdvisorGuard which is a cybersecurity specific solution designed exclusively for RIAs. As an expert in the RIA space, ITEGRIA understands how important cybersecurity is for advisors and how top of mind it is. We’re really excited about it and looking forward to making a huge impact in the RIA space.

[Sam Attias] We’ve released new features, a lot of them have to do with auditing, monitoring of what people are doing within our system with all their applications. We can monitor devices, we can also… a new secure sign on that we’ve come out with that has a lot of exciting features, one of them being for all your web-based applications like a Tamarac or an Orion, Salesforce, you can set the logins and passwords for everybody in your firm and they wouldn’t know what they are.

I think it’s safe to say that it’s time to stop kicking the cybersecurity can down the road and engage a provider that can help you protect your firm from attacks. For more information, be sure to head over to fppad.com/181 for the links to this week’s top stories.] Cybersecurity should be on every advisor’s mind. The unfortunate byproduct of advances in technology is that cybercriminals have new opportunities to commit their crimes.

LPL Expects to Launch Robo-Advisor This Year from ThinkAdvisor.com

[Next is an update from LPL Financial, as this week Bill Morrisey, the company’s head of business development, told ThinkAdvisor that their automated investment service for use by advisors is expected to roll out later this year.

Ok, so let’s rewind to episode 169 for a brief refresher:

No details on pricing or even a name for the solution were provided, but LPL president Dan Arnold did say that a pilot program with about 20 advisors will be begin in the next few months.

Morrisey didn’t comment on the pilot phase, and there still are no details on a fee schedule, minimum requirements, or even a name for the solution, but Morrisey did say that all investors would qualify for the service, so I expect there to be really low or no account minimum when the solution is officially released.] Seven months ago, at its annual conference, LPL announced its intention to launch a robo-advisory service, starting with a pilot program. Now the firm’s head of business development tells ThinkAdvisor that LPL expects to add the service this year.

Morningstar Releases Sustainability Rating for 20,000 Funds from Morningstar.com

[And wrapping up this week’s broadcast is news from Morningstar, as the investment research company released sustainability ratings for over 20,000 mutual funds. If you use Morningstar Direct or Morningstar Office in your business, you can now view the sustainability ratings from within your application, and the company anticipates the ratings will be introduced into Morningstar Advisor Workstation as well as the Morningtar.com websites in the coming weeks.

More and more emerging investors not only want to save for their future, they also want their investments allocated to companies with high environmental, social, and governance factors, or ESG.

So I spy a differentiation opportunity, because the consumer-facing automated investing services don’t give customers the option of allocating their money based on ESG factors. You, on the other hand, can now offer that option.] Investors will now be able to evaluate funds based on environmental, social and governance (ESG) factors with Morningstar’s new sustainability rating for funds.

Here are stories that didn’t make this week’s broadcast:

Personal Capital Surpasses $2 Billion in Assets from PRNewswire

Personal Capital, the leading digital advice firm, today announced it has achieved $2 billion in assets under management (AUM), with one-third coming from clients with over $1 million in assets at Personal Capital. The average AUM per client is now $300,000.

Orchestrate acquires Sagacious from BusinessRecord.com

Orchestrate LLC, a West Des Moines applications, services and support firm serving financial services companies on Salesforce.com, has agreed to acquire Sagacious Inc., also a West Des Moines firm.

NAIFA Selects Junxure as a Partner CRM Provider for Its 43,000 Members from PRNewswire.com

Junxure, an industry-leading CRM solutions and technology firm for financial advisors, today announced its partnership with the National Association of Insurance and Financial Advisors (NAIFA), which represents the interests of insurance professionals and financial advisors through legislative and regulatory advocacy and ongoing education.

Watch FPPad Bits and Bytes for March 4, 2016

FPPad Bits and Bytes for September 25

Posted on September 25, 2015 by Bill Winterberg in Bits & Bytes

On today’s broadcast, the SEC fines an RIA for cybersecurity oversights, learn the steps you should implement to fight ransomware, and RightCapital is the newest startup in the financial planning software marketplace.

