While the ability to text in a compliant fashion is appealing, Speak’s integration with Redtail CRM really sets it apart. Redtail CRM and Speak used in unison provide a chat history with clients linked to their CRM record, one click navigation between the chat and the client record, and the ability to customize the invitation message advisors send to clients offering them the opportunity to communicate through Speak.
Although Speak’s ability to facilitate secure, compliant texting between clients and advisors is its main selling point for many, there is additional functionality that should not be discounted.
For example, operationally, many firms struggle with internal communications. If a client service representative and a trader discuss a client’s account by phone internally, a record of what was said is not preserved. In an effort to provide written documentation, many firms turn to email. Operationally, this is highly inefficient. If the subject line is not well thought out, which it usually isn’t, and if the email is not linked to the client record, which it often isn’t, recreating a documented history of a transaction or interaction becomes challenging. When multiple internal staff members are included in the email, the challenges are even greater.
Speak remedies this situation. Staff can communicate internally through Speak from within Redtail CRM. If two staff members are texting regarding a specific client, they can link that chat to the client record through the use of a hashtag. If two or more team members are working on a client-related task, they can set up a private chat room and link that room to the client record. Only those authorized within the firm can participate in a private chat. In addition, Speak offers a public chat option. This option allows users to send a communication to all of a firm’s Speak members. This might be used, for example, to communicate market news, announce a corporate event, invite clients or prospects to a seminar, among other things.
One challenge advisors face when setting up compliance texting with clients is the issue of consent. Clients must opt in to texting, and they need to be given a straightforward way to opt out. Speak takes care of all this. When an advisor first initiates a text conversation with a client, the client must acknowledge that they are opting into the service. It also advises them that they can opt out, and provides instructions on how to do so. All opt in and opt out actions are recorded in the system, and they can be audited for compliance purposes.
Redtail Speak makes a copy of all texts nightly and archives a copy for review. This works fine for a small firm, but larger firms use a compliance tool to search through enormous quantities of texts to identify non-compliant works and phrases. The Redtail archive can be fed into many of these compliance tools to automate the review process. Speak also has the ability to flag out of compliance messages as they are sent, and to blacklist and stop unauthorized messages.
Speak will integrate with other technologies that Redtail supports. Initially, it will offer integration with Riskalyze and Orion. In the case of Riskalyze, an advisor will be able to retrieve a client’s risk number from within a chat. In the case of Orion, advisors will be able to run reporting from within a chat. Redtail expects to add new integrations on a regular basis.
Voice recognition is built into Speak. Speakbot, Redtail’s chat bot is part of the service. Currently, this is something to be used internally only. For example, a user could ask when a client’s next appointment is scheduled or what is the account balance of a client, and Speak will supply the answer.
Looking forward, there is clearly an opportunity to extend the Speak's chatbot functionality to the client side, but McLaughlin was noncommittal on future plans for the chatbot. It is difficult to imagine a scenario, however, in which the feature is not extended to clients going forward.
The ability to use Speak for internal communications is absolutely free. There is no additional charge. For those who want to ability to securely text client, archive, etc., the cost is $79 per month per firm.