For a long time, Citrix ShareFile was the go-to choice for many registered investment advisors (RIAs) when it came to securely storing and sharing confidential client information. However, with the rise of cloud-based collaboration tools, Microsoft SharePoint has stepped forward as a popular alternative for managing documents and data within RIA and financial advisory firms.
This article explores both platforms, comparing their features and advantages, to help you determine which document storage solution is best for your practice.
Understanding Citrix ShareFile and its limitations
Citrix ShareFile is known for its extensive file sharing and storage capabilities. It offers features such as secure file transfer, client portals, and electronic signatures. For RIAs and financial advisors, these features are essential for sharing sensitive data with clients and internal collaboration.
However, ShareFile isn’t without its drawbacks. One of the main complaints is the cost. While the platform offers a range of features, these come at a price that might be prohibitive for smaller firms. Additionally, ShareFile can be complex to set up and manage, particularly for those who are not tech-savvy. Integrating ShareFile with other business applications can also be challenging and may require additional IT resources.
How Microsoft SharePoint stacks up
Microsoft SharePoint, initially launched as a document management and storage system, has evolved significantly over the years. If you haven’t used it recently, you may be surprised by the user-friendly interface. It is not the SharePoint of old. Today, it’s a comprehensive platform for file sharing, collaboration, and project management. Its integration with Office 365 and other Microsoft tools makes it a convenient choice for most businesses, including RIAs and financial advisory firms.
One of the main advantages of SharePoint is its pricing. The software is included in most Microsoft subscription packages, making it more cost-effective than ShareFile. SharePoint also offers a wide variety of features and customizable options, meaning it can be tailored to meet different business needs. For example, you can create different permission levels for accessing documents and data, set up workflows for document approval processes, and automate tasks to streamline operations.
Comparing Citrix ShareFile and Microsoft SharePoint
Let’s take a closer look at how ShareFile and SharePoint compare in various aspects:
| Feature | ShareFile | SharePoint |
| Cost | Higher, with feature-rich plans | More cost-effective, especially for firms already using Microsoft 365 |
| Security | Strong encryption and compliance features | Equally strong, with additional Microsoft security protocols |
| Scalability | Suitable for firms of all sizes | Highly scalable, ideal for growing firms |
| Integration | Limited integration options | Seamless integration with Microsoft systems and software |
| User experience | Can be complex for nontechnical users | Easy to use, particularly for users who are already familiar with Microsoft products |
| Collaboration | Good, with secure client portals | Excellent, with real-time co-authoring and Teams integration |
Why RIAs and financial advisors should consider switching to SharePoint
If you’re currently using ShareFile, you might wonder why you should consider switching to SharePoint. Here are some compelling reasons:
- Cost effectiveness – SharePoint is generally more affordable, especially if your firm already subscribes to Microsoft 365, allowing you to leverage existing resources without incurring additional costs.
- User-friendly interface – The platform is designed to be intuitive for employees who are used to working with Microsoft products, reducing the learning curve and enhancing productivity across your team.
- Enhanced collaboration tools – With features such as real-time co-authoring and integration with Teams, SharePoint offers a more comprehensive collaboration experience compared to ShareFile.
- Robust security features – SharePoint provides strong encryption and compliance features, with the added security of being part of the trusted Microsoft ecosystem.
- Flexibility and customization – Packed with a suite of features and customization options, SharePoint touts a more flexible and tailored approach to document sharing and management than ShareFile.
| Related reading: Top RIA solutions for secure file sharing: A detailed comparison |
Both ShareFile and SharePoint have their strengths and can be suitable for different types of RIA firms. However, SharePoint’s cost effectiveness, security features, and Microsoft integration capabilities tip the scales in its favor.
If you’re interested in exploring SharePoint as a file sharing solution for your RIA or financial advisory firm, reach out to our experts at RIA WorkSpace. We can help you understand how SharePoint can meet your specific needs and guide you through the transition process. Contact us today to learn more.