So get ready, FPPad Bits and Bytes begins now.

(WatchFPPad Bits and Bytes on YouTube)

Today’s episode is brought to you by True North Networks, a leading provider of managed IT, hosting, and security services to financial professionals. With the introduction of SecureWorkplace, True North Networks helps advisors combat cybercrime with industry leading technology, monitoring, and employee awareness training.

And if you sign up for SecureWorkplace in October, you’ll receive a free firewall valued up to $2,000. Learn more about True North Networks and SecureWorkplace today by visiting fppad.com/truenorth

SEC Charges Investment Adviser With Failing to Adopt Proper Cybersecurity Policies and Procedures Prior To Breach from SEC.gov, and

OCIE’s 2015 Cybersecurity Examination Initiative, and

SEC Cybersecurity Guidance 2015-02

[I’ve been under the weather for a few days, but I’m back with this week’s top story that comes from the Securities and Exchange Commission, as the industry watchdog recently settled charges with a St. Louis-based RIA for failing to establish cybersecurity policies and procedures. In its settlement, the SEC said the firm “failed entirely to adopt written policies and procedures reasonably designed to safeguard customer information” and the regulator assessed a $75,000 penalty. As the result of a breach in July 2013, hackers gained access to personally identifiable information for roughly 100,00 individuals.

But the silver lining, if there is one, is that the SEC said that no clients have suffered financial harm as a result of the breach. Well, not yet, at least.

So this is your wake up call if you’re behind on establishing your own cybersecurity policies. You need them, and you need to periodically test them, or you may subject your firm to similar consequences.

Once again, I’ve linked the SEC’s most recent cybersecurity guidance in the show notes or consider hiring a security expert for RIAs like Itegria, Envision RIA, External IT, True North Networks, Right Size Solutions, and others.]

Don’t Pay the Hacker’s Ransom from ThinkAdvisor.com

[Next up is more news about cybersecurity, as Shareholders Service Group president Dan Skiles recently addressed the rise in ransomware attacks on RIAs. Skiles notes that RIAs typically come across ransomware in a phishing email or a rogue file attachment, and once it’s mistakenly activated, the ransomware holds your computer and your files hostage unless you pay a ransom amount in bitcoin to unlock everything.

Obviously it’s best to never launch programs from unknown sources, but if ransomware does get activated inside your firm, Skiles recommends you isolate the computer that was attacked and work with an experienced IT professional to limit the damage. Arguably the best protection against ransomware is to have a fully-functional backup of all of your files, so you can literally throw your infected computer in the trash and start from scratch by restoring your files from a good backup.

It’s best if the ransomware never gets launched in the first place, so keeping your cybersecurity policies up to date AND offering periodic training to your firm’s employees will go a long way in protecting the information your clients trust you to keep safe.] When your firm is hit with a ransomware virus, try these steps first

New financial planning software tries to win market share in a crowded field from InvestmentNews

[And finally, I’m wrapping up with a new startup called RightCapital, which announced the introduction of its eponymous financial planning software at the XY Planning Network conference in Charlotte last week. RightCapital joins Advizr, another planning software startup I’ve covered before, to offer an intuitive and attractively-designed platform as an alternative to veteran providers like MoneyGuide Pro, eMoney, and Advicent.

You’ll have to test drive RightCaptial to see if its planning capabilities are up to your standards, but with built-in account aggregation, integrations with Morningstar, Yodlee, and Redtail, and a price tag under $1,000 a year, RightCapital deserves a spot on your radar screen, especially if financial planning is going to play a more prominent role in your business.] Newly launched service provider RightCapital thinks it has created a better mousetrap and is undaunted by the hypercompetitive market

Watch FPPad Bits and Bytes for September 25, 2015

FPPad Bits and Bytes for February 6

Posted on February 6, 2015 by Bill Winterberg in Bits & Bytes

On today’s broadcast, the rumors are true: eMoney gets acquired by Fidelity Investments, Advent Software gets acquired by SS&C Technologies, and the SEC reveals troubling cybersecurity issues after its first round of broker-dealer and adviser examinations.

