As your RIA grows, the limitations of traditional CRMs can become a major roadblock. In this episode of the RIA Tech Talk Podcast, we sit down with Kent Tkach from Practify to discuss why traditional CRMs may be falling short for RIAs that are scaling—and how a purpose-built solution can make all the difference.

Many RIAs start with traditional CRMs like Redtail, Wealthbox, or Salesforce. While these solutions work well for basic client management, firms often hit roadblocks as they scale. Customization becomes costly, workflows get cumbersome, and firms find themselves needing external consultants to make their CRM work for them.

Practify is designed specifically for RIAs and wealth management firms, addressing the common pain points of scalability and customization. Unlike traditional CRMs that require heavy customization or external overlays, Practify is a fully built platform designed for RIAs from the start.

If your firm is hiring external Salesforce consultants, struggling with disjointed workflows, or using multiple spreadsheets to track key processes, it may be time to evaluate a CRM that scales with you—without the ongoing maintenance headaches.

· Prebuilt Workflows & Reporting: Many firms find they can get started without additional customization.

· True CRM, Not Just an Overlay: Unlike Salesforce overlays, Practify replaces Salesforce while still leveraging its powerful infrastructure.

· Dedicated Support & Training: Practify provides in-house technology consultants to assist with onboarding and customization—so firms aren’t left figuring it out alone.

Many RIAs underestimate the ongoing costs of maintaining a highly customized Salesforce CRM. Licensing costs are just the beginning—keeping the system functional often requires ongoing consultant fees and technical support. Practify eliminates this complexity by providing a tailored, all-in-one platform.

Practify is ideal for RIAs that are:

· Growing beyond 10+ employees

· Looking to streamline operations with automation

· Frustrated with CRM limitations and costly customizations

· Seeking a platform that provides ongoing support, rather than just software

Want to see how Practify can support your RIA’s growth? Reach out to Kent for a consultation:

Website: www.practify.com

In this episode of RIA Tech Talk, we tackle a question that’s been popping up more and more: Can an RIA run successfully on Macs? While many RIAs default to Windows for compatibility with financial software, there’s a growing interest in using Macs for their security features, user-friendly experience, and overall longevity.

Here are the highlights of this podcast episode:

Common concerns include compatibility with financial software and misconceptions about Macs’ security and functionality.

For many RIAs, web-based tools like Google Workspace and Microsoft 365 work smoothly on Macs. With cloud solutions, critical applications like CRM and portfolio management run seamlessly, especially when using advanced tech that lets apps appear as native icons on Macs.

For older or server-bound software (e.g., customized QuickBooks Enterprise), special setups like cloud servers with remote apps are required to make them accessible on Macs.

Many RIAs use a combination of Macs and Windows computers without compatibility issues, especially with cloud-based applications.

Macs have built-in security features, including encryption and malware resistance. Many RIAs take additional steps like implementing Defender for Endpoint for added protection.

Macs are valued for their intuitive interface and smooth user experience, which can reduce stress and boost productivity. Although Macs may have a higher initial cost, their durability can mean a lower total cost over time.

It’s important to work with an IT provider experienced with Macs, as many IT providers are still primarily focused on Windows.

Some firms use Macs for front-office tasks and Windows for back-office needs, allowing flexibility without compromising performance. Macs integrate well with iPhones and iPads, enabling seamless access to RIA tools and files across devices.

In this episode, Todd Darroca and David Kakish explore the often-overlooked financial benefits of owning your IT hardware. Understanding the difference between owning and renting IT hardware can significantly impact your bottom line.

Join us as we break down the pros and cons, help you avoid common pitfalls, and provide you with actionable insights on why owning your IT hardware could be the smartest move for your RIA.

In this episode, we explore:

What is it, and why some IT providers promote it?

Understand how much more you might be paying when you rent your IT equipment, the potential pitfalls of being locked into contracts, and the limitations on flexibility when you don't own your hardware.

Learn about the flexibility, customization options, and long-term savings that come with owning your equipment.

