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5 Tips for Text Messaging for Financial Services

Today it’s not enough to meet client expectations, you must find ways to exceed them. Text messaging for financial services can help you improve engagement and build better relationships with your clients. 

Research shows that 67% of US smartphone owners want to receive service-based messages from banks and financial institutions. But many firms are hesitant. Close to 30% of firms in one survey said they have a “no texting” policy and 41% of respondents have not been approved by their broker-dealer to text their clients. While those rules were originally put in place because of compliance concerns, it could be holding those firms back from engaging with clients in the way they prefer. And with the right text messaging solution you won’t have to worry about breaking compliance.

Text messaging gives brokers and other financial service professionals tools to create better experiences for their clients and customers, while automating tedious tasks to save time and resources. Here are some tips for integrating text messaging into your firm’s communication strategy. 

Text Messaging for Financial Services

1. Engage clients through relevant campaigns.

People want a personal connection with their financial firm. A recent study showed 66 percent of adult children leave their parents’ financial advisor because they can’t connect with them. In order to develop personal connections with your clients you need to show them that you know them individually and you care about them. You can do this by sending them relevant information with insights and tips that are applicable to their financial situation and questions they’ve asked in the past. You can also send automated birthday wishes, an easy way to engage in a personal conversation.

2. Schedule appointments.

Messaging is a convenient way for your clients to schedule appointments on their own time and easily reschedule to reduce no-shows. This saves you and your agents hours of time figuring out scheduling. Your clients will also appreciate how easy it is for them to set up appointments without having to make a phone call.

3. Automatically update records in your CRM.

When you use a messaging platform that integrates with your CRM, you can automatically update your records, instead of having to do updates manually. Also, Whether your brokers or advisors choose to message from the office or message on the go, all conversational data syncs across all devices, so they’ll always know where their conversations stand with clients.

4. Provide exceptional service.

Text messaging gives you the ability to respond to clients immediately, 24×7. This will lead to increased client satisfaction because they will not have to call in and sit on hold to get answers to their questions. Text messaging will also increase your productivity because you can manage more service conversations at once.

5. Gather valuable feedback.

Text messaging has incredible response rates. Take advantage of that and send quick SMS-based NPS surveys or ask clients to leave reviews on your website. Because you’re doing so through texting they are more likely to act on your call to action.

The Bottom Line

Your clients want to talk with you through text messaging. It’s their preferred communication channel. With SMS-Magic you can respond to clients wherever you are, at any time. You can improve client relationships, automate tedious tasks, and gather valuable feedback to make your firm even more appealing. 

If you haven’t yet adopted business text messaging for your team and want to learn more, schedule a demo and we’d be happy to share our expertise with you, answer questions and show you what text messaging can do for your firm.


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