ADVISOR MARKETING

Susan Theder

As email inboxes become jammed , texting becomes an attractive marketing solution . But be mindful of regulators .

F YOU ’ RE LIKE MOST ADVISORS , YOUR PHONE MIGHT NOT RING AS much as it once did , but your email inbox is likely filling up . According to McKinsey Global Institute , the typical professional receives an average of 120 emails per day and spends nearly a third of their workday writing or responding to messages . No matter how you slice them , those are daunting numbers . What about outgoing emails ? No doubt they are critically important to your marketing effort , but even if you send them , it ’ s still more challenging , given the volume of email everyone is receiving , for you to stay at the top of people ’ s minds — clients or prospects . Their email inboxes are also full .

Calling clients has also become more difficult . Even if they like talking on their cell phones and landlines , they ’ ve become less willing to pick up the phone during an age when they ’ re getting billions of spam robocalls every year .

The Case For Texting So what about texting ? Even if you don ’ t usually communicate this way , there ’ s a good chance one of your clients has tried to reach out to you via text . Messaging has become the most used service on the phone and the most preferred communication method — the main way most of us keep in touch with friends and family . So it ’ s likely people will start to expect it from their financial advisors , too .

Roughly 98 % of text messages are opened and read , which is as close to total access as any marketing channel has ever achieved .

And the benefits of that for professionals are quite clear : Roughly 98 % of text messages are opened and read , which is as close to total access as any marketing channel has ever achieved . So if you want a better way to get in front of clients and prospects — and stay there — business texting is one of your best options .

How To Get The Most Out Of Business Texting

Here are a few “ must dos ” when setting up a texting service for clients :

• Have a strategy . Some advisors limit their client text messaging to automated appointment reminders and event invitations . Others send quick checkin “ thinking of you ” messages , birthday wishes , time-sensitive notifications , and invites to reach out ( in which they prompt clients to share thoughts or ask questions ). You should make a plan for the ways you intend to use texting in your overall comunications .

• Integrate your client management system . Should you involve your CMS ? Yes ! When doing so , you should make sure to choose a texting system capable of importing contacts from your existing client management software and mobile phone .

• Keep your number . Setting up an entirely new number just for texting may confuse your clients . Choose a service that can handle texting without

NOVEMBER 2023 | FINANCIAL ADVISOR MAGAZINE | 19