So get ready, FPPad Bits and Bytes begins now!

(Click to watch FPPad Bits and Bytes on YouTube)

Today’s episode is brought to you by Wealthbox CRM. Version 1.7 just released with delectable features like two-way Google Calendar synchronization, support for popular email newsletter services, an integrated Facebook feed, and more!

Here are this week’s stories of interest:

Fidelity Investments® Acquires eMoney Advisor from BusinessWire, and

Fidelity Acquires eMoney Advisor PFM Dashboard, Gets Financial Planning Software Thrown In? from Kitces.com

[This week’s top story that EVERYONE is talking about is eMoney’s acquisition by Fidelity Investments. Sources close to the deal cited a purchase price “north of $250 million” with a valuation around four times eMoney’s revenue. This deal marks the first time I can recall an institutional custodian taking ownership of a financial planning software provider. Nearly a dozen others that I listed on FPPad are all privately held with no custodial affiliation.

So the burning question is: What’s the future of eMoney? Executives from eMoney and Fidelity reaffirmed that the company will continue to operate independently, but have the financial backing of Fidelity to accelerate product development and growth. Now for me, eMoney seemed to be doing just fine on its own, always having a top spot in advisor technology surveys and having just released a big emX update two months ago, so did they really need to make a deal?

But on the other hand, if you read Michael Kitces’ take on Nerd’s Eye View, he believes Fidelity purchased eMoney primarily for its client-facing personal financial management tool, or PFM, that works a lot like Mint.com, and just happened to get eMoney’s financial planning software along with the deal. Robo-investment allocators are raising the stakes on client-facing dashboards, but buying eMoney for its PFM solution just doesn’t add up to me.

There are many other PFM options and client-facing dashboards out there like Aqumulate, Blueleaf, MoneyDesktop (MX), and even Personal Capital, who built their own, probably for a lot less than $250 million. So really, nobody knows what the future holds now that eMoney is under Fidelity’s ownership, and you can add me to the list of speculators that can only guess how this deal will influence your decision on what financial planning software you choose to use.] Fidelity Investments® announced today that it has agreed to acquire eMoney Advisor, a leading wealth planning software company, as part of Fidelity’s commitment to deliver an industry leading suite of innovative and meaningful tools and technology to its customers.

SS&C acquires rival Advent Software for $2.7 billion from IBS Intelligence

[Next up is news of another deal, as Advent Software is going to be acquired by SS&C Technologies for $2.7 billion. SS and who? I had never heard of them either until this week, because SS&C is primarily focused on institutions and enterprises, not independent RIAs.

So on the institutional side, the deal makes sense because SS&C is already the largest user of Advent’s Geneva solution, with around 2,400 internal users. But what about the Axys and Black Diamond solutions used by you, the independent adviser?

Bill Stone, SS&C’s chairman and CEO, said in a conference call that the company “did not see anything in Advent’s portfolio that we’d want to rationalise” and “killing a product is the last thing you want to do.”

Cough, TechFi.

So, Advent users, you’re in a little bit of limbo, too until we see this deal pan out, but I suspect not a whole lot will change in the near term. These are well-established companies with mature products that collectively have very high user retention.] The acquisitive US-based firm, SS&C, has expanded its presence in the wealth management software market with the all-cash acquisition of rival Advent Software.

Cybersecurity Examination Sweep Summary from SEC.gov

[And finally, the SEC released its first Cybersecurity Examination Sweep Summary this week, outlining key findings from over a hundred broker-dealer and RIA examinations. Here are my most important takeaways:

3 out of 4 advisers have been the target of cyber attacks, only 1 out of 5 advisers actually have cybersecurity insurance, and very few advisers know where to identify best practices on cybersecurity. Here’s a hint: THIS SHOW is one of them!

