G.W. Sherwold Associates Chooses AdvisorVault for Electronic Records Archiving

May 30, 2011 - PRLog -- In the press release today, Allan Lonz, President of AdvisorVault, said small broker-dealers like Sherwold are a perfect fit for the solution. “For one low monthly fee, AdvisorVault offers a unique approach that achieves all today’s data compliance needs. The service automates the archiving of books and records and other data – including retention and supervision of email” Lonz added: “No other provider has tailored their service to small broker-dealers, we also provide the Designated Third Party Service (D3P), to make sure this additional requirement is also met.”

Small financial firms have to deal with some of the most complex data compliance regulation in the industry. For example rules 17a-3 and 17a-4 demand they ensure critical records are properly archived for up to seven years and readily accessible during an audit or in the event of a disaster. But for most firms, managing this process themselves can be overwhelming. Also, they don’t have the budgets to employ expensive consultants or purchase complex software.

Another major issue they have to deal with is the assignment of the Designated Third Party (D3P). Because of this rule, firms must assign an outside third party who has a copy of their data and can access it, making it available to auditors in a timely manner. This poses a major challenging for firms and finding the right provider who fully understands this rule is difficult, at the same time outsourcing this function to the wrong company can have huge ramification.  It is important to have one provider such as AdvisorVault who can streamline and reduce the cost of the complete compliance process.

AdvisorVault has designed the solution to address all these challenges small financial firms face, especially broker-dealers, investment advisors and wealth management firms. The product is an automated process that runs seamlessly within its customer systems. It ensures all critical data on systems at head office, at branch locations and on laptops is continuously backed up and archived in accordance with all today compliance rules.

The AdvisorVault approach is unique because it includes everything financial firms need, and in the past firms had to engage several vendors for all these various data compliance tasks. Now for one low monthly fee AdvisorVault has bundled it all in one. This complete “Out of the box” approach also simplifies the whole auditing process and firms can now rely on one provider when auditors ask for proof of data protection and archiving of electronic records in accordance with SEC and FINRA rules.

In the end though, this helps to make sure auditors are out of the door quicker. But most importantly, no gaps are found in the data compliance process so the highest level of customer confidence is maintained at all times.

About AdvisorVault:

AdvisorVault, http://www.advisorvault.org, is the only remote backup provider specifically designed to help small broker-dealer firms achieve today’s stringent data compliance requirements. With our designated third-party status (D3P) we help small firms achieve all the required data compliance rules defined in 17a-3 & 17a-4, as well as the supervisory and disaster recovery demands contained in FINRA rules 3510 and 3010.
AdvisorVault contact:

Allan Lonz, President and CEO
alonz@advisorvault.org
Direct: 416-985-0310
Toll Free: 1-866-925-1941
http://www.advisorvault.org

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AdvisorVault - A FINRA designated storage provider that helps small broker-dealer firms achieve the requirements of 17a-3 & 17a-4, simply and inexpensively. The TURNKEY solution includes secure remote backup, long-term archiving and disaster recovery.