Don’t fear FINRA Compliance

If you, or your firm are represented at this weeks FINRA Conference, you will no doubt hear about the need to have a policy in place to capture, review, and retain text messages. You will also no doubt meet a couple large firms that hope you choose them for this service in addition to other services you might already have with them.

MyRepChat was created by an advisor, for advisors. It is not a package deal, and yes it is the best tool on the market to improve communication between an advisor and their clients. MyRepChat meets all compliance regulations and integrates seamlessly with your existing procedures to keep your firm from the need to deviate its processes.

If you haven’t taken a look at MyRepChat yet, join an upcoming demo and see for yourself. It’s inexpensive, it’s easy to adopt and use, and most of all, it’s compliant.

MyRepChat continues to get great feedback

Every day we conduct more and more demonstrations of MyRepChat and after each one we get fantastic feedback. Here are some of the recent responses we’ve received:

“We’ve looked at a couple other tools in the marketplace for compliant text messaging and their applications are not as robust as yours”

“This was a great demo of a very useful tool”

“I am so impressed by this, and I am not an easy person to impress”

“You seem to have thought of everything to make this very easy and effective for financial advisors”

MyRepChat was designed by a financial advisor with financial advisors in mind. The feedback we receive is no doubt the direct result of a well thought-out product and great execution.

If you have not yet seen how MyRepChat works, we encourage you to schedule a demo and see for yourself. You can also schedule a personal demo by emailing: info@ionlake.comcreate new email

MyRepChat Helps You Win

MyRepChat was created by a Financial Advisor and Registered Principal to fill a void in communication that existed in the financial services industry. After I created it for myself, I soon recognized that MyRepChat could also help the entire industry. MyRepChat has gone head to head with larger firms that also are recognizing the use of text messaging as a money making opportunity and a way for firms to get even more business lines with financial institutions.

So why don’t we at MyRepChat want more business with these financial institutions? I’ve explained it to firms like this; “I want firms to know that we have created a top notch product and if the commitments I make to them are not held up, they deserve the right to fire us. Bundling all your services sounds great and sounds easy but rarely is a bundled package designed for the benefit of the buyer. We will do one thing, we will do it extremely well, and we will allow firms to remain flexible as they choose the technology they want to incorporate into their firm.”

It seem like i’m not the only one who sees it this way. According to an article published by opens in a new windowHarvard Business Review, unbundled pricing creates transparency and allows you to pick exactly the options you want. The article also gives examples that most people can relate to and highlights that there is the simplicity of a single priced product and bundling that tends to favor the seller.

Now, it’s not that we at MyRepChat are unwilling to integrate with other technology, it’s just that we want our customers to know that we are willing to commit to a great product and are dedicated to living up to that commitment. My partner Wade, CTO of ionlake says, “Integrating with existing CRM platforms is pretty simple since most of them have an architecture that allows for it; however, when we make the attempt, it’s difficult to get a reply since a lot of firms see us as a threat to another revenue source they’d like to sell to their customers”.

If we have the ability to partner with other firms to make the use of MyRepChat easier to use and implement, we will give it our all to make it happen. Our hope however is that people see the value in choosing a company that does one thing, and does it extremely well.

How to Utilize Text Messaging in Your Financial Practice

How to Utilize Text Messaging in Your Financial Practice Webinar, May 24th. (1 CE credit) The reality for Financial Advisors is that clients want to text us, and many already do. Financial Advisors who want to stay compliant refuse to respond to a clients’ text message; however, many Financial Advisors take the risk and communicate anyway. There are risk exposures if you’re outside of compliance including fines, suspension and barring from the industry. Learn how to integrate text messaging safely and smartly. Topics Include: •Regulatory Stance on Electronic Communications •Compliance Tools •Mass Communication •Computer Based Communication •And More! opens in a new windowREGISTER HERE Not an FPA Member? opens in a new windowCLICK HERE to schedule a demo for your firm. Presented by Derrick Girard, CFP®AIF®NSSA®

Multi-Factor Authentication

As the world of online tools and software continues to evolve, so does the security around your data. To this end, ionlake, makers of MyRepChat, are continually evaluating threats as they reveal themselves to the community at large, sometimes by making headlines, sometimes as just white papers on new “Best Practices” for security.

One of the latest best practices is called Multi-Factor authentication. Simple log in credentials like username and password is one factor of authenticating someone. Another is to use a fingerprint. Another a rotating number on a FOB. And another yet would be to text a code to a mobile phone. Multi-factor authentication is using 2 or more methods to determine identity.

MyRepChat now uses 2 forms of authentication. One of them is the Username/Password that we use today, the second is to text a number to your mobile phone. If we do not have a mobile number on record for you, you will be asked to provide it, but only once. From then on we will use that number. After that a 6 digit code is sent to your phone and you will need to provide it. This all happens on the login screen, no jumping around. You will need to do this once per device that you log in with.

Now you, and us, can sleep more soundly knowing that to get access to YOUR data means that you need to have to only your login credentials, but also access to your physical device(s).

Let us know if you have any questions about multi-factor authentication by email at info@ionlake.comcreate new email or my phone at 844-402-2428