Go Beyond Communication and Discover True Collaboration

By Serena Bowen, Digital Marketing Manager

Mastering client communication in a highly regulated world requires a delicate balance of art and science. As a financial advisor, you navigate various aspects, from video conferencing with clients of varying tech expertise to standing out on social media, crafting engaging emails, and ensuring compliance with ever-evolving regulatory requirements. All the while, you must manage clients; financial portfolios and oversee other aspects of your financial practice.

To excel in this environment, it’s crucial for firms to effectively utilize digital communication tools, fostering connection, productivity, and work-life balance. Considering that the average American checks their phone approximately 96 times a day 1, it’s evident that engaging through the channels where clients are already active is essential. That’s where texting becomes invaluable. It strikes a balance between the formality of phone calls and the potential delays of email responses. Additionally, advisors can efficiently handle customer service, carrying out multiple conversations simultaneously from their phones or desktops.

In 2023, it’s important to acknowledge that telling a client, “I can’t text,” may not resonate well. If you haven’t embraced texting as a form of client communication, now is the time to reconsider. Regulators are closely scrutinizing how financial advisors use messaging apps and electronic communication for business, posing compliance challenges in the investment advice sector.

Private Advisor Group offers solutions like Global Relay and MyRepChat2, which provide compliant texting capabilities. These tools allow your firm to send text messages to customers while adhering to privacy and security standards.

Texting can be utilized in various contexts, such as introducing yourself, providing reassurance during uncertain times, requesting documents, sending appointment reminders, and following up on payments. Furthermore, you can separate your business and personal life by utilizing one phone with two numbers.

Embrace the power of efficient client communication in this dynamic landscape. By leveraging digital tools and compliant texting, you can build stronger relationships, enhance customer service, and navigate the regulatory landscape with confidence.

Happy collaborating and communicating with your clients!

1Asurion-sponsored survey by Market Research Firm Solidea Solutions conducted August 18-20, 2019 of 1,998 U.S. smartphone users, compared to an Asurion-sponsored survey conducted by market research company OnePoll between Sept. 11 – 19, 2017 of 2000 U.S. adults with a smartphone.

2 Advisors affiliated only with Private Advisor Group, a Registered Investment Advisor, use Global Relay. Those advisors affiliated with
LPL Financial use MyRepChat.

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