changing the way you use your phone .

• Use group messaging and templates . You can hit the ground running with a system designed to send messages by group , using templates such as pre-written birthday messages that you can personalize to get started .

• Schedule communications in advance . If you send text messages one at a time , to one client after another , you ’ ll soon find yourself stuck on a treadmill . So you should choose a texting service that allows you to set up notifications , reminders , and other automated messages in advance .

Don ’ t Forget About Compliance

You might have seen a few splashy headlines about business texting missteps — in August , 10 firms , including Wells Fargo and BNP Paribas — were fined $ 549 million for discussing work

on popular messaging platforms , including WhatsApp , on their personal devices . As of last year , the resulting fines for private message missteps have added up to more than a billion dollars . The regulators dinged firms for issues like using unauthorized texting apps and failing to preserve communications .

Clearly , texting isn ’ t excluded from client communication monitoring and recordkeeping requirements . You ’ ll need to ensure you ’ re using a service that adheres to the rules by appropriately enabling the supervision and retention of messages . Better yet , you should choose a service with a built-in integration and workflow that involves your compliance team .

Also , consider the Telephone Consumer Protection Act , a powerful statute designed to protect consumers from excessive marketing calls . This applies

to texts , too . So you will need ongoing permission to text clients and prospects , something you can request using your business texting service . It ’ s a net benefit to you and your clients , who will take comfort in knowing that a simple “ STOP ” will end any unwanted communication going forward .

Slow To Catch On

Business texting has been slow to catch on among financial advisors , primarily because of these compliance concerns .

But there are few other ways to get front and center with your clients the way you can with texts . It ’ s an increasingly popular and effective strategy that is here to stay .

SUSAN THEDER is the chief marketing and experience officer at FMG Suite .

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20 | FINANCIAL ADVISOR MAGAZINE | NOVEMBER 2023 WWW . FA-MAG . COM