Many busy investment advisors have more than one computer to manage. Copying files between an office PC and a portable computer can be a challenge. Data must be replicated securely, and advisors must be sure that the most recently updated version of a file is the one replicated between computers.
A variety of solutions are available. Where should you start?
Cloud-based storage has become the trendy option for those wishing to easily store their data and then recall it on multiple devices. With this approach, an application on a local device automatically copies anything stored on the local computer to a central resource located on the Internet. The file is then replicated to any other device running the same app that has the correct username and password stored.
Two of the most popular cloud-based storage and synchronization services are Dropbox and SugarSync.
The downside to these services is that they are frequently hosted on computers based in the U.S. The U.S. Patriot Act enables the authorities to subpoena information stored on servers there. A particular provision of the Act, called National Security Letters, makes it possible to gather such information without its owner being informed. For investment advisors dealing with sensitive client data, such legislation makes it dangerous to store information on U.S.-based cloud services.
However, there are workarounds. BoxCryptor, for example, is an application that encrypts files before they are uploaded to such cloud-based services. Because the owner retains the encryption keys, third parties will not be able to read the information stored in the cloud, even if they misappropriate it.
There are other software solutions that don’t involve the central storage of data. One of the better-known file synchronization tools is Laplink Software, Inc.’s PCsync. This software synchronizes data between PCs and Macs, via a network or a cable plugged into the two devices. Synchronization jobs can be scheduled daily, weekly, or monthly, and up to three computers can be synchronized in a group. This is useful for sensitive information, including client files and your own personal data.
PCsync lets you synchronize two computers across the Internet, but an alternative is to use iTwin, a hardware solution that lets you connect computers using a device that plugs into the USB port. One device stays plugged into the office computer, while the other plugs into a remote device. Once plugged in, the remote computer can share and edit files on the office one, wherever it is in the world.
Alternatively, advisors can remotely control an office-based computer via the Internet, using a mobile device. Software such as LogMeIn runs on PCs, Macs, tablet devices and smartphones, and gives users complete access to their office machines via an Internet connection so that they can remotely control their desktops. They can copy files from their office desktop to their mobile device, and open and edit files remotely.
Your choice of which method to use depends largely on your working patterns. Some advisors may want extensive version control, which makes services such as DropBox, with its ability to view old versions of files, particularly attractive. Others may like the plug-in-and-go functionality of a USB-based device like iTwin.
Whichever you use, synchronizing files carries the added benefit of backing them up, so that you always have them stored in at least two physical locations. In a world of cloud-based storage and easy machine-to-machine file replication, there is no excuse to lose your files.
This is the third in a three-part series on technology and productivity.