With all of the passwords floating around in an adviser's head each day — those necessary to log into a computer terminal, a mobile device or a cloud portal — having a secured method for keeping track of those numbers can be invaluable.
Russ Thornton, vice president at Wealthcare Capital Management, is always scouting around for new technologies that might improve his practice, and he did a lot of research before settling on a solution for managing his many passwords. But the time and effort he invested in a software system were worth it, he said.
“If I get hit by a bus, my wife knows what my master password is, and no one else knows,” he said. “It's only in our heads, not on paper.”
Most password management services are web-based and keep track of users' online accounts, log-ins and passwords on multiple devices. Users typically create a single password to gain access to their password manager, which remembers all of their log-in data and automatically signs them in to their accounts. The software generates random passwords and encrypts information with unreadable code that helps block hackers' routes to password data.
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Financial advisers searching for their own password management software are likely to find an enormous array of product possibilities. When faced with all this choice, the best approach after determining software is needed, is to identify how it will be used in a practice, what security issues need resolving and who on the team should use it.
Individual advisers like Mr. Thornton who decide to use software rather than, say, a password-encrypted Excel spreadsheet are best suited for consumer-oriented password management products such as 1Password, Kaspersky Pure, LastPass or Trend Micro DirectPass.
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