Registered Investment Advisors

Are you doing all you can to protect your data properly?

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Cybercrime continues to be a very serious problem in the financial industry. The number and sophistication of malicious attacks has increased over the last few years and is not expected to slow down anytime soon. While the latest OCIE alert shows a marked increase in overall cybersecurity preparedness and awareness by advisors and broker-dealers, there are still areas where firms are failing. This white paper details our observations in the field and provides real-world guidance to the security issues advisors and broker-dealers are facing on a daily basis.

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Not all Clouds are Equal: Demystifying the ‘Public Vs. Private’ Debate

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Is the Cloud Secure Enough to Support a Wealth Management Firm’s Critical Company Information?

Different clouds do different things. As such, choosing the right approach to the cloud can have a significant impact, both short- and long-term on a wealth management firm’s business.

Ask a wealth management colleague to define “the cloud” and you are likely to get a vague response. Even among IT experts the term “the cloud” can have different meanings. And despite the fact that cloud computing has become the IT norm, questions remain about its security remain.  The truth is not all clouds are equal in infrastructure and in management.  This white paper is for wealth management professionals who seek to understand “the cloud” and how these technologies can support their overall business goals.

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SaaS and You: How to Safeguard your Client Data in the Cloud

Posted by Asset Managers Breakaway-Advisors Broker-Dealers Family Offices Registered Investment Advisors White Papers No Comments

Are Your SaaS Applications Safe?

If your firm is like most modern wealth management firms, you use a variety of business and financial software packages, many of them “in the cloud.” Unfortunately, security controls vary significantly from one SaaS provider to the next.

Therefore, you need to make certain the providers you share your client data with have invested in state-of- the-art security measures. All it takes is one cyber breach with the vendor directly or a company the vendor contracts with to put your firm at risk. Read our white paper to learn what to look for when selecting SaaS vendors, as well as additional security measures you should implement to protect your firm.

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Webinar Replay: Compliance Is About More Than Paperwork, Cybersecurity is Taking Center Stage

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Is It Time For CCO’s To Step Up To Technology Decisions at RIA’s?

A startling realization is dawning on Chief Compliance Officers at RIAs. After years of focusing on documentation that proves employees are behaving properly, regulators are calling upon CCOs to step up and make crucial decisions about cybersecurity at their firms. Understandably, many RIAs have yet to adjust to this changing landscape. If you missed our webinar you can join hosts Jason Claycomb and Justin Kapahi in the recorded session for a discussion on how to keep your firm compliant, complete with advice for CCOs who may be taking their first steps into the world of cybersecurity. Watch Here

Download Recording & Slides Here

Hardy Reed Case Study

Security, Regulation and Mobility Drove a Decision That Led This RIA to The Cloud

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Find Out Why External IT’s Cloud Workplace Was The Perfect Solution For This RIA’s Aging Infrastructure.

Hardy Reed, LLC, a Mississippi-based RIA with offices in Tupelo and Oxford, was founded in 2006 when Scott Reed and John Hardy broke away from a well-known brokerage to found their own firm. Today, their 11-person team serves clients across the country.

The RIA offers investment consulting and advanced planning to individuals, as well as provides guidance to nonprofit organizations and retirement plan sponsors. Hardy Reed also was among the earliest businesses to receive certification from the Center for Fiduciary Excellence (CEFEX).

Prior to adopting External IT’s platform, Hardy Reed relied on IT consultant with limited knowledge of the industry and kept its client data in-house on a local server. By 2013 issues with mobility, access permissions, customization and security led Hardy Reed to start looking at the cloud as an alternative to its old setup.

Their goals were:

    • Migrate from a local server, improve disaster recovery capabilities
    • Strengthen safeguards on client data
    • Improve client service while team members were away from the office.

Case Study Download

External IT Webinar SaaS Vendors

Third Party Due Diligence Webinar, How Secure is Your Client Data?

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What should you expect from your third-party software providers, SaaS Vendors?

The SEC, FINRA and other regulators have increased expectations of RIAs and broker-dealers – with cyber security and disaster recovery top of their list. Increased regulatory scrutiny and the proliferation of hacking attempts on the financial services sector makes the selection and ongoing validation of third-party software vendors increasingly important to your firm.  Read More

Obervations from the Field White Paper

Observations From the Field: A Response to the September OCIE Risk Alert

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On September 15, 2015, the SEC issued a new Risk Alert on cybersecurity that registered broker-dealers and investment advisors need to review closely. As part of the September Alert, OCIE announced it will issue a new round of examinations and review a larger number of areas.

With cybersecurity a top priority at many financial firms, External IT has put together this whitepaper to help guide you through OCIE’s new examinations. As an IT outsourcing firm who specializes in the financial services industry—and provided security assessments to the wealth management industry for years—External IT has first-hand knowledge of how firms are handling cybersecurity. In this detailed response we break down all six areas areas of review using real world examples and provide recommendations to take practical steps towards managing your security and compliance programs.

Download The Whitepaper Here

Smarter Tech Can Mean a Better Deal

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An IT upgrade can make your firm more attractive to the next generation of wealth managers. 

Selling a successful wealth management business is one of the hardest things an owner will ever do. Intense negotiations and emotions compound the pressure of determining an optimal valuation for the firm while also keeping the practice running smoothly through the transition process. Read More

External IT Webinar September 2015 OCIE Alert Response

Cybersecurity Efforts Still Falling Short at Your Firm? Webinar Response to September 2015 OCIE Risk Alert

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On November 19, 2015 Jason Claycomb, Corporate Governance Officer at External IT, and Justin Kapahi, resident security expert at External IT discussed the implications of the September 2015 Risk Alert from the SEC’s Office of Compliance Inspections and Examinations.

Learning Objectives:

      • Apply the results from OCIE’s 2015 Cybersecurity Examination Initiative to augment your firm’s cybersecurity preparedness
      • Prepare for OCIE Cybersecurity exams
      • Develop the necessary procedures to effectively manage your cybersecurity
      • Assess risk associated with using a vendor
      • Establish an incident response program

Watch the Webinar Here