Welcome to RIA Tech Talk with Todd Darroca and David Kakish, President of RIA WorkSpace. In this podcast series, we address the most important IT challenges faced by Registered Investment Advisor (RIA) firms.
One of the biggest IT issue we see with RIAs is that they don’t have an IT partner that’s a good fit. Generally, their IT support fits into 1 of 3 categories:
1. Local IT Providers: Many RIAs engage with local IT providers unfamiliar with the unique needs of RIAs. Despite your smaller team sizes, RIAs require cybersecurity and IT compliance comparable to larger enterprises. Local IT providers often don’t understand this.
2. Specialized IT Providers: Some RIAs who are working with industry-specialized IT providers face issues of poor customer service and delayed responses.
3. Large IT Providers: RIAs working with large IT providers suitable for enterprises face neglect or inadequate support due to their smaller size. An RIA with under 25 employees are often not a priority for these large IT providers.
RIA WorkSpace offers a comprehensive suite of services, acting as a one-stop-shop for IT needs. We provide managed IT services, cybersecurity, help desk support, and IT compliance, with a focus on assigning dedicated teams to ensure personalized and efficient support.
What sets RIA WorkSpace apart is their understanding of the unique challenges faced by RIAs. Regardless of firm size, they provide an enterprise-level platform and cybersecurity measures, offering individualized attention and making them a strategic partner for RIAs.
RIA WorkSpace primarily serves firms with 5 to 30 employees, catering to the specific needs of this range. The pricing structure is transparent, with a fixed monthly fee of $145 (2023) per employee, providing simplicity and predictability.
Transitioning to RIA WorkSpace is a streamlined process, involving pre-kickoff calls, data synchronization, and a final cutover or go-live date. The emphasis is on transparency and handholding to minimize downtime and ease clients through the transition.
While onsite support is available, the trend has shifted towards remote support for efficiency. RIA WorkSpace boasts impressive response times, logging emergency tickets within five minutes and responding within 30 minutes, showcasing dedication to swift issue resolution.
The human element is an important part of our approach, with a dedicated team of under 20 individuals providing personalized assistance. Assigned teams, comprising a primary support engineer, a technical account manager, and an IT manager, ensure holistic and strategic IT solutions.
