Why an assigned IT team is key to your RIA’s success

img blog IT staff at work teams 07

Registered investment advisors (RIAs) and financial advisors deal with increasingly complex tech challenges. From navigating complex client data systems to complying with strict regulations and warding off cybersecurity threats, these hurdles make efficient IT management nonnegotiable.

For RIA and financial advisory firms, especially those with 5 to 25 employees, relying on generic IT support just doesn’t cut it. Smaller firms often benefit most from having an assigned IT team that understands their unique needs. Tailored IT solutions can transform their businesses, enabling them to flourish instead of simply treading water.

This blog post will show you why having an expert outsourced partner is crucial for saving time, maintaining compliance, and setting your firm up for long-term success.

Faster problem resolution

There’s nothing worse than calling an IT help desk and spending hours explaining the same issues to different technicians over and over again. For advisors, every second counts when technical hiccups disrupt client communications or portfolio management.

An assigned IT team eliminates this frustration. Because they work consistently with your firm, they understand your specific workflows, tools, and challenges. If a recurring software glitch arises, they won’t need hours to familiarize themselves with your systems; they’ll already know the solution.

ExampleImagine a portfolio management tool your team relies on keeps malfunctioning. With generic IT support, you’d have to explain this issue each time you call for help, wasting precious time. But with an assigned team, they would quickly spot the root cause, address it efficiently, and have you back online in no time.
The result: less downtime, happier clients, and smoother operations.

Proactive maintenance

IT shouldn’t just be about fixing problems after they occur. It should be about preventing them altogether. An IT team with a proactive approach saves your RIA or financial advisory firm from costly disruptions and security breaches.

Instead of waiting for an issue to crop up, your assigned IT team performs regular system health checks, updates software, and audits security protocols. These activities not only minimize downtime but also help your firm avoid preventable risks, such as expiring software licenses or outdated IT.

ExampleThrough regular security audits, your IT team identifies gaps in your defenses, such as outdated antivirus software, and patches them before hackers target your system. This level of vigilance protects your client data and maintains your firm’s reputation.
By staying ahead of potential problems, an assigned IT team ensures your business runs seamlessly while prioritizing data security.

IT compliance expertise

Regulatory compliance is one of the most critical aspects of running an RIA or a financial advisory firm. The Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) require strict adherence to cybersecurity, data privacy, and recordkeeping standards. Falling short of these requirements can result in hefty fines and loss of trust.

This is where an IT team specializing in the financial industry becomes invaluable. They have in-depth knowledge of the regulatory landscape and can help implement IT compliance measures that align with your specific business needs.

ExampleTo comply with SEC and FINRA regulations, your IT team safeguards email communications through encryption and restricts access to client data, ensuring only authorized personnel can view sensitive information. They also keep a record of all system changes for audit purposes.
With compliance expertise on your side, you can focus on meeting the needs of your clients without worrying about regulatory missteps.

Enhanced relationships

IT must be a partnership, not merely a service. Working with a specific provider fosters a deeper level of trust and collaboration. Over time, they build strong relationships with you and your staff, enabling open communication and tailored support.

Unlike generic IT providers that treat you as one of many, an assigned IT team prioritizes understanding your business goals. This alignment helps them provide technology solutions that support your long-term growth.

ExampleAre you planning for a major technology upgrade, such as moving to cloud-based portfolio tools? Your assigned IT team can sit down with you, understand the scope of the project, and ensure a seamless transition without disrupting client services.
A collaborative relationship with your IT team sets the foundation for smoother operations and ensures your technology evolves with your business.

Why an assigned IT team is a smart investment for RIAs

An assigned IT team is an essential investment that pays off in more ways than one. The right team enhances efficiency by cutting down downtime, boosts security with proactive measures, and ensures compliance with industry regulations. And perhaps most importantly, they work as true partners, ensuring your technology supports — not hinders — your business goals.

Don’t leave your firm’s technology in the hands of generic IT support. Partner with a managed IT services provider that specializes in RIA and financial firms: RIA WorkSpace. Get in touch today to see the difference an assigned IT team can make in securing your firm’s future.

Share: