Wealth Management in 21st century: Have you moved to the Cloud yet?

When everything from entertainment to banking has transcended geographical limitations, either online or mobile, why is wealth management stuck on paper files in the accountant’s office and a desktop spreadsheet?

Privacy and security are two of the most common reasons cited for maintaining physical records or limiting digitization to a desktop and single location. The privacy or security attained by using these methods depends on answers to these often unasked questions:

  • Does the office use free online services such as Gmail or Dropbox for communication?
  • Do employees use personal devices, mobile phones, lap tops, USBs, etc. at work?
  • Are all records maintained at a single location with no online/off-site backups?


If the answer to any of these questions is “yes”, your privacy and security could be compromised.

In the last decade, cloud and digital security have advanced in leaps and bounds. Certain security features are a must have while migrating to the cloud:

  • Secure Sockets Layer (SSL) certified websites, SHA256 or higher
  • Two-factor authentication and log-in alerts
  • Data storage on a private cloud server, not on a shared database
  • Ability to lock down access only through a firewall or from an authorized location
  • Service provider should not have access to user data


Security is just one of the reasons wealth management using a cloud based platform triumphs over the traditional desktop method. Additional benefits include:

  • Seamless accessibility- anytime, anywhere
  • Avoid duplication- combined accounting and asset management
  • Faster processing- reduce manual entry, link and sync bank accounts, custodial and dematerialized accounts, live market feeds, etc.
  • Improved accuracy- reduced manual entry and calculations reduce the risk of human error
  • Consolidated view- insightful, timely reports and analysis
  • Authorized users- assign user rights depending on user roles
  • Increased accountability- audit trail of access and changes to the system


A SaaS (Software as a Service) or subscription model for recording assets record-keeping, tracking performance and accounting has multiple advantages:

  • No large up-front investment to purchase software
  • Automatic and all-inclusive software upgrades
  • Flexibility to expand number of users/functionality options without changing software or upgrading hardware


Move with the times, move to the cloud. Take advantage of all the benefits without compromising your privacy or security.

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