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Frequently Asked Questions about Chat Enabled Collaboration

Advisors may want to do research among their own Gen X and Millennial clients to shape their strategy for bringing their communication model into the 21st century by utilizing chat enabled communication.

 

 

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Frequently Asked Questions about Chat Enabled Collaboration

Frequently Asked Questions about Chat Enabled Collaboration

What is Chat Enabled Collaboration (CEC)?

Chat enabled communication with clients is the utilization of real-time chat and messaging applications for communication and collaboration across internal organizational groups or among external parties. Unlike e-mail, CEC allows information sharing and work among many individuals or groups to occur in real-time.

How is CEC Relevant to Financial Advisors?

Individuals are increasingly communicating via consumer CEC platforms. In a recent survey conducted by Merchant, the preferred means of communication vary considerably by generation. See the chart, which illustrates this point, below.

Which Channels are Most Popular with Your Customers? 

Internet/

Web chat

Social Media Electronic

Messaging

(e.g. e-mail, SMS)

Smartphone Apps Telephone
Millennials (born 1981–1999) 23.9

(1st choice)

23.9

(1st choice)

20.9

(3rd choice)

19.1

(4th choice)

12.3

(5th choice)

Generation X (born 1961–1980) 20.6

(3rd choice)

11.6

(4th choice)

28.3

(2nd choice)

11.0

(5th choice)

28.5

(1st choice)

Baby Boomers (born 1945–1960) 7.4

(3rd choice)

2.1

(5th choice)

24.4

(2nd choice)

2.6

(4th choice)

63.5

(1st choice)

Silent Generation (born 1944) 1.8

(3rd choice)

1.0

(4th choice)

6.2

(2nd choice)

0.6

(5th choice)

90.4

(1st choice)

 

Source:  2015 Global Contact Center benchmarking Report, Merchants, A Dimension Data Company

Consider “What’s App,” the mobile messaging app which has 1 billion users worldwide, processes 64 billion messages every day and was recently purchased by Facebook for $19 billion.*

To help monetize its investment, Facebook is looking to introduce “What’s App” to businesses. Before it can do that, it will need to overcome security and data control issues.

Using a consumer CEC, advisors can communicate with clients more efficiently and in a way that Millennials and Gen Xers prefer. With consumer CECs, messages, photos and videos can be sent right to your clients’ mobile phones, entirely bypassing e-mail, which has become a secondary communication choice of younger investors.

What Does FINRA Have to Say About CEC?

FINRA takes the position that CEC tools pose similar challenges to those of other electronic communications, such as e-mail (e.g., malware, data leakage, and non-compliance with government and industry regulations).

Instant messaging to 25 or more existing customers over a 30-day period requires prior approval by a registered principal. However, in Regulatory Notice 10-06, FINRA does concede that in interactive electronic forums, such as chat rooms, prior approval of extemporaneous remarks is not required. These types of communications, nevertheless, are subject to other supervisory requirements and to the content requirements of FINRA’s communications rule.

Advisors may want to do research among their own Gen X and Millennial clients to shape their strategy for bringing their communication model into the 21st century.

Sources:

* https://www.statista.com/statistics/260819/number-of-monthly-active-whatsapp-users/

See referenced disclosure (2) at http://blog.americanportfolios.com/disclosures/ 

 

 

About The Author

David Molter

 

Regional Business Consultant 
631.439.4600, ext.200 

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