'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.

Latest News

Married retirees could be in for an $18,100 Social Security cut by 2032, CRFB says
Married retirees could be in for an $18,100 Social Security cut by 2032, CRFB says

A new analysis finds long-running fiscal woes coupled with impacts from the One Big Beautiful Bill Act stand to erode the major pillar for retirement income planning.

SEC bars New Jersey advisor after $9.9M fraud against Gold Star families
SEC bars New Jersey advisor after $9.9M fraud against Gold Star families

Caz Craffy, whom the Department of Justice hit with a 12-year prison term last year for defrauding grieving military families, has been officially exiled from the securities agency.

Navigating the great wealth transfer: Are advisors ready for both waves?
Navigating the great wealth transfer: Are advisors ready for both waves?

After years or decades spent building deep relationships with clients, experienced advisors' attention and intention must turn toward their spouses, children, and future generations.

UBS Financial loses another investor lawsuit involving Tesla stock
UBS Financial loses another investor lawsuit involving Tesla stock

The customer’s UBS financial advisor allegedly mishandled an options strategy called a collar, according to the client’s attorney.

Trump's one big beautiful bill reshapes charitable giving for donors and advisors
Trump's one big beautiful bill reshapes charitable giving for donors and advisors

An expansion to a 2017 TCJA provision, a permanent increase to the standard deduction, and additional incentives for non-itemizers add new twists to the donate-or-wait decision.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.