Clearly I should dedicate a show in the future exclusively to cybersecurity, but in the meantime, download my free guide on security at fppad.com/security and connect a vendor that specializes in RIA best practices like Itegria, Envision RIA, External IT, True North Networks, Right Size Solutions, and others.] OCIE’s National Examination Program staff, recently examined 57 registered broker-dealers and 49 registered investment advisers to better understand how broker-dealers and advisers address the legal, regulatory, and compliance issues associated with cybersecurity.

Here are the stories that didn’t make this week’s broadcast:

Wealthbox 1.7 – New Integrations & Enhancements from Wealthbox

Today we’re releasing Wealthbox CRM version 1.7 with a flavorful assortment of new add-ons and enhancements.

Advizr Announces Strategic Partnership with Blueleaf Portfolio Management and Reporting Software from BusinessWire

Advizr, a next generation financial planning software, today announced a strategic partnership with Blueleaf, a leading client engagement, data automation and reporting platform for advisors and clients.

Cambridge to have robo offering for advisers in 2016 from InvestmentNews.com

Independent broker-dealer Cambridge Investment Research Inc. plans to have a competitive robo-type offering that works in sync with its 3,000 advisers’ practices in 2016.

Watch FPPad Bits and Bytes for February 6, 2015

FPPad Bits and Bytes for October 24

Posted on October 24, 2014 by Bill Winterberg in Bits & Bytes

On today’s broadcast, Microsoft discloses a zero-day vulnerability that affects nearly all Windows operating systems. See what you need to do right now to protect your systems from attack. inStream inks a partnership with BAM Advisor Services. Learn why this could be a big deal for the startup wealth management software provider. And, cyber attacks scare even the most security-conscious advisors. Find out about a new assessment service that can help defend your business from online attacks.

So get ready, FPPad Bits and Bytes begins now.

(Watch FPPad Bits and Bytes on YouTube)

Today’s episode is brought to you by ITEGRIA, providers of complete outsourced technology support, security, infrastructure and IT solutions exclusively for RIAs.

In their new book titled Red Flags, you’ll learn how to protect your firm from cyber-attacks, disasters, and IT compliance risks. Learn more about the Red Flags book by visiting fppad.com/itegria.

Before I get to the links to this week’s top stories, first answer this live poll:

Now on to this week’s top stories:

What you need to know about new zero day that hits most supported Windows versions from PCWorld.com, and

(Install) Microsoft security advisory: Vulnerability in Microsoft OLE could allow remote code execution: October 21, 2014 from Microsoft TechNet

[This week’s top story involves the hot topic of cybersecurity, as Microsoft disclosed a scary vulnerability in nearly every version of Windows on the market. So if you’re watching on a Windows machine, you need to pay attention. Mac users, you can go top off your Halloween candy.

Ok, so the vulnerability allows attackers to exploit Microsoft’s Object Linking and Embedding technology, better known as OLE, by sending you a Microsoft Office file with malicious code inside. If you open document, the attacker can gain access to your account’s rights and permissions and can remotely execute code on your computer. The potential for damage isn’t that great if your account has limited permissions, but if your account has administrative rights, then really bad things can happen. Pretty scary, huh? (scream)

So here’s what you need to do right now: first, remind everyone in your business once again never to open suspicious Microsoft Office documents, especially PowerPoint files, that are attached to dubious emails.

Then, to patch this vulnerability, head over to fppad.com/145 to find the link to Microsoft’s Security Advisory that contains the instructions on how to get the update. Now would also be a good time to make sure you’re current on all of your Windows updates.] Microsoft issued a security advisory this week with details of a zero day vulnerability that affects every supported version of the Windows operating system with the exception of Windows Server 2003.

Buckingham Asset Management & BAM Advisor Services announces selection of inStream wealth management technology platform from Yahoo Finance

[Ok Mac users, you can come back now, because next up is a story from Buckingham Asset Management and BAM Advisor Services, as the joint companies announced the selection of inStream as its wealth management platform for their 370 affiliated advisors.

