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Caveats galore, Redtail attempts CRM revolution based on texting starting with 27,000 firms who use its software

Compliance experts and advisors throw down the gauntlet on CRM chat challenges but CEO/CTO Brian McLaughlin is unfazed

Author By Lisa Shidler October 11, 2017 at 7:30 PM
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Brian McLaughlin: No one is offering advisors best practices for texting clients. It doesn't exist.

RIA Compliance



Peter Giza

Peter Giza

October 12, 2017 — 12:24 AM
Time to crank up the textbots :)
Mike Byrnes

Mike Byrnes

October 12, 2017 — 12:52 AM
Brooke, no smart phone? Never sent a text? Get out of the dark ages, my friend! - Mike Byrnes, <a href="http://www.byrnesconsulting.com" rel="nofollow">www.byrnesconsulting.com</a>
Jeff Spears

Jeff Spears

October 12, 2017 — 11:57 AM
I remember when clients did't use email or websites. Their kids and grandchildren led them to adopt both and I'm sure they will do the same with text messages. Redtail's solution is intriguing but sounds like they still have some work to do especially on the compliance side.


October 13, 2017 — 2:52 AM
I disagree with what Michael said: "The biggest caveat here is that people text message from their smartphones. Not from their computers logged into a CRM website." The iMessage and Google Hangouts applications continue to be widely used on the desktop, in addition to mobile, for messaging between individuals. Clients are free to use their phone's SMS messaging app, so their use case and UI is unchanged. Also, consider the use case of firm-wide messaging reiterated by McLaughlin: Firm advisors and employees are mostly likely to send message correspondence to clients during the firm's traditional business hours while they have access to a laptop/desktop web browser. Any correspondence received is posted for advisors and employees to read, triage, and respond appropriately. Nevertheless, the Speak mobile app mentioned in this post will expand the use cases for advisors and firm employees, which increases the value and functionality of the solution. Also, advisors can easily set client expectations by telling clients that messages sent during regular business hours will likely receive a rapid response, but to expect longer response times to messages sent during nights and weekends. I don't think setting this expectation is a dealbreaker for clients. Also, clients don't need "the [Speak] voice aspect" extended to them. Their phones already have built in dictation functionality they can (and likely already do) use to compose messages. There are several text messaging solutions available in the marketplace that also maintain archives of messages for compliance requirements, including Gwava (now part of Micro Focus), MessageWatcher, and CellTrust. Speak is the first to specifically target RIAs and integrate the messaging correspondence directly to its CRM.
Paul McDermott McDermott

Paul McDermott McDermott

October 13, 2017 — 3:50 PM
Greg Friedman is wrong here, advisors may not have asked for it but we assume it is an active development project for Junxure. This is coming, my kids don't email, they text. If tech stands still, they will be left behind.


October 19, 2017 — 3:44 PM
Simply groundbreaking work

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Mentioned in this article:

MarketCounsel | HamburgerLaw
Compliance Expert, RIA Set-up Firm, Regulatory Consultant
Top Executive: Brian Hamburger

CRM Software
Top Executive: Greg Friedman

Redtail Technology
CRM Software
Top Executive: Brian McLaughlin

Technology Tools for Today
Consulting Firm
Top Executive: Joel Bruckenstein

Consulting Firm
Top Executive: Michael Kitces

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