Financial Text Archiving – Wealth Managers Keys to Improve Text Message Engagement with Clients

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Most wealth managers that capture and record mobile SMS they create and receive on a daily basis  cite strict industry and legal requirements as the primary reason for doing so. In the process of complying with SEC and FINRA text archiving requirements, they often fail to recall how such platform is meant not to limit their potential, but rather enhance their relationship with their clients and generate new avenues for revenue generation.

While wealth management firms may focus on mobile archiving compliance,it is equally important to create strategies that will make text messaging an effective tool to enable both the advisors and clients to make better decisions and deliver and access tailored services – creating a better overall experience for the client with the company.

In this infographic, we will detail the four most important aspects that wealth managers should take into account to improve the engagement of their present and potential clients with their text messages.

Wealth Managers

  1. Self-Service

Clients – regardless of their wealth level –all expect to experience convenient ways of communicating and interacting with their advisers, even more so during critical times when mobile SMS is the only reliable option for them.

Through two-way SMS or USSD text applications, the client can easily initiate a conversation with the wealth managers, and will also allow them to continue the interaction through text message or phone with an actual representative on the other end.

Wealth managers can implement this in processes like confirming appointments or checking the status of a trade order, which will ultimately benefit the client in terms of convenience.

  1. Capture Once, Use Many

In order to achieve compliance during a regulatory audit; wealth managers should not only capture and retain mobile SMS but also ensure that those records are archived in a central database along with other electronic communications.

One of the many reasons to do so is that it will eliminate the need for the client to provide information that was already given in other communication channels. Even better, archiving mobile communications in a single database helps wealth managers and advisors gain a holistic insight about their client’s interaction with the company, thus enabling them to better to understand their unique preferences and the language they use during communication exchanges.

  1. Mobile SMS Gamification

Many firms would argue that “gamification” cannot be adopted in the overly risky industry of wealth management. However, in crucial processes like building client profiles, many wealth managers think that their clients find checklists and sign-up forms too tedious and monotonous – unless they are given new ways to complete those data collection efforts.

In combination with other digital platforms such as social media and email, mobile SMS can help data collection, among other processes, to make interactions with wealth managers more engaging and interesting.

For instance, a wealth manager can combine SMS alerts, SMS reminders, location-based SMS, and two-way SMS chatbots to entice their prospective client to fill out the necessary forms delivered through email, or use a new portfolio feature accessible through their website.

  1. Combining Technology With Real-Life Interactions

While all data collected from archived mobile SMS is crucial to delivering the right messages for the client at the right time, limits on this channel cannot be ignored. Many marketing studies have shown that there is still a strong demand for human interaction even in the hectic financial market.

This implies the need for wealth managers to combine mobile SMS campaigns with “real-life” interaction with clients. Doing so will enable them to take advantage of the right data collected from all text messages, as well as emails, WhatsApp chats, voice calls, and other mobile channels captured and retained since the start of the engagement.

With archived data available, the wealth manager will be able to make each and every physical interaction more meaningful, productive, and more likely to lead to a long-term relationship with their clients.

The TeleMessage Mobile Archiver effectively addresses compliance, regulatory, eDiscovery response requirements and reduces risks across the financial industry.

TeleMessage’s Text Archiving for Wealth Managers and Investment Advisors captures and records mobile SMS, MMS, voice calls, social media, and WhatsApp Chats from corporate or BYOD mobile phones, and flags any content or messages that indicate suspicious activities as well. Messages are securely and reliably retained within TeleMessage servers or forwarded to an archiving data storage vendor of your choice.

Our mobile archiving products securely capture content from mobile carriers and mobile devices for a variety of ownership models (BYOD, CYOD, and employer-issued). With our multiple archiving methods, you can always find the right tools or blend for your text message archiving and voice call recording requirements:

TeleMessage offers cross-carrier and international mobile text and calls archiving for Corporate and BYOD phones. Visit our website at to learn more about Text Archiving for Wealth Managers and Investments Advisors today.

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