'Text me,' say clients, but many B-Ds don't allow it

'Text me,' say clients, but many B-Ds don't allow it
Almost nine out of 10 advisers believe clients want to text, Redtail survey finds.
DEC 05, 2019
While 87% of advisory firm employees believe their clients would like to communicate with them via text, 29% of firms have a "no client texting" policy, a new survey from Redtail Technology finds. In addition, the survey found that 40% of respondent broker-dealers have not approved texting as a form of communication with clients. Things may be changing, however, as 31% of survey respondents are planning to adopt texting as a communications channel within the next year. The Redtail survey, AdvisorComms 2019, polled more than 3,200 financial advisory professionals in an attempt to understand trends related to client communication. [Recommended video: Advisers want personalized digital solutions for clients] Among the key findings: In-person meetings generated the most client engagement (76%), followed by phone calls (66%). Only 10% of advisory firms used texting for client communications, and 13% used video calls, according to the survey.

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