6 reasons why financial services firms need to adopt a text messaging solution today

MINNEAPOLIS, May 2, 2017 /PRNewswire/ -- For years, financial services firms have not had the technology to allow for compliant communication using text messaging. Compliance officers and technology leaders have struggled with how to explain to advisors why they couldn't communicate with clients using the most popular form of communication today.

Firms now have options as well as the choice to either embrace this technology or sit on the sidelines. Regulators know how popular text messaging is - they use it themselves and today, are paying closer attention to firms' policies around the use of it. It's easy to understand why firms may shy away from this, particularly right now. So much energy and money has been spent around preparing for the DOL's implementation of the Fiduciary Standard that all other priorities were pushed aside.

So, why should a firm adopt this technology and use MyRepChat to do so?

1. According to Pew Research, 97% of people with a smartphone text message regularly. This means there is a good chance advisors are already using text messaging, which is exposing them and their firms to an array of penalties.
2. People want to use text messaging with their business. According to Nielsen, 79% of consumers want to communicate with a business using text message.
3. Your competitors are interested. In the financial services space, there aren't too many firms who want to be the first to do anything these days; however, there is a lot to gain by being a leader in this space. A firm can set themselves apart letting their advisors know that they are committed to the future. This will help with recruiting and employee retention too.
4. MyRepChat was designed by a Registered Principal and integrates with a firm's existing review procedures.
5. The set-up fee with MyRepChat is zero – yes, no money upfront!
6. Subscription cost is extremely low for each user. MyRepChat was designed with price in mind – striving to provide the best technology at the lowest price.

If you want to be a leader in the financial services industry in offering your advisors a new way to communicate with their clients – MyRepChat is the platform for you. Join an upcoming demo or call Derrick at 844.402.CHAT to find out more.

SOURCE MyRepChat