With a recent acquisition, FMG Suite, a San Diego-based advisor technology company known for its marketing and website offerings, is diving into the growing competition to provide compliant social media and texting capabilities to wealth management firms.
FMG Suite is acquiring Bloomington, Minn.-based MyRepChat, a client text messaging platform for regulated industries like wealth management, the company announced today.
MyRepChat holds a 0.5% market share among compliant social media archiving providers, according to the recently released 2023 Advisor Tech Study from Kitces.com, lagging behind category leaders like XY Archive and Smarsh, which each have a market share of about 14%.
However, MyRepChat is not a pure social media archiving technology. For one thing, it is singly focused on texting, offering features that include text and group messaging, a digital assistant to automate triggered communications, compliance features, scheduling options, customizable workflows and integrations with all major CRMs, according to the announcement.
"MyRepChat has transformed the way financial advisors communicate, creating a platform that enables compliant text messaging that seamlessly integrates with their existing phone numbers, CRM, and operational workflows," said Scott White, CEO of FMG, in a prepared statement. "We're thrilled to bring their expertise into our platform and continue our mission of providing the best marketing tools for financial advisors while keeping in mind the importance of regulatory compliance. The integration of this technology with our FMG platform will set a new bar for marketing technology solutions that not only facilitate marketing best practices but do so in a way that ensures adherence to all regulatory requirements."
The acquisition is FMG Suite’s eighth in the last seven years, according to the announcement, as FMG has bolted on functionality. According to the Kitces.com report, FMG is first in market share among advisor digital marketing platform providers and second in market share among advisor website providers.