You have to go way back my episodes in January for news on inStream, when the company announced that it would switch from a free plan to one that costs roughly $2,400 a year to use. But under the new strategic partnership, advisors who are part of the BAM Alliance will have full access to the inStream platform for no additional cost.

This is a big deal for inStream, as Buckingham Asset Management and BAM Advisor Services collectively manage or administer over $23 billion in assets, making them one of the largest RIAs in the country. So you might want to raise inStream a little bit higher on your radar, as I expect you will be hearing more from the company regarding new partnerships and financial planning functionality.] Buckingham Asset Management/BAM Advisor Services, one of the country’s largest independent wealth management enterprises, has chosen the inStream planning-centric wealth management software platform to serve the more than 370 advisors representing the more than 140 client firms in its network.

Investment Technology Partners Begins Offering Cybersecurity Assessments to Independent RIAs from PRWeb

[And finally, cybersecurity raises its ugly head once again to finish this week’s episode, but this time the news comes from Investment Technology Partners, a cloud IT provider to RIAs. Earlier this week, ITP announced it is now offering IT infrastructure assessments to RIAs to identify ways you can proactively build up your defenses against online attacks.

ITP’s assessment consists of a pre-visit questionnaire, an onsite inspection, and a post-visit follow-up, all in an effort to help you update your policies and procedures to address cybersecurity risks. Back in episode 129, I told you about the SEC’s new cybersecurity initiative and potential for increased enforcement around this area, so if you’ve been sitting on your hands since then, let this serve as another reminder that you now have a variety of providers you can engage to navigate you through this challenging landscape. In addition to ITP, popular cybersecurity audit providers include Itegria, Envision RIA, External IT, True North Networks, Right Size Solutions, and more.] Investment Technology Partners, an outsourced cloud IT provider focused in the Independent Registered Investment Advisory marketplace has begun conducting IT infrastructure assessments for RIA firms who have engaged them be sure their firms can positively respond to the an SEC audit looking into cybersecurity policies.

Here are the stories that didn’t make this week’s broadcast:

http://online.wsj.com/articles/td-ameritrade-offers-robo-technology-to-advisers-1414013725 from WSJ.com

TD Ameritrade Offers Robo Technology to Advisers from WSJ.com

TD Ameritrade AMTD +0.39% is making robo technology available to the 4,000 independent registered investment advisers who use its custody and trade clearing services. The technology is coming from a fledgling San Francisco firm, Upside Financial LLC, and is in the final stages of being added on to the Omaha, Neb.-based brokerage firm’s systems that are used by independent advisers to manage client money.

United Capital Picks Up $320M California RIA from WealthManagement.com

A strategic partnership between United Capital and the founders of financial planning tool FlexScore led United Capital acquiring a Modesto-based firm with $320 million in assets.

Inbox from GMail: The inbox that works for you

Built on everything we learned from Gmail, Inbox is a fresh start that goes beyond email to help you get back to what matters.

Junxure Enhances Its Cloud CRM from ThinkAdvisor

Junxure has released an enhancement to Junxure Cloud, the first major upgrade to the cloud-based CRM program used by RIA firms and broker-dealer reps since its launch this summer.

Encryption: What Advisors Need to Know from Financial Planning

Encrypt sensitive information, planners are routinely warned by security experts. Many states even require it. But there’s also confusion out there among advisors about the nuts and bolts of encryption.

Erado Announces Expanded Partnership with Investacorp from Digital Journal

Erado, an innovator in electronic communication compliance, announced today that it has expanded its partnership with Investacorp, Inc., to include Erado’s email archiving and all-encompassing social media compliance platform.

Watch FPPad Bits and Bytes for October 24, 2014

FPPad Bits and Bytes for April 26

Posted on April 26, 2013 by Bill Winterberg in Bits & Bytes

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.

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

Posted on April 24, 2013 by Bill Winterberg in Technology

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 (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 (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.”

“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, 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 March 4

FPPad Bits and Bytes for September 25

FPPad Bits and Bytes for February 6

FPPad Bits and Bytes for October 24

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