Building Solutions | MyRepChat
Necessity is the mother of invention. While the quote is often attributed to Plato, this modern-day professional could well have coined the phrase. Frustrated by his inability to communicate with planning clients via text messaging, an experienced financial advisor and registered compliance principle set out to build a solution that would satisfy the myriad of industry rules and regulations surrounding client communications. Recognizing that colleagues and competitors alike were also clamoring for a way to leverage the power of texting, he set out to develop MyRepChat.
No one needs to ask the question, “Why has he committed the time and resources to build MyRepChat?” The answer is quite simple: he was determined to improve his client service model by leveraging the most efficient mode of communication currently available. Little industry research was needed to confirm his notion that people respond more quickly to texts than any other form of electronic communication. According to the Cellular Telecommunications Industry Association (www.ctia.org), more than 98% of all text messages are opened, versus just about 20% of email. Add in the fact that 90% of text messages are read in under three minutes, and it is impossible to dispute the power of texting.
Would you rather send an email confirming an appointment and hope the recipient views it before the scheduled meeting, or shoot them a quick text allowing them to instantly confirm or reschedule? Would you like to be able to prepopulate your CRM with holiday and birthday wishes, scheduled to arrive at the appropriate times as unique SMS or MMS messages? Would you rather share research links instantly with target audiences or hope an email is opened while the information is still relevant? Believe it or not, these simple business activities are prohibited by most financial firms today. The co-founders of MyRepChat, Derrick and Wade Girard combined the strengths of their backgrounds in industry compliance and technology services to create cloud-based software for the financial services space. Partnering with Amazon Web Services and Twilio, they have developed a user-friendly solution that even some of the toughest compliance officers in financial services agree meets stringent regulatory criteria.
They have followed the guidelines for any successful implementation: keep the tool simple, make it easy for users to master, and provide management the ability to effectively and efficiently police it. Only recently launched, both Derrick and Wade constantly solicit guidance and feedback to ensure the solution remains cutting-edge, compliant, and relevant.
Multiple texting platforms exist. However, the desire of one advisor to more effectively communicate with his clients and professional partners necessitated the invention of a platform specifically tailored to his industry. His necessity was clearly the mother of his invention.
Kevin Bugielski is the Marketing Manager for Victory Lap, a purpose-driven startup changing the sales game. Avid Snapchatter, SoulCycle lover, newfound runner, but ultimately, a foodie.