Redtail Technology Launches Text Messaging Platform For Financial Advisors

Redtail Speak — a communications platform announced Thursday by the firm Redtail Technology — allows financial advisors to securely text their clients.

The platform complies with federal regulations, which include a FINRA rule that texts must be recorded, according to Redtail. The Gold River, California-based company provides client relationship management software for financial advisors.

“At Redtail, we are dedicated to building next generation technology for financial advisors, and Speak is the culmination of years of research, software development and advisor feedback,” CEO Brian McLaughlin said in a statement.

“If advisors are already texting with their clients, chances are they’re doing it out of compliance, and if they aren’t, they’re missing out on a huge opportunity.”

The customizable Speak platform meets a need in the sector, according to Redtail: While more than 80 percent of Americans regularly text, less than 10 percent of advisory firms are estimated to use texting with clients.

To use the platform, advisors send a message using Speak to a client’s cell phone number. When the client replies, the message appears in Speak. The conversations are searchable, automatically archived and recorded daily, according to Redtail.

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