Right Size Solutions Archives

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 September 19

Posted on September 19, 2014 by Bill Winterberg in Bits & Bytes

On today’s broadcast, developers from the top technology providers assemble for a hackathon in Utah. Find out which innovations have the potential to work their way into your business. Advent announces a number of updates at its AdventConnect conference. Which one will help make your portfolio management more efficient? And, the SEC wants to see your cybersecurity policy. Find out which provider is offering a customized plan specific to your firm’s technology.

So get ready, FPPad Bits and Bytes begins now.

(Watch FPPad Bits and Bytes on YouTube)

Today’s episode is brought to you by the 2014 T3 Enterprise Conference, exclusively designed for the technology needs of broker-dealers and financial enterprises.

Time is running out to register and book your hotel room if you want to be in the best place to monitor trends in broker-dealer technology. Reserve your spot today by visiting t3enterpriseconference.com

Here are the links to this week’s top stories:

Announcing the Fuse 2014 award winners from FPPad.com

[This week’s top story comes from Orion Advisor Services, which assembled one of the industry’s first “hackahon” events in Park City, Utah last week called Fuse 2014. Building on a developer retreat originally conceived by Redtail Technology’s Brian McLaughlin a few years ago, Orion assembled over 50 developers and industry heavyweights from fifteen of the top advisor technology providers.

So what’s the purpose of this Fuse hackathon event? Gather talented developers together in the same room, tell them about advisor frustrations, and let them build solutions in less than 48 hours.

Top awards presented at the end of Fuse 2014 event include Gladstone’s business intelligence and valuation tool, AdvisoryWorld’s analytics integration directly into Orion’s client portal, and Orion Advisor Services’ latest mobile app for use by both clients and financial advisors.] Here is the complete list of Fuse 2014 award winners. More details are available on Twitter under the #FuseUtah hashtag and the FPPad YouTube channel.

Advent Announces Next Generation of the Black Diamond Wealth Management Platform: Designed to Elevate the Investor Experience and Enhance Firm Level Productivity from MarketWired, and

Peter Hess delivers Advent Direct specifics at Advent Connect as Dave Welling wows with Black Diamond’s cloud advance from RIABiz

[Next up is a review of AdventConnect 2014, Advent Software’s annual client conference held in Las Vegas last week. The company made a number of announcements at its event, so here are the ones most relevant to financial advisor technology.

First, Advent’s Black Diamond platform continues to mature, as the next generation, which some are calling Black Diamond 4.0, received new enhancements to its data mining capabilities, which advisors can now use to generate business intelligence reports on how their business is performing.

Also, Black Diamond is delivering a brand new experience to investors through a completely redesigned, mobile responsive, online portal. The updated portal can be customized for each client, will include a secure document vault, and offers a secure messaging system for investor and advisor collaboration. Black Diamond said the new investor portal will be available sometime in early 2015.

And Advent provided an update of its Advent Direct® Community, which I covered last year in episode 107. The community now features over 10,000 registered users who have used the platform to discuss over 700 topics posted by advisors, asset managers, hedge fund managers, and more. It’s kind of reminds me of a private LinkedIn Group on steroids.

But if you want to see an example of the latest updates to Black Diamond, you’re going to have to head over to Advent Software’s website and give up your email address to view a product demo.] Advent Software, Inc. today at its annual client conference in Las Vegas, NV shared a preview of the next generation of its Black Diamond wealth management platform, which marks a major step in its evolution from a pioneer of cloud-based portfolio management and reporting technology to a full-featured wealth management platform.

SEC’s Cybersecurity Initiative: Technology and Policies Must Line Up from PRNewswire

[And finally, this week’s episode ends with yet another discussion of cybersecurity and the importance of keeping sensitive data from being leaked on the Internet. You can’t get enough of that video, can you? So to boost advisors’ cybersecurity defenses, Right Size Solutions, a hosted technology service provider, teamed up with Stark & Stark, a law firm and legal consultant to RIAs, to create a written Cybersecurity Policy that can be customized for advisors who use the technology offered by Right Size Solutions.

The written policy and procedures detail what the RIA is prepared to do in the event a cybersecurity attack is encountered, and the document also contains information on security policies and standard practices established by Right Size Solutions.

Whether you use Right Size Solutions or any other hosted technology provider for your business, you need to maintain this kind of information, periodically test it, and demonstrate what you do when the SEC comes to examine your firm.] Registered Investment Advisors who fail to produce a written cybersecurity policy may find themselves with a deficiency noted during their routine examination process based on new review guidelines from the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE).

Here are the stories that didn’t make the broadcast:

Redtail Technology and Morningstar Work Together to Simplify Advisor Practice through Redtail’s Enhanced CRM User Interface from Morningstar.com

Redtail Technology, a leading provider of client relationship management (CRM) software, and Morningstar, Inc. (NASDAQ: MORN), a leading provider of independent investment research, are working together to simplify an advisor’s practice by providing seamless access to Morningstar’s proprietary research and analytics directly within a new Redtail user interface that will launch in the fourth quarter.

Finance Logix Widgets Now Available in Redtail CRM from PRWeb

Finance Logix, a leading financial planning and client engagement platform, and Redtail Technology, an industry leading CRM for advisors, announced today the integration of Finance Logix’s innovative Widgets into the core Redtail CRM system.

Junxure Announces Several Major Initiatives at Sold Out Advisor Conference from PRNewswire

Junxure, the RIA industry’s leading CRM and office management technology platform, will announce today at its second annual Advisor Conference at the Four Seasons Hotel in Las Vegas, NV, several major initiatives and results that show a growing momentum in the financial advisory industry.

