Serious Risk Exposures If You’re Out of Compliance with Electronic Client Communications

Financial Advisors wear many hats from day to day. Over the course of a career, a Financial Advisor will undoubtedly find themselves acting as a money manager, an insurance professional, a career coach, and even a relationship counselor. Having to be many things to many people means that a Financial Advisor must be easy to connect with. Until recently, Financial Advisors have not been able to communicate with clients through text message.

96% of smartphone owners text. (Pew Research Center)

The reality for Financial Advisors is that clients want to text us, and many already do. Financial Advisors who want to stay compliant refuse to respond to a clients text message; however, many Financial Advisors take the risk and communicate anyway.

You need to know there are some serious risk exposures if you’re outside of compliance including fines, suspension and barring from the industry.

  • MyRepChat was created by an Advisor for Advisors.
  • MyRepChat is an affordable tool that Advisors are using to provide effective, efficient and compliant client communications.
  • MyRepChat allows Advisors to confirm appointments; send clients holiday wishes; ask questions; or simply keep in touch.
  • Until now, Advisors faced severe penalties for texting with clients, and firms were subject to large fines for failing to monitor, capture and archive text messages.
  • MyRepChat can take the risk out of text messaging and finally allow Financial Advisors and clients to communicate in the modern world.

Here’s how it works:


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