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Investment Adviser Association
Justin Kapahi
Marc Gilman
Vanessa Valerie Tay
Workplace by OS33
Written by Workplace by OS33
on March 14, 2018

 Summit Trail Advisors was founded by a group of investment professionals with decades of experience in the wealth management and advisory services business.

In creating a wealth management start-up, their vision was to deliver to clients the investment prowess and resources of a private bank, while providing the independence and personal attention of a boutique.

With $5.5 billion under management, they have succeeded in that vision. To keep the firm’s client information and its assets and platform secure, Summit Trail counts on Workplace by OS33.

“Summit Trail was looking for a comprehensive and secure IT offering, which turned out to be exactly what Workplace was offering,” said Thomas Harms, Chief Operating Officer.

The Challenge

Few industries compare to the financial services industry when it comes to the need for strict regulatory oversight and security. When Summit Trail was preparing to launch its wealth management business in the summer of 2015, it had minimal IT staffing and limited experience in data maintenance and protection. Doing it alone was not an option.

Instead, the wealth advisor sought to find a top-notch solution provider that would fit the firm’s security and compliance needs.

Having come from some of Wall Street’s largest firms, the partners at Summit Trail were accustomed to working at companies that spent tens or even hundreds of millions each year to ensure that their data was being safeguarded to the highest degree.

As a wealth management start-up, however, that type of budget was not in Summit Trail’s bandwidth. Still, the partners refused to compromise, but they faced one big challenge – How would they achieve the same level of security and regulatory compliance that they were accustomed to, on the budget of a start-up firm?

The Solution

Workplace was designed to empower wealth managers by providing an ultra-secure cloud-based hub that not only reduces the risk of cyber threats, but also enables firms to be fully compliant and productive. The platform aggregates, controls, monitors, and secures access to wealth management firms’ applications, websites and files through an integrated digital hub. 

The Workplace solution was able to provide Summit Trail with the security and compliance infrastructure it needed for a successful launch and the maintenance it continues to require today. It also provides a functional way for the Summit Trail team to communicate from multiple offices and share information in a secure way.

“Ultimately, we couldn’t have launched without it,” said Harms.

Download the full case study here to find out how Workplace helped Summit Trail Advisors set up and maintain a secure and compliant cloud-based IT system.

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