In this episode of RIA Tech Talk, David and Todd are again joined by Christopher Johnson of TrigaByte Technologies, to discuss the ideal technology stack for new RIA firms with a small team.

Christopher Johnson: Founder of Byte Technologies with over 30 years of experience in financial services, specializing in operations, technology, and compliance. He offers unique expertise in helping RIAs optimize their technology choices and implementation.

· Microsoft 365 is recommended for new RIAs due to its comprehensive suite of integrated tools that support IT compliance and security without needing multiple third-party tools.

· Google Workspace requires additional third-party tools for compliance and security, which can complicate setup and increase costs.

· Redtail: Highly popular among new RIAs due to its ease of use and extensive integrations. Ideal for firms that prioritize simplicity and functionality.

· Wealthbox: A close competitor to Redtail, offering a user-friendly interface and good integration capabilities.

Christopher joined us in a previous podcast episode: What’s The Best CRM For Your RIA And Why [CT1] which you may also want to check out.

· Best in Class: Black Diamond is a top choice for firms looking for comprehensive portfolio management and performance reporting.

· All-in-One Solution: Orion offers an integrated suite of services, making it ideal for firms looking for simplicity and ease of use.

· eMoney and MoneyGuide Pro are the dominant choices for financial planning, known for their robust features and ease of integration with other platforms.

· Charles Schwab is highly recommended for new RIAs due to its supportive onboarding process and comprehensive services tailored to RIA needs.

· Microsoft offers built-in archiving capabilities for emails and Teams, providing a cost-effective solution that meets SEC and FINRA compliance requirements.

· MessageWatcher is a budget-friendly option for archiving social media and text communications.

· A robust compliance tool is crucial for monitoring employee activities and ensuring regulatory adherence. AdvisorAssist and Smartria are popular choices.

· RIA Workspace is recommended for its specialization in providing IT services tailored to RIAs, offering better understanding and support than general IT providers.

Starting a new RIA firm requires careful consideration of the right technology stack to ensure efficiency, compliance, and security. By selecting the appropriate tools and platforms, new RIAs can build a strong foundation for growth and success.

Christopher Johnson, TrigaByte Technologies

Phone: 612-817-7767

Email: chris@trigabytetech.com

[CT1]

Please add a link to E16 once available.

In this episode of RIA Tech Talk, we welcome Christopher Johnson of TrigaByte Technologies to the show. He brings insights into CRM options for RIAs and answers some of our FAQs for each.

We cover some of the top CRMs used by RIAs including:

· Redtail

· Wealthbox

· Salesforce

· Tamarack

· AdvisorEngine

· Advyzon

Christopher answers our top questions to help you make the best decision about a CRM for your firm.

· What are the pros and cons of each CRM?

· Are some CRMs better suited for a smaller advisor vs a large RIA firm?

· From your perspective, what are the top 3 CRMS for the RIA industry?

· If you were running your RIA firm, which one would you use and why?

· Which ones do you get the most complaints about?

Christopher Johnson, TrigaByte Technologies

Phone: 612-817-7767

Email: chris@trigabytetech.com

In the latest episode of the RIA Tech Talk podcast, Todd and David talk about how more and more RIAs are embracing hybrid work and why endpoint protection is crucial.

Whether your firm is fully remote, hybrid, or predominantly office-based, securing your workforce wherever they operate is essential. Hybrid work offers flexibility and employee benefits, but it also brings unique security challenges that firms must address.

RIAs must prioritize endpoint protection to secure devices such as laptops, smartphones, and tablets used by employees working remotely. Endpoint protection ensures that these devices are safeguarded from cyber threats, even when not behind the company's firewall. It's not just about protecting computers but also securing smartphones and tablets employees use to access work resources on the go.

David and Todd highlight six top endpoint protection solutions recognized by Gartner's Magic Quadrant: Microsoft, SentinelOne, CrowdStrike, Trend Micro, Palo Alto Networks, and Sophos. Among these, Microsoft and SentinelOne stand out as leaders due to their comprehensive capabilities and integration with other security tools.

