Welcome to “Show Me Your Stack,” a series from Financial Planning in which we interview those who deliver financial advice to learn what tools they rely on to make it happen. Rising client expectations are driving the need for more powerful tech tools, and we’re digging deep to find out why advisors prefer certain solutions.
What gives Nate Byers peace of mind is the emphasis his firm has placed on cybersecurity.
Byers is the owner of Calculated Wealth, an RIA in Madison, Wisconsin, with over $130 million in assets under management. While he is the sole owner of the firm, three other contractor advisors work with him from three other Midwestern metropolises: Minneapolis, St. Louis and Cincinnati.
“Together, we have common software across the board,” he said. “There are a few programs I use just for myself. It’s not forced upon everyone.”
With a geographically spread-out workforce, Byers said investing in a suite of cybersecurity services and software programs gives him confidence that his firm is doing what is needed to protect client data.
That lineup includes applications to protect remote workspaces, provide cloud-based backup, ensure safe file sharing and more. As an additional precaution, Byers pays for internal training on cybersecurity from Breach Secure Now.
“I’ve completed numerous cybersecurity trainings over the years, and if you make it through without falling asleep, you’re a winner,” he said. “Breach Secure Now set up its training so it’s like a show on Netflix. I was entertained and engaged the entire time. I applauded my cybersecurity advisor for finding that program. They also routinely send us phishing emails, so we’re always skeptical of what email has made its way into our inbox. It’s easy to get too relaxed here, so knowing that you have fake emails coming through is really helpful.”
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Another piece of software that is part of Byers’ security package is Encyro, which allows for secure file sharing and integrates with his financial planning platform of choice, eMoney Advisor.
“To protect clients, we need to make it easy for them to share their personal information securely,” he said. “I’ve used numerous other tools, and Encyro is hands down the easiest to use tool for clients while meeting the security requirements that we seek.”
READ MORE: How a solo advisor taps tech for top efficiency: Show Me Your Stack
Scroll down the slideshow to see what Byers feels are some of the most important pieces of Calculated Wealth’s tech stack, from the building blocks for financial planning to specific cybersecurity solutions.
