Focus Energy on Growing, not Technology

This year has brought about many new challenges within the daily lives much of us were used to. Probably the most notable shift in our society has been the immediate change to an all-out digital environment. Kids are going to school from home, employees are meeting quotas from their living room, and 5-star meals are brought to the front door.  Amidst all the challenges this year has brought, companies across the country have adopted a digital framework to make the customer experience convenient, transparent, and as efficient as possible. 

 This holds true for the wealth management field as well. Registered advisors and Private Wealth firms have been extremely versatile this year with its sudden shift to the digital environment allowing them to create streamlined business models that can scale to any size, and it has worked out fairly well for them. Wealth Management firms are utilizing the power of innovative third party FinTech organizations to create an enhanced personalized user experience that surpasses customer demands.   

“By lowering the cost and reducing the complexity of financial services, fintech makes them accessible to a wider base of society. In the past, firms worked mostly with families with seven figures in assets; new technologies have made the industry more inclusive to people from all financial backgrounds.…Advisors will be able to focus on the real value of their services: gaining a deeper understanding of their clients’ needs and wants while forming richer relationships.” –DUE 

…But at what cost?  

Financial services is based around relationships, you have the trust of the client and they have yours. Not only their money, but their financial future. Customers want transparency with their financial history, convenience & real time transactions, control from their fingertips, & data driven solutions tailored specifically for them. With that comes the need for innovation and differentiation to handle various situations and the question becomes: are the wants of an advisor really that different than the wants of their clients regarding information security? 

Efficiency is key across the board, advisors, app designers, and security professionals rely on efficient processes. Unfortunately, third party vendors unknowingly create backdoor vulnerabilities – giving cybercriminals a way in. Transparency literally means allowing things to be seen behind convenience is to make things easier and real-time data driven solutions are just as important in information security as they are in your financial investments. Protecting the client and their data is imperative, but it doesn’t have to come at the expense of the customer’s experience.  

Our goal is to simplify managing devices, information security, and compliance operations for Financial Firms, Advisors, Brokers, and Private Wealth. The end outcome allows businesses to focus on their advising, managing, investing, and overall business operations to keep focus on building profits. A secondary outcome is reassuring clients that they are secure because you have invested in their trust by putting their personal data at the same level as the service you are delivering to them. Everyone sees a benefit from a data privacy and information security first approach.

For more information on what RIA’s and Wealth Management Firms can be doing to secure their data check out our Resources page or give us a follow on LinkedIn or Twitter!