News

Dropbox user accounts compromised, new security features to appear

Posted on August 1, 2012 by in Compliance, Software, Technology

Last night I posted this tweet about a TechCrunch.com article on several compromised Dropbox accounts.

Unlike an issue last summer (see Bug Affects Dropbox Security: What Advisers Need To Know), you need to know that Dropbox’s security was not compromised.

Username and password credentials were stolen from a third-party website, which were then used to log in to associated Dropbox accounts.

In response, Dropbox said in a blog post that it will add new security features in the coming weeks, with two-factor authentication being the most noteworthy (see Boost your online security with two-factor authentication).

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.
  • Verify website addresses before typing in your login credentials. Look for the https:// address prefix and make sure you’re not redirected to a phishing website (see Cloud computing for financial advisers: How to stay safe)

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.

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How to organize your contacts and search them efficiently

Posted on July 27, 2012 by in Software

One sign of a successful advisory business is a voluminous contact list. Between clients, prospects, colleagues, and allied professionals, your contact list growth shows no signs of slowing.

How do you best organize your contacts and search them efficiently?

In this month’s Morningstar Advisor Quickview, I covered a new app now available for the iPhone that seeks to simplify and automate much of your contact organization.

Be sure to read Latest App Tackles Your Hulking Contact List at Morningstar Advisor.

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FPPad Bits and Bytes for July 27

Posted on July 27, 2012 by in Bits & Bytes

Things are mostly unpacked (excluding books; why I continue to move these now that I’m 100% paperless is a mystery), the iMac is placed in front of a large window, and it’s actually cooler here in Atlanta than it is in Dallas.

It’s the middle of summer, as indicated by the slow trickle of useful financial planning technology news and information. Here are this week’s stories of interest:

InvestmentNews is running its adviser app, product and software survey this month. Similar to the annual Financial Planning Technology Survey, your responses will help benchmark where you and your peers fall in the technology spectrum in financial services.

Take the software survey at Investment News (login may be required).

FutureAdvisor, another advice site for the mass market from InvestmentNews

[In this short update, Davis Janowski provides a brief review of FutureAdvisor, the online mass-market advisory platform priced at just a few hundred dollars per year for their top plan. Recall that I interviewed FutureAdvisor co-founder Bo Lu at FinovateSpring 2012 (see FutureAdvisor co-founder Bo Lu at FinovateSpring 2012).] FutureAdvisor officially launched in March and its mission is to help the 99% get the most out of their investment portfolios. Its founders are chartered financial analysts and mathematicians, fairly atypical startup types and rather than Silicon Valley, the firm is based in Microsoft’s home turf up in Seattle.

How Financial Advisors Should Use a Customer Portal from Junxure

[So, yeah, Junxure sells a client portal called ClientView Live, so the highlights of this post focus on ClientView Live’s features. Two big features I want in a client portal solution not covered in this post: real-time synchronization of document folders with a client’s desktop/laptop of choice, and mobile device support.] Whether you’re shopping for a customer portal, or already have a customer portal for your firm, here are a few things to keep in mind.

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FPPad Bits and Bytes for July 20

Posted on July 19, 2012 by in Bits & Bytes

I’m moving this week, so Bits and Bytes is on hold. Come back next Friday for a double feature of the best financial planning technology news.

Thank you for visiting!

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FPPad Bits and Bytes for July 13

Posted on July 13, 2012 by in Bits & Bytes

I’m buried in moving boxes today (see FPPad is moving to Atlanta!). But still, I took a 10 minute break to give you the one story worthy of sharing in this week’s Bits and Bytes update.

Here is this week’s story of interest:

A Better Client Vault Solution? from Financial Advisor magazine

[In case you need a second opinion on ShareFile (see my column A Document Vault Your Clients Might Actually Use at Morningstar Advisor), Joel Bruckenstein also reviewed the file synchronization and sharing service in this month’s Financial Advisor magazine. I feel ShareFile is a very good fit for firms looking to eliminate cumbersome client web portals and replace them with a more elegant solution including mobile device support.] With all of these competing services, one might think that ShareFile, which was recently bought out by CITRIX, is fighting an uphill battle in its quest to win over advisors to its file-sharing solution

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Online video for financial advisers: what technology you need to create and publish effective content

Posted on July 12, 2012 by in Practice Management

By now you’re likely familiar with the FPPad YouTube channel, featuring over 30 videos of interviews with financial planning technology vendors and thought leaders. The channel is quickly approaching 5,000 views collectively.

Perhaps you’ve been thinking about ways you can use online video to enhance your online presence. Video is becoming so ubiquitous on the Internet today that if you don’t have video content, others might view your firm as behind the times.

