AdvisorVault Enhances Compliance with Microsoft 365
In response to the challenges faced by firms in adhering to electronic records retention requirements, AdvisorVault has taken significant steps by integrating Microsoft 365 into their 17a-4 D3P service. This move aims to streamline compliance processes for smaller firms, particularly those with fewer than 20 registered representatives, who are eager to manage their electronic records while effectively using the cloud.
Addressing Compliance Gaps
AdvisorVault's decision to become a Microsoft 365 Cloud Service Provider (CSP) is rooted in their commitment to assisting firms with full compliance. Many firms were already utilizing Microsoft 365 but were struggling to make the most of its features, often finding themselves in a hybrid scenario where records were split between in-house storage and the cloud. This not only posed challenges for archiving but also left firms vulnerable to audit discrepancies.
Understanding Unique Needs
Allan Lonz, the President of AdvisorVault, highlights the necessity of this integration by noting how essential it is to cater to the unique demands of small firms. By bundling Microsoft 365 capabilities with their compliance service, AdvisorVault is delivering a cohesive solution that helps businesses transition smoothly to a fully compliant cloud environment.
Comprehensive Cloud Solutions
To address the retention gaps, AdvisorVault has built a comprehensive cloud solution that facilitates a better archiving experience. This means shifting from in-house systems to a full cloud service, where personal records are moved to OneDrive, all company data is stored in SharePoint, and communication is centralized through Exchange email and Teams.
Enhancing Cybersecurity
Integral to this transition is AdvisorVault’s inclusion of a robust cybersecurity framework, essential for meeting FINRA's standards. All tools needed for compliance—including advanced email filtering and monitoring—are embedded within the solution, ensuring that electronic records are archived appropriately, retained for seven years, and tailored to meet the specific demands of 17a-4 compliance.
About AdvisorVault
AdvisorVault is dedicated to providing a turn-key solution focused on portfolio management, compliance, and electronic records supervision. Their unique approach ensures that firms can operate either in-house or fully in the cloud, backed by the necessary documentation to meet FINRA requirements. For a single monthly fee, AdvisorVault stands out as the only provider offering a fully compliant D3P service, delivering peace of mind to its clients.
Frequently Asked Questions
What is AdvisorVault's main service?
AdvisorVault offers compliance solutions through their 17a-4 D3P service, integrating electronic record retention with Microsoft 365.
How does AdvisorVault support small firms?
They provide a comprehensive cloud solution that caters specifically to the needs of small firms, ensuring compliance with FINRA standards.
What benefits does Microsoft 365 bring to AdvisorVault's service?
By integrating Microsoft 365, AdvisorVault enhances record retention capabilities, making compliance more seamless for users.
How long are records retained under AdvisorVault's service?
AdvisorVault ensures that records are retained for a minimum of seven years to meet regulatory requirements.
Is AdvisorVault's service suitable for larger firms?
While their primary focus is on small firms, AdvisorVault's services can be tailored to accommodate larger organizations as well.
