Archiving is nothing new to brokers, dealers, and anyone in the financial services sector. Saving important communications has long been a regulatory requirement, and even before that, it was considered a best practice. The challenge of archiving is something everyone in the industry has learned to manage. The problem is that the nature and scope of the challenge are changing rapidly.
Regulators are expanding the mandate that communications are archived, regardless of their format. That means a bigger compliance burden. More importantly, it means an increasing obligation to manage data. Wealth management professionals will need to capture and store just about every communication across texts, social media posts, video conferences, chat dialogues, and more.
At the same time that this is happening, many firms are discovering that their legacy technologies are ill-equipped to maintain 21st-century archives. Firms are abandoning on-premises solutions to take advantage of the scalability of the cloud, but lots of older systems are still in place. Consequently, those firms are struggling to maintain their archives while evaluating a better solution that accommodates old and new communication.
It’s a complicated situation. Businesses currently send about 280 billion emails
every day, and by the end of 2022, it will grow to an estimated 333 billion daily. That is in addition to all the communications being sent over LinkedIn, Slack, or group text. If it’s already difficult to maintain an archive and preserve compliance, the burden is about to grow substantially.
How Unified Search Makes Archiving Easy
The volume of data that must now be archived is difficult, but the real problem is the variety. Sales professionals want to use every communication channel available to connect with clients. As a result, archives must integrate information from dozens of sources without overlooking a single conversation.
Unified search is the solution, because it takes the heavy lifting out of archiving. Compliance managers are allowed to pick and choose the channels they need to archive. Then, anything flowing through those channels is automatically retained. But before getting there, everything is converted to the same file format to make eDiscovery easier.
Essentially, unified search is a way for advanced archiving to run on autopilot, which makes managing compliance significantly easier. But the solution is bigger than just pleasing regulators and avoiding fines. In practice, archiving is a tool that helps brokers and dealers meet more of their clients’ needs.
When every communication gets saved, important information never gets lost or overlooked. Plus, when information is carefully managed and secured, various legal, regulatory, and reputational risks all decline. Archiving is a way to use information compliantly but also effectively.
A Seamless Solution for Brokers and Dealers
To assist wealth-management firms and professionals with their obligations, ZixArchive offers an out-of-the-box solution that is suitable for today’s communication tools and evolves to meet future demands. Here are some of the features that set ZixArchive above the other solutions:
- Cloud orientation: Because ZixArchive was built specifically for the cloud, it can scale up or down almost without limits and in no time at all. If and when a firm’s archiving strategy needs to change, this solution can adapt immediately and accommodate increasing needs.
- Speedy deployment: ZixArchive can be deployed in minimal time, so firms can get compliant as quickly as possible. The solution is also built to enable on-premises architecture so that we can migrate old data and be ready to seamlessly integrate with your systems if and when you’re ready to move your infrastructure to the cloud.
- High flexibility: Our solution supports 50+ different content types so that your team can keep business moving and communicate in the manner that works best for your clients.
- Easy eDiscovery: Because ZixArchive collects all communications in one place, finding a very specific piece of information is quite easy. It takes less time and effort to supply regulators, auditors, or legal counsel with exactly what they request.
- Information sharing: Information-sharing tools make it easy to send anything in your archive to a third party. Instead of having to export, organize, and optimize the information on your own, it happens conveniently.
- Ironclad security: Zix is a cybersecurity company. Not surprisingly, ZixArchive is built to be as impenetrable as possible. Firms can feel comfortable collecting so much information in one place knowing that it’s being protected by world-class defenses.
Zix offers a leading solution on the market because we understand the challenge in depth. Our solution is designed to satisfy the regulations of today and tomorrow. Plus, it respects how brokers, dealers, and compliance managers prefer to work. If you’re ready to turn a risk into an asset, move to the best archive possible.