Most Brokers Make the Same Data Backup Mistakes
Brokers and financial advisors have a lot of data to deal with. They receive documents of all shapes and sizes from their clients, from payslips and letters to annual bank statements. Data backup and storage are key challenges that brokers need to overcome.
Unfortunately, at the moment, a lot of brokers are struggling with data backup. They either don’t back up their data or they back it up in an ineffective manner. A lot of these mistakes are common to most brokers, and in most cases they’re costing them money.
No Data Backup Plan
The biggest data backup mistake you can make, is not having a data backup at all. With the volume of documents that brokers receive every day, their available space both physically and digitally is shrinking. A lot of brokers deal with the document volume by paying for physical storage where they file away paper documents. This is not a sustainable data backup solution because the space is finite and the more space you need, the more it’s going to cost you.
Backing up to a Physical Drive
A lot of brokers have moved on technologically and use removable hard drives to store their backup data rather than keeping them on paper. This is a step forward, but long-term it will create similar data backup issues to those created by paper storage. A physical drive will run out of space.
Physical drives are also susceptible to a number of other risks, like theft or damage. Being able to carry your data backup with you is great, until it gets stolen or stepped on. Access is also an issue with physical drive data backup. If you leave it at the office, you can’t access it without going back to the office.
Both these problems can be solved with one simple solution, cloud data backup. By storing your data in an online location, you can access your data securely, from anywhere. Cloud storage space can be limited, but it’s also easy and relatively inexpensive to expand. When you’re dealing with a huge amount of documentation, cloud storage is the most cost-effective, most secure and the simplest solution.
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