When it comes to cybersecurity and IT, Registered Investment Advisors (RIAs) generally focus on the operational side of things. Areas of focus include keeping the business running, having a security plan in place that includes spam filtering, antivirus, patching, updates, employee security training, 2FA, etc., and staying compliant with IT-related standards.
So, where does a managed services provider (MSP) come in? And how can an MSP help senior IT leaders within an investment advisory firm have more uptime and reliability, happier end users, and confidence when it comes to security?
In this article, we’ll explore the role of a managed services provider for your investment advisory firm, as well as how a managed services provider can help reduce cyber liability insurance rates and give you peace of mind when it comes to the security of your business.
What Does a Managed Services Provider Do?
An MSP is a team of top-level IT talent that manages your company’s technology around the clock. Some services include device inventory, tracking, and management, network permissions and management, multi-factor authentication, license organization and cost control, hardware and software patching and management, device monitoring, alerting, and protection, and more.
With a managed IT services provider, senior IT leaders can focus on the bigger picture without having to worry about the day-to-day. Additionally, they have access to expertise they might not have otherwise, as well as reduced and more predictable costs.
IT Challenges for Investment Firms
In our experience, the biggest challenges when it comes to IT for investment firms are uptime and reliability, user complaints, and security scares. Persistent issues that cause frustration and never get solved, like problems sending emails, printers and other equipment going down, remote work issues, and spotty wifi are all indicators that the outsourced provider you’re currently using isn’t working out.
Not only are day-to-day IT issues a focus for senior IT in an investment firm, but compliance is also something to consider. If you are consistently getting bad audit reports, it can damage your confidence and create long-term problems for your business.
Benefits of a Managed Services Provider for Your Investment Firm
With a reliable MSP, your investment firm can experience increased productivity, reduced costs, and business growth.
Here are a few benefits of utilizing an MSP in your business.
✅ Keep all employees working without disruption
✅ Keep all business applications running 24/7/365
✅ Keep all networks and devices running fast and secure
✅ Protect company devices and data from cyber-attacks
✅ Enable automation to drive efficiency and control costs
✅ Give leadership the tools and plans to achieve strategic goals
Your IT shouldn’t add to your frustration, risk, and liability. If it is, it might be time to consider your options when it comes to managed service providers.
What to Look for When Considering a Managed Service Provider for Your Investment Firm
When looking for an MSP that is going to help your business thrive, consider a few things.
Industry Experience
As an RIA, it’s important to find an MSP with a proven track record of serving clients in the financial services industry. They should be familiar with industry regulations and compliance standards.
Scalability and Flexibility
Your MSP should offer solutions that fit the individual needs of your business and adjust as your business expands and changes.
Communication and Collaboration
Clear and open communication is important for any business relationship, but especially for your MSP. The onboarding process should feel easy, not stressful. And you should be able to keep an open line of communication with them in case you have any issues or questions.
Continuous Problem Solving and Improvement
Pick an MSP who demonstrates a commitment to staying up to date on industry best practices, evolving technologies, and regulatory changes that are relevant to your industry.
Shared Values and Business Goals
You should pick an MSP who will be able to accommodate the size of your business, whether you have 30 employees or 600 employees. An MSP who works primarily with small businesses might not be able to keep up with a business that has more than 1,000 employees, and an MSP who works primarily with enterprise businesses might not be able to be as attentive to a smaller organization. Make sure you have a clear idea of their capacity and capabilities when it comes to the size and needs of your business.
InfoSystems Can Help Your Business Overcome Challenges, Innovate, and Grow
At InfoSystems, we understand that hiring top-level IT talent to manage your technology from top to bottom is too expensive and unrealistic. We help businesses keep their technology connected, updated, secured, backed up, and optimized.
We have the team, the tools, and the processes to manage your technology around the clock. With strong IT leadership, you can experience technology optimized for performance, your executives can lead with confidence, and your business can grow without limitations.
