Cybersecurity can keep us up at night. It’s always a major concern for advisors, even when you feel like you’ve done everything right to the best of your ability. It can feel like a never-ending battle. FINRA keeps the pressure on advisors to uphold the most rigorous cybersecurity protocols, but it isn’t just them. From your firm to your clients, everyone is hyper-focused on ensuring private financial data is always secure.

Fortunately for advisors, there are people like Geoff Moore. As Chief Information Officer for our partner, Valmark Financial Group, Geoff leads a team of experts who use technology to solve business challenges and manage the cybersecurity of Valmark and its Member Firms. He has served on multiple industry committees such as the FSI Operations / Tech council, and in 2022, he was selected to the Surge Ventures Advisory Board for his expertise in cybersecurity for financial service firms.

On a recent Beacon Flash podcast episode with Beacon Strategies’ Managing Partner Chip Kispert, the self-proclaimed technology enthusiast shares his best tips for advisors looking to batten down the hatches. “We’re like the perfect target,” shares Geoff, noting that independent advisors work with primarily wealthy families and often have a small team without much technology or cybersecurity awareness.

Geoff recommends advisors consider:

1. The Smell Test – A lot of scamming occurs via email, and none of us are immune. Advisors must pay attention to avoid costly mistakes. Does that email make sense, is that really coming from someone the advisor knows?

2. Making Tough Decisions – Compliance and cost intersect, and not always in an optimal way. When compromises are made, advisors should err on the side of security and compliance, but the cost must make sense for the firm.

3. Improvements Are Essential, But Unpredictable – “Even if it's something as simple as just doing a single sign on integration. I usually tell somebody it's either going to take me 15 minutes, or it's going to take me two months.” As firms update client portals and add new services, it’s great for clients. But advisors should recognize it could take much longer and become far more intense of a project than they might expect.

Right now, Geoff is most excited to see advisors continuing to focus on their work with clients. “We're helping people realize their dreams in the future.” And to that end, he reminds advisors to stay diligent and up-to-date on their cybersecurity and tech infrastructure, because we are always “one trapdoor away from something happening.”

Overview
Cybersecurity (00:48)
Compliance and Costs (09:29)
Improvements Are Essential, But Unpredictable (18:36)

Resources
Geoff Moore's LinkedIn
Valmark's Website
Chip Kispert's LinkedIn
Beacon Strategies' Website