Cybersecurity is something most clients take for granted when it comes to their finances. They expect that their banking and brokerage accounts are secure. They assume that regulators and the financial institutions themselves are doing everything they can to keep their money safe.
But is that a safe assumption when it comes to cybersecurity at the average RIA or independent financial advisory firm? Well, according to David Kakish, CEO of RIA WorkSpace clients might be surprised by how vulnerable their information is on their advisor's systems.
In this episode of The Modern Financial Advisor Podcast, David explains that it is common for financial advisors to question the ROI of investing in cybersecurity solutions. That's the wrong question, however. What they should be asking is "what is the RON, return on negligence?" Because a failure to properly secure your clients' information can be fatal to your business.