document vault – SIFTSORT: BLOG | PRESS

Siftsort.com Sees New User Adoption Up 422%.

What we do is very relevant in the COVID world we live in. And the numbers prove it.

Siftsort helps you to securely organize and share highly-sensitive documents with family or trusted professionals. Founded by former Goldman Sachs technology executives, our goal is to provide a simple and secure way to share sensitive files.

That might sound simple. And it is to some extent. But sharing sensitive documents in regulated environments (e.g. banks, financial advisory firms, accounting firms, healthcare) is anything but simple. Large scale data breaches can cost millions of dollars in fines and ruin the reputation of the business. It’s these regulations and the potential penalties that may be incurred, which makes the simplest of tasks (sending an email) more complex.

We designed our platforms to help close the gap on compliance and cybersecurity risk so that you can share the content you need to from anywhere, even in a complex (regulated) environment.

Our retail platform

A turn-key solution designed for consumers and small or medium size businesses to seamlessly and securely share sensitive files, when needed. Ideal for personal use or for professionals; such as accountants, lawyers and financial advisors working in teams.

Our enterprise solution

A fully-integrated solution that provides clients a compliant way to organize and share important documents with their Financial Advisors or trusted third-parties, directly from any institutional client portal.

How the COVID pandemic changed the work environment and increased the compliance risk.

When the global lock down occurred, firms had make adjustments to have staff work from home. Again for most employees, managing email and voicemails from the comforts of their home wasn’t so much an issue. But, this in and of itself creates compliance risks for large institutions such as a bank or private wealth management firm. Servicing clients outside the firm, where the in-house compliance system may or may not be able to monitor employee activities raised red flags.

Employees who interact with clients on a day-to-day basis might need to share sensitive files. This sounds easy to the everyday employee. But in a regulated environment, there are restrictions in place on what types of documents can be shared and how. Large firms spend millions of dollars on infrastructure to ensure the majority of their employees have some sort of remote access to the firm. But, there are still challenges for employees who interact with clients from their home. Especially when the only client facing tool might be the company website or a client portal. An integrated secure messaging and document vault platform can help to mitigate these risks when servicing client needs.

Our solutions compliment the tools that are already in place to help professionals interact with clients in a compliant way. More professionals and clients are interacting and sharing sensitive files on our enterprise platforms which are embedded at Fortune 100 financial institutions.

422% increase of new Users in Q1-2021 vs. Q4-2020.
315% increase of new Users compared to the same period last year.
Q1-2021 had generated more new Users than all of 2020.

It should be no wonder that tax season is always busy for us with Professionals and Clients sharing sensitive files back and forth. But during the pandemic, those interactions grew exponentially. And the numbers prove it.

New Year Organizing: Paper Part I of III

Now is a good time to go through your files and purge what you don’t need so you can start 2016 fresh. This is a first in a series of posts on organizing for the new year.

Paper files

As much as we might hate it, sometimes we need to have paper documents. As we get ready for tax season, we may have a combination of digital and paper files to work with. From Kiplinger.com a few years ago:

“As you finish up your tax return this year, take the opportunity to clean house. With a few key exceptions — mainly tax-related documents — you don’t need to keep all those papers. And if you’re willing to use online banking and create a digital archive of crucial records, you may even be able to go paper-free.

Before you dig into those piles of records and statements, invest in a shredder to guard against identity theft. And don’t skimp on the shredder….”

Or do as one of our friends did and have a glass of wine with a friend and a fireplace and burn the old documents in the fire with an “alternative shredding party” where they talked and fed the fireplace log. But make sure you really don’t need those papers!

Here is some information from a filing system called Freedom Filer that uses color coding to make filing and life easier:

“Set Up A Self-Purging Reference File System
Saving files for future reference is essential, but unless you create a maintenance-free reference system you’re going to find yourself constantly cleaning out your filing cabinet, having to set up new folders, and not having the right files at hand when you need them. The answer is to divide your filing cabinet into four sections, color-coded if possible: GREEN for monthly miscellaneous transactions, BLUE for tax-related transactions, RED for permanent family and property records, ORANGE/YELLOW for current policies, agreements, and up-to-date administrative files. You may set up an optional fifth section in PURPLE, for saving literature, articles, and notes. The main sections are called Monthly, Tax, Permanent, and Remove/Replace, and the optional section is called Resource….”

Estate Planning

While none of us really want to think about it, estate planning is an important part of financial planning. Siftsort.com can help you when you are planning with your advisors and family.

According to the Wall Street Journal, there are “25 Documents You Need Before You Die”

“It isn’t enough simply to sign a bunch of papers establishing an estate plan and other end-of-life instructions. You also have to make your heirs aware of them and leave the documents where they can find them.

Consider: At least 10 states have been investigating whether some of the country’s largest insurers are failing to pay out unclaimed life policies to beneficiaries. California and Florida have held public hearings on the issue….

The financial consequences of failing to keep your documents in order can be significant. According to the National Association of Unclaimed Property Administrators, state treasurers currently hold $32.9 billion in unclaimed bank accounts and other assets. ”

Siftsort.com is perfect for making your heirs aware of your estate plan and the necessary documents with the secure sharing feature. Sign up today for your free Siftsort.com account and start using it. If you need more storage space, you can add it by using a credit card, plus get a dedicated fax line along with that additional space.

CPAs: Preparing for Year-End Tax Planner Mailings? Here’s a tip.

Many CPAs mail organizers to their clients at year end. There’s a cost to print, stuff envelopes, and mail the organizers, plus the labor to do all of that.

Other CPAs will email a link to a password protected PDF version of a client tax organizer. However, the passwords maybe too easy to guess and are based on other information that is readily accessible.

An alternative is to use Siftsortpro.com – then the CPA firm can securely share sensitive files using a number of different methods. Either share a folder with a client using Siftsort.com, then drop-n-drag the files into the folder. Or securely email the content from the Siftsortpro.com platform directly to the client using the Siftsort.com platform, or for clients who are not using the Siftsort.com platform, simply send a secure link, where the data is housed on our secure server, and the client can safely retrieve it after entering a one-time passcode sent to them. With all methods, the sensitive material never leaves the secure Siftsort environment, ensuring its safe delivery.

Then, as year-end financial data is gathered, clients can put their numbers in the organizer and securely share the content in the same manner with the CPA. In addition, keeping the backup documentation for themselves in a folder in their personal Siftsort.com account.

This can make the process smoother in addition to being more secure and less labor intensive (saves money) for the accounting firm as well as the client. All organized and all in one place, secure, shareable and accessible from anywhere.