RIA Firm Goes from Managing Their IT Vendor to a Vendor Managing Their IT

As an RIA firm of around 25 employees with multiple locations, they had their business down to a science — except when it came to their IT management.  They were working with a managed service provider (MSP) to manage their IT, but it was obvious the provider did not fully understand their needs. 

1. Their Chief Financial Strategist had to manage their IT vendor

The main point of contact with their previous MSP was the firm’s Chief Financial Strategist (CFS).  Because the MSP was not providing strategic advice or proactively making recommendations for ongoing improvements, the burden was on the CFS. 

• The CFS was spending half his time on IT instead of other responsibilities where he was needed and added more value
• The CFS and management team were always worried about potential IT security or compliance risks
• Management felt that their IT was “all over the place” with frequent changes because there was no strategic, technical direction
• All important recommendations and decisions were coming from the CFS instead of the MSP. For example, he and his team proposed to their MSP that the firm needed email encryption, even though this technology should have already been in place.

2. Their existing vendor didn’t understand the unique needs of RIAs and financial advisors

Because RIAs and financial advisors have such high standards to meet for security and compliance, a properly secured network is crucial.  It was clear that their previous vendor didn’t understand these unique needs and the RIA knew there were some vulnerabilities in their network.  The RIA knew there was a better, more comprehensive way to do things but weren’t getting it from their vendor.  In particular, they needed improvements with the following:

• Data loss prevention tools. They started down this path but stopped because nobody understood how to implement it properly
• Tools like email encryption, email archiving, and single sign on were not configured or being used properly
• Not all endpoints were secured properly. Multiple devices were accessing the network without proper security
• When an employee left the company they were unsure how to ensure their personal devices could no longer access company data or networks.

3. They wanted a single solution, not a patchwork

The RIA was aware of some of the tools and solutions they needed to be secure, productive, and compliant.  However, they aren’t IT professionals and looked to their MSP to catch inconsistencies and gaps in the system.  Their existing vendor was not helping them meet their high standards for their RIA IT compliance, which resulted in the following:

• They had to rely on a patchwork system that used multiple third-party programs.  This did not feel comprehensive, and their firm wanted a single solution for every IT-related issue.
• They didn’t have a standardized solution for all devices across multiple locations.  Some of their offices had different setups and many devices were not secured properly yet had access to their network.
• They needed help understanding the best practices for their IT management.  They are a tech-savvy firm that wanted to have the best solution in place and were interested in learning how to use their technology to be progressive.
• Remote offices and contract employees were set up with remote access that didn’t work for them.
• Their vendor had a lack of reliable customer service, especially with regard to their remote offices.