FINRA Firms Choose AdvisorVault for Data Archiving

TORONTO - March 26, 2013 - PRLog -- Today, the specific demands of SEC rules 17a-3 and 17a-4 put extra pressure on FINRA firms, especially smaller ones that don’t have the budget to perform data backup in-house. They need to find a provider that can offer an inexpensive solution yet achieve the stringent demands from the SEC and FINRA.

So it’s important they choose a third-party provider that can offer an inexpensive yet compliant solution for the remote archiving of data. “The challenge for small FINRA firms is to find a provider that can offer a consolidated solution to make sure all electronic records are properly archived as outlined by the SEC and FINRA”, Said Allan Lonz President of AdvisorVault, https://www.advisorvault.org, ”This means they need one provider that can remotely archive data contained in books and records as well as email so they will have one designated third party for audit supervision to achieve rules 17a-3 and 17a-4”, Added Lonz.

Also, it’s critical especially for broker-dealers and FINRA registered investment advisors that all data at all locations is easily captured, transferred offsite and made readily available for ongoing audit supervision. However, with all the choices out there, it’s hard for firms to find the right provider who understands their specific demands. But at the same time it is critical they outsource the archiving of data to achieve the demands of rule SEC 17a-3 and 17a-4 and its stringent long-term electronic records archiving requirements as FINRA members.

Nonetheless, to keep cost as low as possible FINRA firms should look for several key features when choosing a third-party provider for the remote archiving of electronic records as per SEC 17a-3 and 17a-4:

Pay-as-you Grow Pricing Model: The third party provider should offer a solution based on the amount of data. So in the beginning when firms don’t have much data to archive, the cost is low and increases only as the firm grows.

License Free Software: By choosing a provider that does not charge licensing, Firms will be able to backup data on an unlimited number of systems at multiple locations. This will allow for protection of data residing on all computers or servers head office, on laptops at branch locations and home offices

Designated Third Party (D3P) Service Included: The provider should not charge extra to perform the D3P service. Because this service is so critical for audits, FINRA firms should choose a provider that will be able to perform the D3P requirement at any time, and at no extra cost.

Because it is important for small FINRA firms such as broker-dealer and investment advisors to keep costs as low a possible, its critical they choose the right third party provider for remote data archiving. At the same time, it is important they look for the above key features to make sure they continually achieve the demands of SEC rules 17a-3 and 17a-4 and its long term electronic records archiving rules. This is will help to ensure regular data supervision is performed and audits are successfully passed.

About AdvisorVault:

AdvisorVault’s remote data archiving solution is designed specifically for FINRA firms who want to outsource the archiving of their electronic records to ensure today’s data compliance rules are met. By choosing AdvisorVault financial firms are confident that all data is remotely archived and made readily available during audits to maintain the highest level of customer confidence at all times.

Allan Lonz, President
AdvisorVault Inc.
alonz@advisorvault.org
www.advisorvault.org
Direct: 416-985-0310
Toll free: 1-866-732-1407