Phishing Protection and Training for RIA Staff

Dane Gray

Oct 30

3 min read

Updated: Nov 4

Registered investment advisers hold exactly what attackers want: client money, account details and the trust to move both. That's why phishing aimed at RIAs and wealth management firms is so targeted. A fake custodian notice, a "client" asking to change wire instructions, or a login page that looks just like Microsoft 365 can all lead to stolen accounts and lost client funds.

Good phishing protection for an RIA has two parts: technology that stops most bad messages before they arrive, and training that prepares staff for the ones that get through.

Training should also cover lures that skip email links altogether. See our guide to QR code phishing.

Why RIAs are a target

Money movement. Advisers and operations staff process distributions, wires and account changes every week.
Email-driven relationships. Clients, custodians and vendors communicate by email, so a spoofed or taken-over account blends right in.
Regulatory pressure. The SEC's amended Regulation S-P requires covered firms to have incident response programs and to notify affected clients after certain breaches of their information.

Layer 1: Technical phishing protection

Advanced email filtering that checks links and attachments before staff click.
Domain protections (SPF, DKIM and DMARC) so attackers can't easily send mail that looks like it comes from your firm.
Phishing-resistant sign-in, such as passkeys or security keys, so a stolen password alone isn't enough. See our guide to the best phishing-resistant login for wealth management firms.
Alerts on suspicious inbox rules and forwarding, a common sign of a taken-over mailbox. More in hidden inbox rules in Microsoft 365.
24/7 monitoring, where analysts review alerts and respond to suspicious sign-ins at any hour.

Layer 2: Phishing training that fits an RIA

Generic training doesn't prepare staff for advisory-firm scams. Training for RIA staff should include:

Realistic simulations built around custodian notices, document-share links, client requests and fake vendor invoices.
Money-movement scenarios, like a client email asking to change bank details or rush a distribution.
Voice and text scams, including calls that claim to be IT or a client. See how deepfake voice scams target small firms.
Short, regular refreshers instead of a single annual session.
Easy reporting, with a one-click report button and no blame for asking.

Layer 3: Process that stops the money

Even the best filter and training will miss something. Firm-wide rules close the gap:

Call back on a known number before changing any wire or bank instructions.
Two-person approval for outgoing wires and distribution changes.
Never trust contact details inside the request itself.

We cover these steps in detail in Is That Really Your Client? How Wealth Management Firms Stop Wire Fraud Before the Money Moves.

How 24uNet helps RIAs

24uNet sets up layered email protection, phishing-resistant sign-in, staff training with realistic simulations, and 24/7 monitoring where analysts review alerts. We also help document your controls so you have clear answers when examiners ask. See what SEC examiners ask your IT provider. Contact us for a phishing protection review.

FAQ

What is phishing protection for RIAs?

It's the mix of email security, phishing-resistant sign-in, monitoring, staff training and money-movement rules that keeps attackers from tricking advisory staff into giving up credentials or sending client funds.

How often should RIA staff get phishing training?

Regularly, with short refreshers and simulations throughout the year, plus training for new hires before they handle client money.

Does the SEC require RIAs to train staff on phishing?

The SEC expects advisers to have written policies to safeguard client information, and amended Regulation S-P adds incident response and client notification requirements. Staff training is a practical part of meeting those expectations.

What should staff do if they click a phishing link?

Report it right away to IT or your security provider, change the affected password, and don't hide it. Fast reporting limits the damage.

Is MFA enough to stop phishing?

Not always. Some attacks steal sign-in sessions or trick users into approving prompts. Phishing-resistant methods like passkeys or security keys give stronger protection.