Broadwing Capital Acquires CloudScale365... 
Access the Customer Support Portal 
And How They Connect to the Real Problems Financial Firms Face
Financial advisors rarely make “purely technical” mistakes. The technology problems are usually symptoms of deeper practice-management issues – working 80-hour weeks, no leverage, no processes, and a firm that depends entirely on the advisor.
Many financial advisors feel trapped in the same cycle: they are too busy serving clients to fix their systems, so those systems grow older and messier over time. Legacy systems lead to many inefficiencies. Technology is not just a cost in that story; it’s one of the main escape routes.
Below are five of the most common IT mistakes financial advisors make, why they happen, and how to avoid them to support growth, compliance, and sanity. The IT mistakes below each have root causes that, when addressed, can fix the time, growth, and scalability problems many firms face.
Staying on outdated systems because “they still work!”
Old CRMs, unsupported Windows versions, legacy portfolio tools, and outdated email systems all remain in place far longer than they should. Not because advisors don’t care, but because they are simply too busy to take on a change project. As a result, the impact is felt across the firm as staff create manual workarounds and re-enter data in multiple places, integrations fail to function correctly, and productivity declines. Ironically, outdated systems create the very time constraints that prevent firms from modernizing.
Combine legacy systems with insufficient endpoint security, and security risks increase exponentially.
How to mitigate issues from legacy IT
Treat upgrades as part of running a business, not emergencies. At a minimum, financial firms should:
- Maintain a technology lifecycle plan.
- Budget for replacements ahead of time.
- Standardize software across the firm.
- Assign responsibility for updates and patching.
Moving off of outdated systems isn’t about shiny tools. It’s about reducing friction, so your team can focus on clients instead of wrestling with technology.
Underestimating cybersecurity risks because “we’re not a big target.
Many advisory firms still believe cybercriminals primarily go after big banks and large wire houses. The reality is quite the opposite: smaller RIAs and boutique advisory firms are desirable targets because they handle highly sensitive personal information, retirement account data, wiring instructions, and identity documents.
And unlike large institutions, smaller firms rarely have full-time security teams watching over them.
A single successful phishing email or compromised laptop can instantly become a compliance nightmare not to mention reputational damage with clients you’ve spent years building trust with.
How to reduce cybersecurity risks
A strong cybersecurity posture requires firms to think in terms of systems, not single tools, including:
- Мultifactor authentication on every critical system.
- Мodern endpoint protection, not just basic antivirus.
- Еmail filtering and phishing awareness training.
- Еncryption on all laptops and mobile devices.
- Я written and tested incident response plan.
Good cybersecurity is not just about avoiding fines. It’s about protecting the trust that your entire practice is built on.
Assuming your data is backed up…without actually confirming it
“Our data is in the cloud, so it’s backed up, right?”
Not necessarily, according to our IT experts.
Cloud applications protect infrastructure, but they don’t always guarantee full, point-in-time recovery of your data. Deleted files, malicious changes, or ransomware events can still leave firms stuck. Some firms also rely on a single local backup drive that sits in the office, sometimes plugged into the exact computer that gets encrypted by ransomware.
How to ensure proper data backup
Follow the 3-2-1 backup rule: 3 copies of your data, on 2 different types of storage (for example, by your MSP and in Google Cloud or AWS), with 1 copy offsite and immutable.
We suggest going even further: test your restores. Untested backups are only theoretical. Also, define your RTO (how long you can be down) and your RPO (how much data you can afford to lose). With clear metrics, your backup strategy becomes a business decision—not just a technical one.
Weak onboarding and offboarding processes for staff access
Advisory firms often grow organically a new team member joins, another leaves, roles shift, and systems are added. Along the way, access permissions become a tangled mess. From shared passwords and old logins that are never disabled to new hires “figuring things out” on their own, over time, there are far too many people with blanket access to everything.
Operationally, this makes delegating harder. In terms of security, it’s risky. And compliance? It’s a problem waiting to happen.
How to strengthen permissions
Treat identity and access as part of your firm’s architecture by employing:
- Role-based access control.
- Single sign-on and centralized identity.
- Formal onboarding and offboarding checklists.
- Least-privilege access.
A strong internal permission structure not only reduces security risk, but it also makes hiring and scaling dramatically easier.
Treating IT as a cost, not a benefit
Many advisors see IT spending as a necessary evil, something to minimize as much as possible. When firms choose technology intentionally, however, your firm can flourish. IT eliminates manual tasks, reduces advisor workload, improves client experience, enables remote and flexible work, and even makes the firm more valuable.
The fundamental shift is a change in mindset from having a “successful job” to building a scalable business. Firms that grow consistently don’t ask, “How do I spend less on IT?” but instead ask, “How do I use technology to create leverage, consistency, and free time?”
How to leverage IT as a net benefit
- Align your tech roadmap with business goals.
- Move from break-fix to proactive IT management.
- Measure ROI in time saved and risk reduced, not just licenses purchased.
Technology doesn’t replace advisors. It removes the drag that keeps advisors from doing their best work.
How CloudScale365 helps advisors navigate IT challenges
Financial advisors are busy, client-focused, growth-oriented individuals who simply haven’t had time to step back and design a technology foundation that genuinely supports the firm they’re trying to build.
IT is a complex, ongoing process. When you consult a trusted managed service provider, you’ll gain peace of mind and time to focus on your clients. CloudScale365 has all the knowledge and expertise to support regulated, data-sensitive industries like financial services. To avoid the common IT pitfalls, CloudScale365 will help your firm:
- Modernize your outdated systems through lifecycle management, patching, and planned upgrades.
- Strengthen cybersecurity with MFA, endpoint protection, email security, and incident response readiness.
- Protect critical and sensitive data using compliant backup and disaster recovery solutions that are actually tested.
- Control access properly with role-based permissions, single sign-on, and structured onboarding/offboarding.
- Shift from reactive IT to proactive strategy, aligning technology investments with firm growth and valuation.
Instead of technology being a source of stress or risk, CloudScale365 helps transform it into a platform for scalability, improved client experience, and business continuity. The result is a firm that is safer, more efficient, easier to run and ultimately more valuable.
