Everything You Need to Know About ... 1Password
The balance between human-friendly and hacker-foiling is hard to find. For advisers who want to keep their information secure, one solution is a password manager.
One such program, 1Password, promises that users need only memorize a single master password to keep all of their accounts protected; it can even generate new, secure passwords, which the adviser need never learn, for individual accounts. A free trial version of the tool is available for download from the company’s website, www.agilebits.com, and is compatible with Mac, Windows, Android and iOS systems.
To begin your free trial, start by logging into your computer via an administrative account. According to the company website, 1Password requires “admin rights” to create the necessary registry entries. From the download page, click “Free Download,” and then install the program. If 1Password does not detect a Dropbox “vault”—a secure location where your information will be stored—or if Dropbox is not installed on the chosen device, the program will present options for new and existing users, as well as those looking to restore a vault from their backup. At the bottom left corner of this box, a question mark icon and link connect users to a 10-minute quick-start guide.
As a new user, click on the first button to create a vault. By default, 1Password creates a folder in Documents, where the new vault is named 1Password.agilekeychain; the “.agilekeychain” extension guarantees that the program will recognize the vault as valid.
Next, create a master password; this is the “one” from which 1Password gets its name. Within the dialog box, below the password entry field, the program will rate your chosen code from terrible (in brown) to fantastic (in bright green). This master password is stored only within a user’s 1Password data, meaning there is no way to reset or restore it, as doing so would create a back door by which unauthorized users could access the account.
After creating your password, add the 1Password extension to your preferred browser via the new box that pops up. The 1Password icon, which also appears as the browser extension, resembles a keyhole surrounded by a blue ring; type in your master password to see the lock turn and open into the program. Use the program to save online logins, a digital wallet, account information, software licenses, secure notes and even “identities.”
The easiest way to add new logins is by simply visiting the intended website. Enter your user name and password as usual, submit the form, and save the information in 1Password. Within the program, assign a name for the new item, create a tag to remember it, and use folders to group items that are similar.
In the wallet, advisers may save numbers and other information relating to their credit card, bank and Social Security accounts; driver’s license; rewards programs; outdoor licenses; memberships and even a passport.
For advisers who frequently fill out registration forms—say, to attend an industry webinar or conference—the identities function can store all pertinent information securely. Use this option to save your full name, gender, date of birth, occupation, company, department and job title, as well as an address and relevant phone numbers, so this information can be filled in automatically.
Advisers can use 1Password to sync all of their devices, letting advisers stop worrying about online security or remembering various convoluted passwords, which means more time spent helping plan sponsor clients and securing participants’ retirements.