Securities America, a wholly owned subsidiary of Ladenburg Thalmann Financial Services, announced a fully compliant texting option for advisors to use with their clients, beginning this month.
The texting capabilities will provide an easier way for advisors and clients to communicate, saving them valuable time. Research has shown response rates are higher and response times lower with text messages than they are with e-mail, said Gregory J. Smith, Securities America’s senior vice president of supervision, in a press release.
“We’re committed to providing our advisors with the technology they need to build deep and lasting relationships with their clients. We knew they would need to put texting into their toolbox,” Smith said.
Securities America says it is the first major independent broker/dealer to roll out fully compliant texting solutions that advisors can use with their clients.
Dan Grote, a partner at Latitude Financial Group in Denver, took part in the testing phase of the texting program. He said clients, especially younger ones, expect their advisors to be accessible.
“If you’re an advisor trying to work with millennials, Gen Y or X, you’ll find a strong preference for text communications,” Grote said in the press release. “Even baby boomers prefer to send a short, one-line text.”
According to recent Finra regulatory guidance on texting, messages must be retained just as written communications and e-mails are. With Securities America’s texting option, advisors download an app to their mobile devices. The texts are captured with the app and stored in the company’s archiving platform in a manner compliant with Finra guidance, the release said.