AdvisorVault Chosen by Perth Advisors for SEC 17a-4 Backup of Cloud Data
Because cloud data isn't retained for 7 years, anyone can delete files or emails at any time, and in order to remain compliant to 17a-4, FINRA firms need to add another layer to their cloud storage.
NEW YORK, November 23, 2017 (Newswire.com) - Small FINRA firms like Perth Advisors use the cloud to store data and email which saves them money they would otherwise spend on hardware or software. The combination of Dropbox for data storage and Gmail for email is perfect for small firms; it gives them an instant outsourced option for electronic records storage and sharing among the entire company. However, by default the cloud is not compliant because data isn’t retained for 7 years and anyone can delete files or emails at any time. In order to remain compliant to 17a-4, FINRA firms need to add another layer to their cloud storage.
“We needed a complete solution to archive data for 17a-4 before we could move to Dropbox and Gmail, which are the two main systems we now use to run our company. We contacted AdvisorVault, the only provider that had a compliant option for small firms,” said Julianne Fernandez, Compliance officer for Perth Advisors. “AdvisorVault plugged directly into our cloud data with automated software to make it 17a-4 compliant as our FINRA designated third party,” Julianne added.
AdvisorVault seamlessly plugs into cloud services, such as Dropbox, Gmail, Office 365, and most other cloud storage services, putting in place an automated method to transfer cloud data to a 17a-4 compliant disk. Included with AdvisorVault is a centralized web interface to access all data for audits or disaster recovery, thereby meeting all the electronic records archiving demands of 17a-4. Additionally, since AdvisorVault retains this data for 7 years in its original format, the Designated Third Party is also met, ensuring compliance to that part of 17a-4 as well.
“Perth came to us because they wanted to use the cloud for data storage which saves them money and gives them instant file and email storage accessibility anywhere, which is a great combination. AdvisorVault’s turn-key solution allows them to do this while staying compliant with SEC rule 17a-4,” stated Allan Lonz, President of AdvisorVault.
AdvisorVault is the only third-party provider that has created a complete solution to achieve compliance within the demands of SEC rule 17a-4. This product includes software to remotely archive 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, which keeps compliance officers and auditors happy in order to ensure the highest level of client confidence at all times.
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