Any advisor knows that maintaining a strong client-advisor relationship is key to creating a successful business. The foundation of a strong relationship is communication, and seeing a low open and/or response rate from your clients on an important email isn’t good for your business, the relationship, or their portfolios. What many advisors are failing to recognize is the opportunity that lies within this fresh, more convenient method of communication with your clients: text messaging.
As newer generations are becoming more connected to their smartphones, emails are becoming a much less effective way of communication. This makes the jump from traditional email to text messaging frightening, especially if you’re not one to rely on new technology. But adopting text is vital in enhancing your client-advisor relationships.
Better Open and Response Rates
Communication between an advisor and a client can’t be one-sided. Email inboxes have become cluttered, filled with thousands of unopened promotional emails, which makes it easy for important messages to get lost in the abyss. While only 1 in 4 emails received by consumers is opened, 90% of text messages are read within 3 minutes. With open rates that high, you can’t afford not to be utilizing SMS messaging.
The more you are able to add personal elements to your relationship with a client, the stronger it will become. When an advisor develops a holistic relationship, their performance is ranked significantly higher than a mere business transactional relationship. Text messaging is deemed more personal than email in nature because email is usually used for more professional interactions, while texting is used with those we have a relationship with. By using text messaging to communicate, you’re relaying a more personal interaction with your clients.
Finding a specific email in your inbox can be like trying to find a needle in a haystack. And chances are, if it’s taking too long, your client is probably going to give up. Think about it this way: if you were to receive an email and a text message, which would be easier to respond to? Most likely the text message. Not only is it more convenient, but texting has become such a huge part of our everyday lives that it’s almost as if we don’t even think about it, we just do it.
Already, we see firms adopting text messaging to help them enhance their communication with clients. With millions of people sending billions of text messages every day, it only makes sense for advisors to take this opportunity. Knowing where to start when it comes to leveraging this opportunity, though, is where many advisors fall short.
It’s time to meet Benjamin. Benjamin works as an assistant, helping you effectively communicate with your clients through text and email to schedule meetings, send reminders, and follow up about important paperwork.
Ready to stop worrying about your clients finding that needle in the haystack? Reach out to us here and we’ll get you started with a free demo right away!