This solution offers robust protection with advanced AI capabilities and seamlessly integrating with other Microsoft security tools. It provides real-time threat detection and response, helping firms identify and mitigate potential threats effectively.

Known for its strong presence in the financial services space, SentinelOne offers a comprehensive security platform with features like endpoint detection and response and extended detection and response. These solutions provide enhanced visibility and protection across various endpoints.

Focuses on detecting and responding to threats at the endpoint level, providing visibility into device activities.

Expands protection beyond endpoints to include networks and cloud services, offering a holistic security approach.

Adds a layer of human expertise, with a security operations center actively monitoring and responding to threats.

For RIAs with five or more employees, investing in robust endpoint protection is critical. While smaller firms might assume they're not targets, the reality is that cyber threats are real and can cause significant harm. By implementing solutions like Microsoft Defender for Endpoint or SentinelOne, firms can secure their remote workforce effectively.

Endpoint protection solutions, particularly on personal devices like smartphones, separate work and personal data. This ensures that companies can monitor and secure work-related activities while maintaining user privacy for personal activities.

In this episode of RIA Tech Talk, we talk about how most RIAs with between 5 and 25 employees are not fully utilizing their Microsoft 365 subscription. These firms are often paying for 3rd party tools that are not as good as those provided by Microsoft and, worse yet, work in silos.

Tune in to hear how you can run your entire business on Microsoft:

There is a common issue among RIAs: the underutilization of Microsoft 365. Many RIAs continue to pay for third-party tools that offer similar or inferior capabilities to those included in their Microsoft 365 subscriptions. In this podcast, we encourage RIAs to explore and fully utilize the features available in Microsoft 365, which can handle 80-90% of your business needs. This includes tools for communication, file management, security, and more, all integrated into a single ecosystem.

Most RIAs already use Microsoft 365 for email. By hosting their emails with Microsoft instead of third-party services, RIAs can enjoy better integration and security.

Using SharePoint for file management eliminates the need for separate services like Dropbox, offering seamless integration and security within the Microsoft ecosystem.

Microsoft Teams is recommended for internal communication, providing a robust alternative to Slack and other messaging apps.

While Teams can replace traditional VoIP systems, David advises caution as it currently lacks texting capabilities, an essential feature for some RIAs.

Microsoft’s Entra (formerly Azure Active Directory) offers tools for securing access to systems, ensuring both physical and identity security.

Microsoft Defender provides comprehensive endpoint security, outperforming many third-party solutions in protecting laptops and other devices.

This feature simplifies access to web-based applications like RedTail, eMoney, and Orion, streamlining operations and enhancing security.

Microsoft 365 offers advanced email functionalities, including encryption, data loss prevention, and eDiscovery, often eliminating the need for additional third-party tools.

In this episode of the RIA Tech Talk podcast, David and Todd discuss the challenges of a current RIA WorkSpace client who had similar IT issues to many RIAs out there. This company went from a frustrating, time-demanding experience with their previous IT provider, to a trouble free one with RIA WorkSpace.

· 13 employees all working remotely

· Based in Dallas, TX with offices in San Diego, Minneapolis and Denver.

· The 4 office locations were in shared workspace locations

· Our main contact was Mary, the Director of Operations.

· Mary was spending too much time doing tech support and managing the MSP

· The previous IT provider didn't understand RIAs and the SEC requirements

· There was no IT roadmap and the IT provider was not proactive

· The IT support was poor and there was no assigned team

· Mary was concerned about several issues

o Onboarding new employees was difficult and took too long

o They wanted Single Sign On (SSO) but couldn’t get it set up

o They experienced ongoing sync issues with OneDrive and SharePoint

o Their Microsoft licensing was a mess and they wanted their MSP to manage it

To hear about Mary’s IT situation today, tune in to the podcast and hear about how RIA WorkSpace eliminated the IT frustration.

Check out the case study here.