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Managed Service Providers
Published on: 10 November 2022
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Managed Service Providers, who are they, what do they do, and do you need one?

Many of the technical challenges and frustrations that small to medium legal, wealth management and family office owners regularly face have been also faced by large financial services companies throughout their life. Those used to the resources available at more seasoned businesses frequently find that starting or joining a small firm serves as a wake-up call. Information technology and the personnel needed to support it are crucial among those resources, whether they are undervalued or absent from the strategies of small businesses. This is even more evident as the security of client data becomes a high priority.

Reaching the capacity limits of your first IT guru

Much like most businesses, legal, wealth management and family office firms frequently begin with an IT guru who is a tech-savvy acquaintance or family member. No matter how great a person that guru may be, it becomes clear as the company expands that its needs go beyond the abilities of any one person. The decision then is whether to use money from the company to fund the creation of an IT department or to hire a managed service provider (MSP) to take care of it.

In recent years, very few media outlets have drawn attention to the underappreciated value of technical support, security experts and help desk personnel to the survival of several firms and, in fact, the entire national economies. The majority of legal, wealth management and family office were able to continue serving clients with minimum downtime while they stayed at home thanks to the availability of a technological expert who can respond and remotely resolve the majority of users’ difficulties.  

What is a Managed Service Provider

Gartner says: “A managed service provider (MSP) delivers services, such as network, application, infrastructure and security, via ongoing and regular support and active administration…. Many MSPs include services from other types of providers. “  

It is crucial to have someone on hand to resolve basic technological problems, but there is more to it than that. A company will not be set up for long-term success by working with an MSP that adheres to the “break-fix” mindset. In addition to remote help, the MSP should assist you in implementing technology that increases the productivity and efficiency of your business. MSPs can offer small businesses the technology strategies and solutions typically only available to large companies with in-house IT teams, including implementing the necessary infrastructure and software, transforming an office-based business into one that can safely operate from anywhere, and ensuring that the information of your clients is secure.  

Costs and Benefits

It is crucial to consider the hidden costs that are avoided when your technology functions as intended when calculating the cost. MSPs can assist you in getting rid of technology-related downtime and the ensuing dissatisfaction. Additionally, the security provided by having qualified wealth management technology specialists assist you in managing and protecting the information of your clients can be priceless in defending against a potentially company-ending event.

Contact us to see how Astris CSP can transform your IT.

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