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Industry Spotlight > RIAs

Some Simple, Practical Steps to Saving Your Bacon. Plus, It's Audit Time, Again

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While attending the TradePMR conference in Orlando recently, advisor and tech guru Joel Bruckenstein discussed advisor technology tools. Part of his presentation was about backing up our computer files. I’ve often wondered what would happen if my computer’s hard drive were to crash. Although some applications are Web-based and would not be affected, I would lose my spreadsheets and documents and the results would be devastating. I knew I needed to do something. Although I have an external hard drive I’ve never really incorporated it into my practice. Finally, after much procrastination, I subscribed to Carbonite. Now all my files are backed up and secure. I don’t mean this to sound like a commercial, but it was so easy and inexpensive. The best thing is that it only costs $55 per year per computer. That was an easy decision.

Open Wide, Please

Perhaps it’s unrelated, but we just updated our Form ADV and guess what? We get to go through our second audit in three years. Luck of the draw? Perhaps there just aren’t that many RIAs in Louisiana. In any event, it’s scheduled for mid March. I’ll let you know what happens.

SPECIAL REQUEST TO READERS: What do you use for a Policies and Procedures manual? Did you create your own or buy a template and customize? I’d love to hear about it.

Behind the Curtain

In the past, I’ve written much about our “client portal.” This is the back end of our Web site where clients can store and retrieve their important documents. This week we changed direction and subscribed to a third-party solution called Advisor Portals. Why? Because our portal was crude and undeveloped. Its developers took a different direction with their business model and stopped construction after reaching a point where it was functional. Therefore, I figured it was time to change. Advisor Portals is a very robust, cost-effective product. In addition to a document storage system (not a document management system), you can use it to also conduct Webinars. I plan to conduct these for clients and prospects, perhaps on a quarterly basis. The client can view my computer screen and call into a conference center for the audio portion. We’re just getting started with this. I’ll keep you posted.

Thank You!

It’s very gratifying to know that so many people are following this blog. I had the pleasure of meeting a few of you at the TradePMR conference.

I’d just like to say thanks for reading!


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