Nick DeVore, Wealth Management and Buy-Side Practice Lead at Egnyte, joined Julie Cooling, Founder and CEO of RIA Channel, to discuss how RIA firms can use AI to manage client documents.
Egnyte is an intelligent cloud content platform that enables users to work smarter, faster, and more securely. The document management solution includes data governance and cybersecurity wrappers. The system enables workflows for users to interact with documents while back office and compliance personnel can track document access. Egnyte has global data redundancy that overcomes the data silos that many firms use as legacy systems. Some clients use Egnyte to gather client documents in a secure manner, while others integrate the system with CRMs or other parts of the tech stack.
While there is a lot of buzz around artificial intelligence, advisors are concerned about security and compliance issues, as the SEC has not yet issued official guidance on these issues. DeVore recommends that firms evaluating AI understand whether their proprietary and client data is secure or whether it is being used to train AI models. It is paramount that access controls are included whenever AI is implemented into a tech stack to prevent users from accessing data they might not even know exists.
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