Family Wealth Report spoke to Orion in a little more detail about its new texting app.

Orion Advisor Services, the portfolio accounting service provider for financial advisors, has launched a Notifications app, which allows advisors to communicate with clients through a text alert platform.

Advisors will be able to create “fully customizable text alerts,” with options including messaging, balances, meeting schedules, performance updates and required minimum distributions.

“Ask almost anyone, and it’s clear that texting has become the main method of communication—so creating a texting platform for our advisors to communicate efficiently and on a more personal level with their clients was a clear next step for Orion Connect,” said Eric Clarke, chief executive at Orion.

Clients can also enable the texting feature through Orion's client portal; using a code system, they can request information from their advisors either on-demand or through a subscription system that sends automatic updates. Code examples include:

BAL = Portfolio balance
PERF = Performance
ADV = Advisor contact information
RMD = Required minimum distribution
MEET = Schedule a meeting

Family Wealth Report asked Clarke to elaborate on the compliance side of the app, in response to which he said: “An advisor can still control the disclosure that accompanies the information that is texted to their client. Again, using performance information as an example, because the advisor can specify the disclosure that accompanies any performance information texted to the client, the advisor can ensure that the disclosure satisfies their compliance and legal obligations.”

Advisors can also incorporate terms and conditions that a client must review and agree to before using the app, he added. 

“Another important feature of the app is that advisors are able to run a query to allow them to see not only what clients have signed up for the texts, but they can also review and see the information that was actually texted out to their clients. From an archiving and record-keeping standpoint, this feature is important.”

He continued: “Because the texting feature is only available to clients who request it, this app allows advisors another avenue to communicate important information about a client’s account to the client through the medium that the client is most interested in. A client not signing up for this app could still continue to receive the information through other means available to the advisor and client.”