SMS may seem like an unlikely tool for the highly secure and complicated world of finance, but when deployed correctly, financial advisors can engage their clients and prospects more effectively leading to stronger connections and greater revenue growth. While SMS can be used to accomplish many business goals and objectives, there are three key areas in which business text messaging can help financial advisors the most: Enhancing client connections, ensuring financial compliance, and driving client revenue and growth.
Enhance your client connections
Everyone knows that, in finance, solid client connections are built on trust, and you can’t build trust without consistent, quality communication with your clients. With open rates and response rates of up to 98% and 45% respectively, SMS messaging can help you ensure your messages are being seen.
This is great for quick, one-off messages – such as automated well wishes for a happy birthday or work anniversary – to show you care about each individual you work with. Additionally, the short-form nature of text messages allows your client to engage you in a quick dialogue, so they can get their questions answered quickly without having to call on the phone or power-up their email. And if you use an SMS platform like Esendex, you can house all client communications in a two-way conversation portal, so you can keep your conversations flowing and organized.
Even with today’s high-tech options, many people still want face-to-face meetings with their financial advisors. To help coordinate meetings and reduce no-shows, send your schedule via text message or even add the link to your calendar and follow up with automated confirmations and appointment reminders. SMS’ higher engagement and response rates also mean you won’t have to place as many follow-up calls or emails, leaving you more time to cultivate lasting relationships.
Ensure financial compliance
As with everything related to finances, compliance and security are of the utmost importance, which is why all financial advisor communication needs to adhere to the regulations established by FINRA and the SEC. In short, they’ve established that communicating with clients requires proper record keeping and supervision of the platform. That’s why client communication should never take place over your personal cell phone or with your personal cell phone number. Instead, financial advisors should opt for a secure platform that can retain archives of conversations in addition to upholding text messaging regulations.
Drive client and revenue growth
Let’s face it: Every financial advisor wants to help their clients, but they also want to boost their income by increasing their number of clients or engaging existing clients in other paid services – SMS marketing can help with both.
Timeliness is the difference between sending your client a helpful solution or an off-putting ad. After discussing your clients’ goals and potential financial challenges, follow up with a text message with links to insightful articles or add-on services that could help them along the way. If you know they’re thinking of buying a house, send them a link to current mortgage rates or a homebuyer checklist. These small communications can end up driving the most impact.
After submitting an inquiry, many consumers will purchase from the company or person that responds first. That’s why engaging prospects quickly is vital to capturing their attention. Set automated text messages to briefly introduce yourself and schedule their first call. As you get to know them, you can easily send introductory discounts or helpful content to move them through your pipeline more quickly. And because you’re meeting them in their preferred communication channel, they can schedule appointments, ask questions, and continue at their own pace, allowing for a more organic conversation.
The case for an SMS platform
While many financial advisors may think they can get the same results by leveraging email or their own personal cell phone, nothing will keep you as organized – and compliant – as a business SMS platform.
Interested in finding out more about Esendex’s online SMS or SMS API? Speak to one of our experts today to discover how SMS messaging can help you achieve your goals.
Julia Applegate
Based in Charleston, SC Julia is a Demand Generation Marketing Manager with 6 years of experience in B2B technology businesses and an emphasis on growth and demand generation marketing. Julia is passionate about balancing data-driven marketing with creative campaigns and bringing agile methodology to new companies.