Public, Private, or Hybrid: Which Cloud is Right for Your Practice?

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  • August 22, 2017

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The type of cloud computing solution you choose must be the one that best aligns with your practice’s clients, resources, expertise, business model and goals

As more wealth management firms trade in their licensed software for cloud-based digital technology solutions, those that haven’t made the switch are understandably eager to find out more about the cloud and the benefits it can provide.

However, before beginning due diligence on providers of cloud-based solutions, they need to first understand which type of cloud is the right one for them. Even among IT experts, the term “cloud” can mean different things to different people. The cloud isn’t just “the cloud”—there are public, private and hybrid clouds, and they work in different ways. RIAs and broker-dealers have to identify which cloud is the right choice for their individual practice at the start of the process.