As a registered investment advisor (RIA) or financial advisor, you have a responsibility to securely handle and protect your clients’ sensitive financial information. This involves implementing effective solutions for file sharing, as your clients will need to send and receive important documents over the course of your relationship.
Traditional methods of exchanging files — such as email or physical mail — are not secure enough for the critical and confidential nature of financial information. Data breaches and security vulnerabilities pose a constant threat, and even a minor mistake can have serious consequences for your clients and your business. Fortunately, there are a variety of secure file sharing solutions available for RIAs and financial advisors.
This guide will compare some of the leading solutions in the market, highlighting their key features and considerations. By the end, you’ll be well on your way to implementing a secure and streamlined file sharing system that will give you and your clients peace of mind.
Leading secure file sharing solutions for RIAs and financial advisors
Here are eight secure file sharing solutions commonly used by RIAs and financial advisors:
- Box – cloud content management and file sharing service that offers advanced security features and collaboration tools
- ComConnect – file sharing platform specifically designed for financial professionals, providing encrypted communication and document exchange
- Dropbox – popular cloud storage service that allows users to store, sync, and share files securely, with built-in collaboration features
- Egnyte – cloud-based platform for enterprise file synchronization and sharing, with advanced security and compliance capabilities
- FutureVault – digital vault platform designed for financial advisors to securely store, manage, and share important documents with clients
- ShareFile – secure file sharing and storage solution focused on enhancing business productivity and data protection
- SharePoint – web-based collaboration platform by Microsoft that integrates with Microsoft 365, offering secure document management and sharing
- SideDrawer – intuitive digital vault platform that enables secure sharing and organization of financial documents for advisors and their clients
Feature comparison
Evaluating the following key factors can help you determine which secure file sharing solution is best for your RIA or financial advisory practice.
Security
The most critical factor to consider when choosing a file sharing solution is security. Look for platforms with robust features, including data encryption and user authentication such as two-factor authentication (2FA) or multifactor authentication (MFA). Compliance certifications relevant to the financial industry are a plus.
| Box | ComConnect | Dropbox | Egnyte | FutureVault | ShareFile | SharePoint | SideDrawer |
|---|---|---|---|---|---|---|---|
| Encryption, access controls, compliance certifications, 2FA | Encryption, access controls, compliance certifications | Encryption, access controls, MFA | Encryption, access controls, compliance certifications, 2FA | Encryption, access controls, compliance certifications, MFA | Encryption, access controls, compliance certifications, MFA | Encryption, access controls, compliance certifications, MFA | Encryption, access controls, compliance certifications, MFA |
User management and permissions
Granular control over user access is crucial for secure file sharing. Opt for solutions with features that allow you to define user roles, set permission levels for different file types, and track user activity for audit purposes.
| Box | ComConnect | Dropbox | Egnyte | FutureVault | ShareFile | SharePoint | SideDrawer |
|---|---|---|---|---|---|---|---|
| Granular user permissions, group sharing, audit trails | Granular user permissions, role-based access, audit trails | Basic user management, shared folder permissions, limited audit trails | Granular user permissions, role-based access, audit trails | Granular user permissions, role-based access, audit trails | Granular user permissions, role-based access, audit trails | Granular user permissions, site permissions, audit trails | Granular user permissions, client-specific access, audit trails |
File sharing and collaboration features
Besides secure file sharing, many solutions offer additional collaboration features, such as real-time document editing, version control, and commenting. Determine which features are critical to your workflow.
| Box | ComConnect | Dropbox | Egnyte | FutureVault | ShareFile | SharePoint | SideDrawer |
|---|---|---|---|---|---|---|---|
| Secure client portals, document annotation, version control | Secure client portals, secure messaging, eSignature capabilities | File sharing with basic collaboration features | Secure file sharing, document annotation, version control | Client portals, digital rights management, secure messaging | Secure file sharing, document annotation, version control | Secure file sharing, co-authoring capabilities within Microsoft ecosystem, version control | Client portals, secure messaging, file request functionality |
Mobile access
Secure access to client files from mobile devices such as smartphones and tablets is essential for today’s on-the-go advisors. Look for platforms with dedicated mobile apps offering the same level of security as the desktop versions.
| Box | ComConnect | Dropbox | Egnyte | FutureVault | ShareFile | SharePoint | SideDrawer |
|---|---|---|---|---|---|---|---|
| Mobile app with strong security features | Mobile app security can vary based on configuration | Mobile app with strong security features | Mobile app with strong security features | Mobile app with strong security features | Mobile app with strong security features | Mobile app security can vary based on configuration | Mobile app security can vary based on configuration |
Integrations
The ability to integrate with other tools and software can significantly enhance the functionality of a file sharing solution. Look for platforms that offer a wide range of integrations, particularly with software commonly used in the financial industry.
| Box | ComConnect | Dropbox | Egnyte | FutureVault | ShareFile | SharePoint | SideDrawer |
|---|---|---|---|---|---|---|---|
| Integrations with various business applications | Integrations with financial software | Limited integrations with other business applications | Integrations with various business applications | Integrations with financial software | Integrations with various business applications | Tight integration with Microsoft 365 suite | Limited integrations with other business applications |
Pricing comparison (as of July 2024)
Pricing can vary significantly between different file sharing solutions. Consider the features and services included in each plan to determine which option offers the best value for your budget.
| Box | ComConnect | Dropbox | Egnyte | FutureVault | ShareFile | SharePoint | SideDrawer |
|---|---|---|---|---|---|---|---|
| Starts at $17.30 per user, per month, billed annually, minimum of 3 users | Setup fee of $99, then $30 per month for two users; additional users $15 per month | Starts at $15 per user, per month, billed annually, minimum of 3 users | Starts at $20 per user, per month, billed annually | Pricing is tailored to specific client needs | Starts at $16 per user, per month, billed annually, minimum of 3 users | Starts at $5 per user, per month, billed annually for SharePoint only Starts at $12.50 for Microsoft 365 Business Standard | Starts at $16 per user, per month, billed annually, minimum of 3 users |
| Related article: The RIA’s guide to sharing SharePoint files and folders |
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With the increasing demand for secure file sharing in the financial industry, there is no shortage of options to choose from. By accounting for the above factors, you can select a solution that best meets your needs and budget. Remember to prioritize ease of use and customer support as well. With the right file sharing solution, you can enhance collaboration and security for your team and clients.
Our experts at RIA WorkSpace can help you choose and implement the best file sharing solution for your firm. Contact us today to learn more.