Cloud computing is becoming a standard across the financial services industry. This is because it meets particular needs especially important to Los Angeles investment advisors.
These include better business continuity, resilience in the face of disaster, and support for usage-based scalability. It also allows busy professionals to create a virtual office that can connect them to the business and their clients from anywhere and at any time.
Below is an overview of the many ways that cloud computing helps registered investment advisors succeed.
Lowered IT Costs
Moving to the cloud reduces the costs associated with managing in-house IT systems. Instead of investing in expensive equipment, personnel, and upgrades, an investment advisor can use the resources offered by their cloud provider.
FINRA and the SEC require investment advisors to have stringent measures in place to ensure business continuity planning. Storing data in the cloud ensures that it is securely backed up in the event that a power failure, natural disaster, or similar crisis erupts. Critical files and applications are easy to retrieve, allowing business to resume quickly without excessive downtime or productivity loss.
Flexible Work Environment
With cloud computing, Los Angeles investment advisors can access their data from any location that has a working Internet connection. The result is a flexible workplace that allows financial professionals to support the extended hours and availability that today’s clients now expect.
Cloud computing allows investment advisors to increase or decrease their bandwidth and data storage needs to match their demand levels, supporting flexibility as requirements change. There’s no need to pay for expensive upgrades that are not needed on a continual basis
Moving operations to the cloud gives investment advisors the ability to communicate and share files more efficiently. When a group of people are working on a project from different locations, cloud computing gives everyone access to the same data, eliminating the delays associated with traditional sharing methods.
Access to Automatic Updates
Many cloud service providers include access to software and application updates in the service agreement. This arrangement ensures that Los Angeles RIAs always have access to the latest technologies without having to pay charges like software purchase and installation fees.
According to the State of the Cloud 2015 report, by Byron Deeter of Bessemer Venture Partners, over 62% of CRM-based programs will be run from the cloud by 2018. Increased use will translate to greater security and portability enhancements, turning the cloud into the perfect virtual office for Los Angeles investment advisors and other financial services professionals.
Has your business already moved to the cloud? If so, have you noticed improvements in accessibility and security? Let us know your thoughts in the Comments box below.
And to follow-through on the tips introduced in this short article, be sure to download your free guide, Investing in High Net Worth Clients: The LA Investment Advisor's Guide to Using Technology to Manage and Grow Your Firm.