Press Release (ePRNews.com) - NEW YORK - Nov 21, 2019 - “We chose AdvisorVault to archive our Dropbox for 17a-4 retention because they have an elegant direct connector with their cloud archiving plug-in. With it we are able to simply select certain folders to archive for compliance. Using Dropbox in conjunction with AdvisorVault gives us the confidence that we are compliant – it also saves money because we don’t have in-house storage costs anymore,” said Adam Gruver, Partner at MMX Management, a full-service advisory firm in Wayzata, MN.
FINRA firms surely want to use the cloud for data storage and email but need to understand that, by default, cloud providers aren’t 17a-4 compliant, simply because data can be deleted, modified or totally removed altogether at any time, big no-no for regulators, especially when they show up for the all-important electronic records request – the test that’s performed to see if the firm is following 17a-4 properly. But it’s not difficult to make the cloud compliant with AdvisorVault.
“I hear so much confusion today about the cloud and making it 17a-4 compliant, which is a shame because small FINRA firms are scared to take advantage of this great new technology,” says Allan Lonz, President of AdvisorVault, a FINRA D3P for small firms. “What firms need to understand is FINRA doesn’t care what technology is used for electronic records storage and email. There are simply three basic things that must be done: (1) make copies of electronic records and emails, (2) retain these copies in their original format for seven years, and (3) assign an independent designated third party that can access this data when needed,” Lonz added
Best of all, AdvisorVault has all these features built into its software; essentially our cloud plug-in is a built-in remote archiving option that connects into the customer’s data, no matter where it’s stored. Once setup, it automates the archiving of data to our 17a-4 systems, making them compliant. And since this data is stored with us, we also act as our customer’s designated third party, ensuring this part of 17a-4 is also covered. For one flat monthly fee, AdvisorVault offers the only turn-key complete option to small FINRA firms, Out-of-the-box.
AdvisorVault’s complete approach to 17a-4 compliant data archiving also remotely archives data contained in books and records, emails, and any other records needed for disaster recovery. In addition, AdvisorVault provides all the tools necessary to supervise and download archived records as a FINRA D3P, which keeps compliance officers and auditors happy, ensure the highest level of client confidence at all times.
To request a demo of AdvisorVault click on the link below:
Allan Lonz. President, AdvisorVault
Direct: 416-985-0310, Toll free 1-866-732-1407 ex 1