Compliant texting application MyRepChat announced Wednesday availability of “rules based disclosures.”
To date MyRepChat allowed for use of disclosures in “positive consent” (opt-in) and “negative consent” (opt-out) features, and organizations have been able to adjust the frequency of disclosures. With the introduction of rules-based disclosures, firms using MyRepChat can create multiple disclosures based on specific rules.
As noted in the company’s prepared statement, certain states require specific disclosures, and although it was previously possible to specify which disclosure to use, the process was manual and cumbersome.
With the new features, an organization can specify a unique disclosure to be used based on characteristics like the client’s state or even the number of users on an account. The company also expanded the frequency options so an organization can send disclosures based on its own time frame, not just predetermined time intervals.
MyRepChat now has integrations with 13 archiving providers and 14 customer relationship management applications and services. Integrations with six more CRM applications are currently in development.
Recently launched broker/dealer Independent Financial Partners has made MyRepChat available to its advisors, and the application recently integrated with the cloud-based advisor technology platform provider AdvisorEngine.
Making texting available to advisors and reps in compliant form has long been a thorny issue because of FINRA regulations requiring they be captured in write once, read many (WORM) format. Popular CRM provider Redtail Technology launched a compliant texting offering in the fall of 2017.
Want The Daily Brief delivered directly to your inbox? Sign up for WealthManagement.com's Morning Memo newsletter.
