Text messaging is now the main form of communication for many people, yet advisors have been very wary of integrating it into their businesses. The reason why is that rules were murky around using texts, and it was difficult to keep records of them. Well, a company called Redtail Technology has debuted a new service which allows advisors to text from any mobile number and keep their messages (and those from clients) all in one place. The records are easily searchable and the archived messages can be shared with a third party, such as a regulator. Redtail says “If advisors are already texting their clients, chances are they’re doing it out of compliance, and if they aren’t, they’re missing out on a huge opportunity”.
FINSUM: Text messages generally have much higher and much quicker response rates and are a good tool for advisors. This service seems like a winner.