"My clients prefer email..."
“My clients prefer email and are happy to receive their documents & messages in that manner.”
If this is the way your clients feel, is it a valid reason not to implement secure messaging to protect your clients’ data?
More than 6,000 cases of Covid-related fraud and cyber-crime have been recorded by the UK's police forces during the pandemic. The Action Fraud team said £34.5m had been stolen since 1 March 2020.
Activity peaked between April and May 2020, and January 2021 - both times when lockdowns were in force. Related fraud was 42% higher over the pandemic than the preceding year, but this may be the tip of the iceberg. The National Crime Agency estimates that just one in five fraud cases are typically reported to the police.
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.
You may refuse to work with the client or seek assistance from the client’s family to persuade them of the foolishness in leaving cash under the bed but it would be surprising if you just did nothing and allowed your client to continue with the risk.
“An unencrypted email is like taking that information and putting it in the post on a postcard. Anyone can read it.”
Ian Mckenna, Financial Technology Research Centre.
Email is convenient and available on all our devices and we’ve got so used to it that we ignore its failings such as emails getting lost in spam and the thousands of junk emails we receive.
That’s why your secure messaging system has to be better than email and as easy for your clients to use. Think of it like better than special delivery of all your correspondence.
Your secure messaging system should be an app on the devices your clients use, their tablets, smartphones and laptops. It should be conversational like WhatsApp and Facebook Messenger so you can easily follow the thread of the conversation.
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 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.
Moving away from email to secure messaging takes discipline. Change is never easy and unless you explain the reasons why you are moving to secure messaging, believe in it and are disciplined about making the change, it should come as no surprise when your clients continue to email.
Clients will email you from time to time. When they do, simply copy the message from email and respond through secure messaging. It won’t take long before your clients are used to secure messaging and they’ll appreciate the convenience of having all their financial paperwork organised and being able to see the history of all communications between you.
Launching your app should be a moment to celebrate with your clients. It shows you are taking care of their data and their planet. Be bold and deliver them an app that they want to use and in the brand that they trust (yours).
“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 arrange a personal demonstration.