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Redtail Technology Survey: Advisors Still Rely on Traditional Communication MethodsSACRAMENTO, Calif., Dec. 5, 2019 /PRNewswire/ -- Redtail Technology ("Redtail"), a leading provider of client relationship management (CRM) solutions for financial services firms, published the results from its "AdvisorComms 2019" survey, which found that in-person meetings generate the most client engagement (76%) followed by phone calls (66%). On the flip side, print newsletters (10%), podcasts/radio (3%) and webinars (2.7%) are securing the least amount of engagement from clients. The survey polled more than 3,200 financial advisory professionals across the country in an effort to understand industry trends related to client communication. "While our industry continues to evolve and expand the tools for wealth management firms to connect with their clients, it appears that advisors are still most comfortable using traditional communication methods," said Redtail Technology CEO Brian McLaughlin. "It's important for the industry that fintech firms like Redtail continue to work closely with financial advice firms on the adoption resources like the ones we are building at Redtail to ensure advisors are getting the most out of the technology." Another key finding was that while 87% of advisory firm employees believe their clients would like to communicate with them via text, 29% of firms have a "no client texting" policy in their office. In addition, 40% of respondents' broker-dealers have not approved texting as a form of communication with clients. Regardless, 31% of respondents are planning to adopt texting as a communications channel within the next year. "We expect technology like texting and video calls to become more widely used among financial advisors as they experience increasing demand from clients to leverage the tchnology – and the need to handle growing pressure from fee compression to use their time more efficiently than ever," continued McLaughlin. Additional findings from Redtail's "AdvisorComms 2019" survey found:
McLaughlin concludes, "We anticipate that once advisors start tailoring their communication directly to clients and prospects, they will start seeing a greater return on their investment, especially in terms of utilizing the technology available to them. At Redtail, our mission is to help advisors best communicate with their clients, and these insights are invaluable to us as we continue to build and expand our offerings." Redtail analyzed data from more than 3,200 wealth management employees across the U.S., with assets under management ranging from $100 million to more than $1 billion. The majority of respondents (87%) work for financial advice firms with 1-15 employees. For more information on the survey, click here. For more information about Redtail, visit www.redtailtechnology.com. About Redtail Technology View original content to download multimedia:http://www.prnewswire.com/news-releases/redtail-technology-survey-advisors-still-rely-on-traditional-communication-methods-300969890.html SOURCE Redtail Technology |