When originally pitched Smarsh, our company was excited at what Esmerelda of Sales said the software was capable of doing. Very soon after we discovered the REAL culture of Smarsh.
Smarsh wants to close contracts fast, they want to get you into a 36 month contract and not a 12 month contract and they heavy push. Sales was calling at least once a day once a proposal went out, regardless of explaining to them that the proposal needed to go to the executive board, they still called.
Here is how they mislead us: – They charge you by the amount of rules you create. Their professional package comes with 10 rules, and they try and sell you the pre-populated rules for archiving and compliance. If you need Smarsh Secure, because that requires additional rules, they will charge you extra for that. Something we did not know until we were already in contract. – Smarsh’s Secure mail CANNOT forward over TLS to your Email inbox. If you are required to journal to a third party regulatory agency, then you cannot use Smarsh Secure* (I will cover the star below) – Misleading about relationships with Broker Dealers, Smarsh was extremely direct when they stated that a well known broker dealer they had “an extremely close relationship”. Speaking drectly to the VP of compliance of that Broker Dealer, they stated that [Broker Dealer] have had an extremely complicated relationship because of Smarsh being misleading on their technological capabilities. Smarsh originally said their software was 100% in line with what our Broker Dealer wanted for journaling. In fact, from what we were originally presented, it most definately was not.
– *The Star*, Because Smarsh uses a type of SFTP server for secure mail, all it can do is send notifications to recipients, including the User. While this can work for businesses that do not need to journal to a third party, like a Broker Dealer, ONLY Smarsh’s journaling can pick up the messages that a client would send back to the User. ex. User sends email secure to client – JOURNALED because it goes through the Exchange Server first. Client responses, NOT JOURNALED to THIRD PARTY properly, only the notification and not the content of the reply.
– In reply to the above, Smarsh offers “Third-Party Journaling” at a staggering price. Usual User Accounts are around $10/per user/per month. Third Party Journaling is priced at $25/per user/per month. So if you have 200 users, your bill would go from $2000/per month to $7000/per month. Again, extremely misleading from the up front price. So, when Smarsh originally stated that they were 100% compliant and in line with are Broker Dealer, they mislead us because they NEVER mentioned we would ALSO need to purchase Third Party Journaling until AFTER we purchased the software and were locked in for a 36 month contract.
– Roadmap, they are very secretive about when products will come out. They offer very little insight to possible timelines or other forthcoming function until they are out.
Currently we are dealing with a person named Gretchen. She called for a meeting AFTER she assured both myself and our Chief Compliance Officer that he was fully aware of the situation. The engineer the started from the beginning tell me how i was wrong and everything was how we wanted it. When i repeated the entire problem of third party journaling and how we were mislead, the Engineer said, “oh…I need to go back and research this”. Now she has refused to continue to look into our problem and refuses to pass us on to her superior.