What is a Managed IT provider in the context of a Registered Investment Advisor (“RIA”)?

Definition: A Managed IT provider is the name typically attributed to a company that helps an independent advisory practice manage their IT responsibilities.  Examples include being an IT help desk, implementing cybersecurity measures, setting up and maintaining the practice’s email system, etc.

When used in an RIA context: “When the financial advisor first opened their RIA, they hired a Managed IT provider to help them fulfill their IT responsibilities.”

See also: Vendors (Managed IT)