“Using the cloud to transform themselves,” remarked Anderson. “That’s exactly what we are seeing in the RIA market."
New York, NY (PRWEB) March 14, 2012
A recent IDC study concluded that revenues from cloud based services will jump from $21B in 2010 to a jaw-dropping $72B by 2015. As recently as year ago, hardly anyone in the RIA business understood the cloud or the concepts of PaaS (Platform as a Service) or IaaS (Infrastructure as a Service). “I attend the Technology Tools for Today Conference hosted by Joel Bruckenstein in February of 2011”, said Christopher Anderson, ITP’s head of business development. “Talking with RIAs back then, it was clear that most had very little idea of what the cloud offered. They all knew - on some broad level- that the tools of tomorrow will not be softwares they will load in their offices, but other than that, they were mostly unsure of how the cloud could affect their business.”
How things can change in a year. In the IDC research, it was commented “The cloud movement is about much more than [just] the cloud. Cloud cannot be sufficiently understood as a standalone phenomenon in the IT market, but rather as a core ingredient of a larger transformation of the IT industry - and many other industries using IT to transform themselves. Other ingredients enabled by cloud - and, in turn, accelerating cloud adoption.”
“Using the cloud to transform themselves,” remarked Anderson. “That’s exactly what we are seeing in the RIA market. These guys want to transform their business – they want to get away from expending internal resources on IT, they want to learn how to embrace Social Media in their practices, they want to license best-of-breed tools from the likes of Juxure, Arkovi, Advent and others.”
Indeed, the PaaS/IaaS model allows for all that, but finding a partner who understands the small to medium sized RIA business is another story. “When we met Investment Technology Partners, we already knew we wanted to move to the cloud. We listened to their story and we were impressed with how much they knew, not only about the technology, but maybe more importantly, about our business,” said Peggy Roegiers, Practice Manager at Roegiers Goldin Chappel Nall & Associates in Stuart, FL. “ITP’s PaaS model has transformed our firm’s IT. We are remarkably well supported by ITP’s remote personnel and we are far better off with our DR plan and with the compliance model associated with our RIA business. Adopting the ITP “private cloud” model has been a great decision for us and these guys know their business.”
Just a few weeks ago, at the TD Ameritrade Institutional Conference in Orlando, FL, Anderson sat in on a round-table discussion comprised of advisors from all over the country. “It was amazing to see the dichotomy of viewpoints on moving to the cloud. Fear – that concern for the security of client information - is the biggest barrier today,” continued Anderson. “But by the end of the discussion, even the advisor who I felt was least likely to embrace the cloud model was coming around. The market drivers are too strong not to. Data Security – both from a physical plant level of where data is housed, and from a technology and firewalling standpoint is so far superior in our data centers. Frankly, a server, with sensitive client data, just sitting in the closet of some small office is never going to be as secure and, when pushed, the RIA concedes that. The RIA just cannot afford to deploy the same measures that we do,” Anderson finished.
Investment Technology Partners works with nearly 50 investment firms today and sees that growing to 100 by year end. They work with partners who advise break-a-ways on start-up; they work with partners who serve as consultants for leading portfolio management vendors; and they directly sell their services through an outbound sales effort. “I can see a time very soon where RIAs will be finding us,” said Anderson. “As a 7 year old hosted IT provider in the RIA space, 2012 is going to be the tipping point.”
About Investment Technology Partners
Investment Technology Partners (ITP) provides technology outsourced solutions to firms in the investment community. Specializing in the delivery of hosted applications, data and support services for small to mid-sized financial advisory firms, the firm has extensive experience working within the financial services sector and is aware of the unique technology challenges faced by the industry.
Leveraging the same technologies utilized by many of the Fortune 100’s elite data centers, ITP serves their clients from headquarters in New York. Data Center operations are in Philadelphia, PA and Cary, NC. Sales offices include West Chester, PA, Red Bank, NJ, Raleigh, NC, West Palm Beach, FL and Los Angeles, CA.
For more information contact Investment Technology Partners at 212-587-8700 or info(at)investtechpartners(dot)com. Visit http://www.investtechpartners.com