Cyber breaches rare among U.S. state-registered investment advisers -study from Reuters

Cyber security breaches are rare among investment advisory firms registered with U.S. states, but improvements to technology and procedures could still bolster protection of client information, state securities regulators said on Wednesday.

Watch FPPad Bits and Bytes for September 19, 2014

FPPad Bits and Bytes for January 3

Posted on January 3, 2014 by Bill Winterberg in Bits & Bytes

On today’s broadcast, hackers make headlines targeting high-profile companies, so how can you avoid a security breach in your business? Electronic signature technology gains momentum, find out which providers you should add to your processes. Big data is coming. Who’s harnessing all the data you gather in your business, and how will these tools help you make better decisions in 2014 and beyond? All this and more.

So get ready, FPPad Bits and Bytes begins now!

(Click to watch on YouTube)

Today’s episode is brought to you by New Planner Recruiting, which specializes in the sourcing, screening and integration of entry level financial planners within financial planning firms nationwide.

Whether you’re a firm looking to hire or an aspiring planner establishing your career path, sign up for the free newsletter full of valuable resources and information by visiting fppad.com/npr

Here are this week’s links of interest:

Financial Adviser Technology Trends in 2014

Financial advisor technology news moved at a snail’s pace over the holidays, so today’s episode is going to cover the most important technology trends I see coming in 2014. These trends break down into four main categories:

Security
Electronic signature
Big data, and
Enhancing your online presence

Security

Security news has received a lot of attention recently, headlined by the recent data breach at Target of over 40 million credit and debit card accounts, and quickly followed up by the release of over 4 million usernames and phone numbers from users of Snapchat, the private mobile messaging service.

While these are big companies with a potential bounty of user information, don’t think that your business is immune to attacks from hackers seeking personal and financial information.

This year, you should make it a priority to strengthen the defenses of your computers, mobile devices, and your network. Also, social engineering will likely be the primary method hackers will use to exploit people in your organization, so periodically test how susceptible your organization is to well-designed social engineering attacks.

Vendors that can help with your security include Mimic Technologies, Right Size Solutions, True North Networks, Envision Consulting, and many more, and you can use simulated phishing applications from Wombat Security Technologies, TraceSecurity, ThreatSim and more.

Electronic Signature

Next up is the increased adoption of electronic signature by financial institutions. You heard about e-signature several times in last years’ broadcasts as TD Ameritrade Institutional, Fidelity, Pershing, LPL and others support some form of the technology in their existing account processes.

But you can also deploy e-signature for the contracts and agreements you have for your internal documentation. So it’s worth exploring your options from providers such as RightSignature, Adobe® EchoSign®, DocuSign, and more to streamline your signature-gathering process, all while satisfying compliance, of course!

Big Data

The third trend I see ramping up big time for advisors in 2014 is Big Data. More technology providers are developing big data capabilities to help you analyze your data more effectively so you can make informed decisions about your client needs and business opportunities.

Look to adopt one or more of the business analytics tools available from Redtail Data Cloud, AssetMark, Orion Advisor Services, Envestnet|Tamarac and more.

Enhancing Your Online Presence

Finally, 2014 should be the year you make a serious effort to enhance your online presence. This is about more than just creating a Twitter account, posting a few tweets, and calling it a day.

More and more prospects are looking for financial advice and evaluating financial advisors online, long before they pick up the phone to schedule an initial meeting. And some prospects don’t even care that your office be in the same city where they live; they want an advisor who is an expert regarding their specific needs and circumstances, without imposing some arbitrary geographic requirement.

That said, does your website have what it takes to attract this generation of web-savvy prospects? Does your social media activity reinforce your value proposition to potential clients? And does your technology live up to the expectations of individuals born in the digital age?

Boost your online presence with services from providers like Advisor Websites, Wealth Management Marketing, Vestorly, Advisor Studios, Wired Advisor, and more.

So there you have it!

You’ve heard what I think the most important technology trends of 2014 will be, and I’ve given you a head start with a number of vendors and providers that can help you get the new year off to a fantastic start.

Watch FPPad Bits and Bytes for January 3, 2014

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.”

FPPad On Air with Wes Stillman of Right Size Solutions on building a budget for the cloud, getting your data back, and Apple and Microsoft hardware developments

Posted on December 1, 2012 by Bill Winterberg in On Air

On Friday I connected with Wes Stillman, founder of Right Size Solutions (online at http://www.rightsize-solutions.com/) on a Google+ Hangouts On Air to talk about budgeting for a move to the cloud.

We also discussed how advisers can get their data back when separating from a cloud provider, plus what changes in hardware from Apple and Microsoft are doing to the future of the financial planner’s office.

Please join me for the next FPPad On Air session Friday, December 7 when my guest will be Blane Warrene, SVP of Customer Communications at RegEd, and the topic will be how financial advisers can use podcasts to grow their business.

Have suggestions on future guests, topics, or time slots? Contact me!

(Click to watch on YouTube)

FPPad

FPPad Bits and Bytes for September 25

FPPad Bits and Bytes for February 6

FPPad Bits and Bytes for October 24

FPPad Bits and Bytes for September 19

FPPad Bits and Bytes for January 3

Financial Adviser Technology Trends in 2014

Security

Electronic Signature

Big Data

Enhancing Your Online Presence

FPPad On Air with Wes Stillman of Right Size Solutions on building a budget for the cloud, getting your data back, and Apple and Microsoft hardware developments

Bill Winterberg’s Tweets

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