For this month’s Morningstar Advisor column, I reviewed a variety of techniques and technologies you can use to build a successful online video strategy.

Be sure to read Technology to Build Successful Online Video at Morningstar Advisor today.

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[VIDEO] thinkpipes® integration into Veo® platform enables advisers to trade options more efficiently

Posted on July 11, 2012 by in Video Spotlight

TD Ameritrade Institutional’s integration of an award-winning trading platform will help advisers manage options strategies in just a few clicks

Time and inflation are eating away at your clients’ portfolios in the current low-return market environment. In response, many of you are considering options to diversify investment strategies, hedge specific sector exposure, or increase portfolio income.

But implementing complex options strategies across hundreds of client accounts exponentially increases the resources you must allocate to traditional portfolio management.

In my latest video spotlight, I spoke with TD Ameritrade Institutional’s Jon Patullo about the company’s recent integration of thinkpipes®, named “Best for Options Traders” in 2011 by Barron’s Online Broker Survey, into the Veo® platform.

Patullo also provides a brief overview of the thinkpipes dashboard and how easy it can be to roll a set of options contracts forward across multiple accounts.

(watch thinkpipes® integration powers options trading in TD Ameritrade Institutional’s Veo® platform on YouTube)

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How small broker-dealers can fight margin compression and avoid closing their doors

Posted on July 10, 2012 by in Video Spotlight

Faced with extreme margin compression, hundreds of broker-dealers closed their doors in 2011. One technology provider can help others avoid that fate.

In the first quarter of 2011 alone, 137 broker-dealers closed their doors (see Are the days of the small Broker-Dealer numbered?), leaving affiliated reps scrambling to find new broker-dealers for their support.

Since the onset of the Great Recession five years ago, broker-dealers as a whole continue to face anemic trading volume, declining ticket charges, and increasing regulatory costs. All these factors combine to put extreme pressure on profit margins, according to Atindra Barua, President and CEO of TrustFort, and technology and back-office service provider to financial companies.

I recently sat down with Mr. Barua and discussed what firms must do to fight margin compression and return to a cycle of growth and expansion. Here is the interview below.

(watch TrustFort President & CEO Atindra Barua speaks about broker-dealer margin compression on YouTube)

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FPPad Bits and Bytes for July 6

Posted on July 6, 2012 by in Bits & Bytes

One thing a week split by a holiday does is drastically reduce the amount of news you need to know. So enjoy a short Bits and Bytes update today and get on with your weekend plans.

First, be sure you get the checklist of 10 things you should ask before signing on with a cloud service provider. Read How to Stay Safe When Using the Cloud from the Journal of Financial Planning.

Here are this week’s stories of interest:

Six More Designate Erado as Their Social Media Compliance Provider from Erado.com

[Thankfully advisers have multiple vendors from which to choose for their social media compliance needs. Here, Erado announces six more engagements, though I might need to dig into the claim that they’re the “nation’s leading service.” Time for a face off article!] Erado, the nation’s leading service in SaaS based archiving of electronic communications, formally announces its exclusive agreement to provide social media compliance services to Soundmark Wealth Management LLC, Capitol Securities Management Inc., St. Croix Advisors LLC, Strategic Financial Services, Martin Wolf Securities, and Providence Financial & Insurance Services Inc.

‘Mint For Investments’ Startup SigFig Goes Mobile With New iPhone And Android Apps from TechCrunch.com

[SigFig is another one of the growing “robo adviser” online advice platforms for consumers and investors (see Competing Against “Robo Advisors:” Delivering Advice in a New World from T3 2012). Now they have an attractive mobile app that allows users to view all of their aggregated account information on their mobile device.] SigFig lets users connect all their various investment accounts — including 401k plans, IRAs, etc. — onto a single dashboard.

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Cloud computing for financial advisers: How to stay safe

Posted on July 5, 2012 by in Practice Management

Financial advisers recognize the benefits of moving to the cloud, but security remains a top concern

While speaking on a panel at the Technology Tools for Today (T3) Conference in Dallas earlier this year, I predicted that within five years, the majority of independent investment advisers would no longer have a server located in their office.

Clearly the trend of embracing cloud computing and services delivered over the Internet is gaining momentum, but financial advisers continue to be concerned about the security of data stored in the cloud.

In my latest column for the Journal of Financial Planning, I reviewed the practices advisers should follow when evaluating the security policies of any cloud provider.

Included is a sidebar titled 10 Key Elements of Cloud Security that lists the top essential questions advisers must ask when conducting due diligence. Use it as a guide as you try to determine whether a provider’s policies and procedures meet your expectations.

Read How to Stay Safe When Using the Cloud from the Journal of Financial Planning

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