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Cloud Technology Blog for RIAs and Broker-Dealers

Observe National Cybersecurity Awareness Month by Assessing Your Firm’s Cyber Protections

Since October is National Cybersecurity Awareness Month, this is a good time to reflect on the many high-profile security breaches that have made headlines this year.

Yahoo announced that the security breach it suffered back in August 2013 compromised every single one of its customer accounts. Up to 143 million Americans may have had their sensitive financial information compromised when Equifax was hacked. A detailed forensic analysis undertaken by the Securities and Exchange Commission (SEC) found that information was compromised when the regulator’s EDGAR system was hacked. The WannaCry cyber-attack caused global panic in May, and it was quickly followed by another international cyber-attack, which first hit computer systems in Ukraine and then spread to the U.S. and other countries.  

That’s quite a list. In light of these jolting events, the most productive way for financial services and other highly regulated firms to observe National Cybersecurity Awareness Month is to ask themselves if they can answer “yes” to the question, “Are you doing all you can to protect your data properly?

10/16/17 10:03 AM / by Justin Kapahi posted in Cybersecurity, Cloud Computing, Software-as-a-Service, Breakaways


Even the SEC must continually enhance its level of cybersecurity

It’s no secret that cyber-attacks continue to become more sophisticated, and expansive. This past June, an international cyber-attack that first hit computer systems in Ukraine quickly spread to the U.S., Denmark, Australia, and other countries. That attack occurred only a month after the WannaCry cyber-attack caused panic around the world.

8/9/17 12:43 PM / by Justin Kapahi posted in Cybersecurity, Cloud Computing, Software-as-a-Service, Breakaways


Turnkey IT Solutions Help Financial Firms Comply with Cybersecurity Rules in Different States

Colorado is on track to become the first U.S. state to mandate broker-dealers and fund managers to follow certain procedures to minimize the risk of data breaches by cyber-criminals. This development comes on the heels of New York’s cybersecurity requirements for banks, insurance companies, and other financial institutions regulated by the New York State Department of Financial Services, which went into effect this past March.

7/11/17 11:15 AM / by Justin Kapahi posted in Cybersecurity, Cloud Computing, Software-as-a-Service, Breakaways


Following the WannaCry Cyber-Attack, Here’s what Breakaway Advisors Need to Know about IT & Security

In light of the global WannaCry cyber-attack, the rising number of advisors breaking away from wirehouses need to place cybersecurity at the top of their list of priorities as they build their practices.

Approximately 65 advisory teams and individuals departed from wirehouses, established RIAs or independent broker-dealers last year, more than triple the number of breakaways in 2013, according to data from DeVoe and Company. The firm attributes this ongoing breakaway surge to the expiration of the many forgivable loans that wirehouses signed in order to retain or add advisors during the financial crisis of 2008-2009. Now that seven years has passed, and these loans are coming due, the advisors who were given these financial packages are considering their options.  

5/31/17 10:41 AM / by Sam Attias posted in Cybersecurity, Cloud Computing, Software-as-a-Service, Breakaways


External IT News Round-Up 3/27 to 4/2

A weekly round-up of everything you need to know.

As an added service for our blog readers, External IT provides a weekly round-up of the stories you need to know in the financial industry.

The list of top advisors at the country’s biggest brokerages has changed massively since last year. Breakaway brokers might want to ask themselves three simple questions before they commit to a path. RIAs should not assume the Department of Labor’s impending fiduciary rule will have no impact on their businesses. LinkedIn has a new tool that may improve advisors’ success with prospecting. And there are at least 15 reasons why companies should embrace the cloud.

4/1/16 12:20 PM / by Alexander Lapa posted in News, Technology, Breakaways, Trends


Planning a Breakaway? Office Move?
Now is the Time to Review Your IT

Here’s a step-by-step guide to setting up shop with the best tech for your firm.


Wealth management firms relocate to new offices for any number of reasons. One of the most common causes is that RIAs decide to break away from wirehouses. Successful asset managers also inevitably outgrow their startup spaces. Or the firm simply finds a better deal on commercial real estate.

Everybody knows that uprooting a firm to a new office can be a chore, but few business owners think through the implications for the company’s IT system. With a little foresight, moving offices can be the ideal time to upgrade your tech and move to cloud computing. Here’s a step-by-step guide on how to get set up.


12/9/15 2:15 PM / by Sam Attias posted in Technology, Breakaways


Why Your breakaway firm needs the cloud

This blog post is for those advisors who are contemplating the big move, leaving the big institution behind, and setting up for themselves.

Perhaps you’re joining forces with a small band of like-minded associates, or maybe you’re going it alone. Whatever’s brought you to this point (frustrations with your employers inflexible business model, the limitations of their proprietary solutions, a wish for greater compensation or a better work/life balance) a common factor among entrepreneurial advisors is the desire to start with a clean slate. New RIAs invariably want their operations to be more personalized, more adaptable, and more efficient.

12/1/15 4:47 PM / by Sam Attias posted in Financial Services, Cloud Computing, Breakaways


Do a Year-by-Year Cost Analysis for Cloud-based IT

Focus on hard costs and the difference between capital and operating expenditures. 

Still on the fence about whether it’s time to switch to a cloud-based IT solution? If you’re like most leaders at elite RIAs and broker-dealers, you want to use the technology that meets all the operational and financial needs of your business, while not putting your firm in security or compliance risk. However few financial experts are also technology experts, so deciding what your firm needs and how much your firm should spend on IT can be baffling.

We urge financial executives to do a thorough cost analysis of how building a robust IT solution in-house compares with outsourcing those needs to an elite provider of secure cloud computing. Look at current actual expenditures as well as those mandatory investments needed to be productive, secure and compliant over the course of six years. That’s how long the average in-house solution lasts before new technology emerges, at which point firms often conduct major IT overhauls.

11/11/15 9:30 AM / by Sam Attias posted in Cloud Computing, Technology, Breakaways