Any suggestions on client vaults?

S

Spartacus

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Apr 29, 2005
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I have a customer of mine (financial advisors) asking for advice on "Client Vault" solutions.
Kind of a secure (and expensive) file sharing service with auditing.

Did a brief look around and visited the http://www.smartvault.com site.

Never had any experience with this type of service and told them I'd ask around.

Any info or suggestions?


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I have experience in that particular industry. The biggest challenge that they will face is making sure that the solution that they select meets the SEC and FINRA regulatory requirements. There are a number of solutions out there that are built specificially to meet those requirements. While these solutions may end up costing $5K or even $10K more per year than other "Client Vault" sharing solutions, a SEC or FINRA fine can easily be in the $50,000+ range for willful violation of the document requirements. You also have to be sure to be in compliance with the Gramm Leach Bliley Act, which adds other complications.

While a solution like SmartVault CAN be set up to meet these compliance needs, you must make sure that it is set up correctly. SmartVault is primarily intended to be used by accounting firms.

Many of the other software providers that Financial Services companies utilize for CRM, portfolio management, reporting, planning, etc. have add-on products that accomplish the "Client Vault" type of service.

I would also suggest that you speak with your attorney and make sure that your contract with your customer absolves you of liability in the event of non-compliance. The last thing that you want is the solution that you recommend for them being improperly implemented, the firm getting fined or data getting breached and then you get sued.
 
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