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RIA in a Box’s MyRIACompliance Software Integrates With Cloud-Based Docupace

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RIA in a Box’s MyRIACompliance now integrates with the cloud-based Docupace digital operations platform as part of a deal between the two companies that enables advisors using the RIA in a Box software to also access Docupace Platform through single sign-on, the companies said Thursday.

Los Angeles-based technology company Docupace’s plaftorm provides a highly secure document management and workflow solution for wealth management firms, according to the companies. The integration means wealth management firms using MyRIACompliance can easily access Docupace for document management to consolidate their digital and physical records, they said in a joint announcement.

“Through the integration with Docupace, advisors can seamlessly access and store their client documents containing Non-Public Personal Information,” Mike Lubansky, director of Product at RIA in a Box, said in a statement. The integration went live Thursday, he told ThinkAdvisor on Friday.

Using the Docupace storage add-on, advisors using MyRIACompliance can upload sensitive client documents to a secure cloud that is Securities and Exchange Commission-compliant, the companies said. Docupace provides each client with his or her own dedicated space in a “multi-tenant environment, making it a secure way for advisors to manage and share their documents, while maintaining strict compliance standards and tracking via” the MyRIACompliance platform, they said.

“Secure, digital storage of sensitive documents and information is paramount and one of the highest priority issues facing many advisors today,” according to Richard Thoeny, vice president of product management at Docupace“RIA in a Box is an ideal partner for us because of their industry knowledge and leading technology which provides advisors with compliance, operations, and registration software solutions,” he said in a statement.

In addition to RIAs, Docupace Platform helps broker-dealers and other advisors “address client onboarding, document management, advisor transitions, cybersecurity, and other critical workflows while maintaining SEC and FINRA compliance,” according to the companies.

“Financial services document management is challenging,” Docupace points out at its website. “Going paperless is a must, but most cloud-based solutions don’t integrate with financial services software and could leave you open to SEC and FINRA compliance issues,” it says.

MyRIACompliance is just one part of RIA in a Box’s suite of tools that enables independent advisors to “operate more efficiently and focus on client service, rather than back-office work,” Lubansky pointed out. The RIA in a Box Software-as-a-Service (SaaS)-based compliance solution launched in 2005. Currently, more than 1,700 RIAs of various sizes use the platform to increase compliance workflow efficiency and to automate regulatory requirements, according to the company.

In addition to its core compliance solution, RIA in a Box also built its own cybersecurity platform due to an increased regulatory focus at the state and federal levels, existing industry solutions not being adequate and general cybersecurity solutions being a poor fit for RIAs, Oriana DeRose, its senior vice president of sales, said during a recent webinar on RIA cybersecurity best practices and the MyRIACompliance cybersecurity platform.