“I think more people are realizing how many bad guys are out there and that everyone has to lock their doors,” he said. More advisors are adopting multiple level authentication for themselves and their clients.
“Don’t put your passwords on a sticky note and hang it beside your computer,” Haines said. Instead, advisory firms are adopting password managers and identity managers to protect their information. “The tools are out there” to add the needed security, he said.
One of the biggest myths advisory firm leaders are harboring is that once they have adopted a new technology package, their work is complete, he said.
“I tell them the work is never done; there is always something new coming and you have to make sure you know about it,” Haines said.