How To Protect Your Crypto, an Insurer’s Rapid Growth in Wealth Management, Plus Financial Advisor Declared Dead by Former Firm – Despite Being Very Much Alive
To My Fellow WSR Community Members:
For years, Capital One advertised its credit cards with the slogan, “What’s in your wallet?” In 2019 cardholders learned that cyberthieves were in their wallet, as a massive data breach affected 100 million customers in the U.S. and 6 million in Canada.
Similarly, cryptoasset investors keep their IDs and passwords (known in the cyber world as “public keys” and “private keys”) in “wallets” of various sorts, whether online, stored on phones or computers or in a separate piece of hardware or – for those with excellent memories – a “brain wallet.”
While hackers have yet to read people’s minds, most crypto wallets face exposure to the internet – especially those stored in computers, phones or online – through which hackers can empty the entire wallet simply by stealing the public and private keys.
How can we guard our wallets? Aside from memorizing keys, writing them on paper or placing them on a hardware device, with the obvious drawbacks of those methods, we asked a security expert how to defend against cybercriminals. And if you think a strong password is enough – think again!
We also learned the strategies behind an insurance firm’s rapid expansion in the retirement and private wealth space and bring you the latest in outlandish news from across the industry.
This Week’s Issue
Here’s what we have on tap for you this week:
- Can cyberthieves pick your virtual pocket? In the Digital Domain, we interview Entreda’s Co-Founder and CEO Sid Yenamandra in a video exploring the intersection of cryptoassets and cybersecurity. Yenamandra describes how cyberthieves compromise wallets to gain access to cryptoassets and details necessary steps to safeguard your wallet.
- In our Upmarket section, we asked the COO of HUB International’s Retirement & Private Wealth division, Adam Sokolic, to share the strategies he used to lead the division’s growth from $9 billion in assets and 10 offices in 2018 to $142 billion and 60 offices in 2021. Sokolic shares on selecting firms for acquisition, the role HUB’s insurance expertise plays and how he integrates new acquisitions.
- Our resident nihilist James Miller brings you the latest unusual industry news in Bizarre Industry Bazaar, including Wells Fargo telling clients their advisor died after he quit the bank, a former LPL advisor scamming clients with a fake Taylor Swift-related charity, an ex-UBS broker who lavished $5.8 million in client funds on his girlfriends, Goldman’s CEO DJing at Lollapalooza and more.
Do you have friends and colleagues invested in crypto or targeting rapid growth? Please share our articles with them by email and social media, including LinkedIn!
Keep sending your comments, ideas and questions!
Have a great week!
Larry Roth, CEO
Wealth Solutions Report