“Some advisers see implementing strict security protocols as something that gives a poor customer experience. I think the reverse is true, it’s a great way to demonstrate to clients quite how seriously you take their financial security.”
Ian McKenna, director of the Financial Technology Research Centre, writes for Money Marketing on why adviser firms need to stop emailing clients and take data security more seriously.
“Sending an email unencrypted is the equivalent of putting your client reports on a postcard and sending them through the mail.”
Read the full article here.
One of the hurdles to secure email is that it is just too complicated. It should be as easy to use as WhatsApp and clients shouldn’t have to remember or guess passwords to open the correspondence.
You have to make it easy for your clients to access your correspondence via an encrypted app on their phone, tablet or PC, keeping it fully secure and reassuringly in your brand.
Secure messaging doesn’t get lost in spam and you don’t need to text your client to tell them you’ve sent them a message ... it will do that for you.
It’s better and more convenient than email, not just because it’s secure and once your clients have made the move, your clients will be protected and your business will be more efficient.
“My clients prefer email and are happy to receive their documents & messages in that manner.”
Your job as a financial adviser is advising your client. If your client says they prefer their savings to be held in cash in a shoe box under the bed, you have a choice as to whether to accept this position or work with your client to protect their cash.
“I’ve talked to them about the security implications, but my clients won’t change their ways.”
We never think we’ll be the victim of fraud but that doesn’t mean it won’t happen to you and your clients. Listening to your clients is key to building a relationship but not protecting them when they don’t understand the risks is doing them a disservice and putting your business at risk.
What you decide should not be up to your clients.
You are paid to advise them and act in their best interest, so consider how it will look when they lose money through a phishing attack masquerading as your firm.
For more information on how to secure your communications please click here to book a demonstration.