Strengthening Relationships in the Robo-Advisor Era

As much of the industry shifts to robo-advisors, there is still a large
swath of clients, especially wealthier clients, who still prefer having a
one-on-one personal relationship with their human advisor. Keeping these
clients engaged while still running an efficient and compliant practice is one
of the biggest challenges many advisors face.
Clients want a personal relationship with a trusted advisor yet still
demand the convenience and speed that they get from a robo-advisor.
Texting and SMS are the best tools to use for client engagement, but doing
so while staying compliant has always been an issue.
With MyRepChat, financial advisors now have a tool to use that will
seamlessly integrate with their client relations manager, maintain
compliance, and still offer the ease and speed of texting. Advisors are using
MyRepChat to increase the efficiency of their practices by sending both
bulk and personal messaging.
Increase Efficiency with Texting
One of the best and easiest ways to use texting is to automate
appointment confirmations and reminders. Today’s smartphone users rely
less on email and more on texting. We know that people generally skim
emails, if they are read at all, and many end up sitting in the inbox for days
before they are even looked at.
MyRepChat allows advisors to automatically send texts to confirm
meetings several days in advance and another appointment reminder the
day of or the day prior. Simply automating this practice eliminates work for
the staff and increases efficiency by reducing rescheduling and no shows.
Strengthen Relationships with Personalized Texts
Advisors can now compete with the ease of robo advisors while still
building and maintaining trusted relationships with their clients. Advisors
can have full conversations via texting, the preferred method for many
clients, while still maintaining full compliance. The software fully logs a
transcript of the entire conversation directly into the client file, making
texting as compliant as email for the first time.
Research has shown that texting is often the preferred method of
communication with many clients, especially in the Millennial and Gen Z
demographics. Simply put, not using texting will put advisors at a huge
competitive disadvantage.
Automate Messaging with Bulk Texts
Bulk texts can be automated to send to all clients, certain client
segments, or individuals. For example, MyRepChat can be used to
automatically send birthday greetings to clients on their birthdays, which
will strengthen the relationship while still offering the high-tech, automatic
solutions that clients are looking for.
For client segments, many advisors are using MyRepChat to send
market updates or relevant stock market news to clients who have large
investment portfolios and wish to have that extra level of engagement.
Clients who prefer to have a lower level of engagement or those with
simply an insurance portfolio can be left out of the segment, so the texts
are always both welcomed and relevant.
Simply put, advisors who wish to run a high level practice need to
strengthen their relationships with their best clients all while offering them
the speed and ease of communication offered by SMS and texting. It is
nearly impossible to do that while staying fully compliant without technology
such as MyRepChat.