Qwil Vs CurrentClient

Overview:

• Overview:
• TLDR
• Qwil messenger Vs CurrentClient: An in depth comparison
• How does CurrentClient Work? 
• How does Qwil Messenger Work?
• SMS Wrappers vs Secure Eco-Systems
• The Client Perspective
• Which platform is right for your firm?

TLDR

What is the difference:

	CurrentClient (SMS/MMS)	Qwil Messenger (Secure App)
Primary Channel	Carrier-based SMS/MMS network.	Over-The-Top (OTT) Secure App.
Security	Non-encrypted during transit; security is for archiving only.	Banking-grade End-to-End Encryption (E2EE).
Client Verification	None; tied only to a mobile number.	Verified via 2-factor invitations and 2FA login.
File Sharing	Limited to <1MB (MMS dependent).	Large files up to 50MB supported.
Character Limits	Highly restricted (standard 160 characters).	Minimal restrictions; thousands of characters.
Setup Time	2-10 days for carrier approval.	Near-instant (approx. 2 minutes).
Branding	No custom firm branding.	Custom logo and colors supported.
E-Signatures	Not natively supported.	Built-in e-signature capabilities.
Audit Trail	Basic text and call recording.	Audit search and PDF transcripts.
Deliverability	Risk of carrier SPAM filters and delays.	Direct delivery; bypasses carrier filters.

Compliant communication for advisors has been an ever growing topic within the financial services industry. The comparison between standard message archiving and dedicated platforms is ongoing. However the difference in experience is rather simple. 

Some advisors choose to rely on archiving tools like CurrentClient due to the belief that it makes their communication simpler. However, despite being a good tool for basic record keeping, the limitations and security risks presented are leading more advisors to look elsewhere.

More and more advisors are moving towards dedicated channels, like Qwil Messenger. These platforms not only allow for much more freedom in capability, message limitations and functionality, but also due to the inbuilt encryption and verification, negate any security concerns automatically.

Qwil messenger Vs Current Client: An In Depth Comparison

Communication has become the fastest growing area of focus for advisors in financial services. The realisation that tedious encrypted emails, mailed letters and complex portals cause friction, thus reducing client engagement and retention, has led to a significant shift in priorities. So how can advisors communicate better with their clients?

Qwil Messenger and CurrentClient are two of the leading advisor-client communication platforms, built on completely different infrastructure and core technologies. Let’s take a look at the core conceptual difference between them:

CurrentClient

Current Client is an SMS wrapper, allowing advisors to use standard communication channels like voice, SMS and MMS with their clients. CurrentClient then archives and records those communications to make them regulatorily compliant.

Qwil Messenger

Qwil messenger is a dedicated app, designed with banking grade security. It allows you to brand and create your own companies dedicated eco-system for communication. Through Qwil you can also video call, request e-signatures, book appointments and more. 

SMS wrappers Vs Dedicated Apps

More and more advisors are switching to dedicated channels to communicate with their clients. This is due to increasing compliance pressure, as well as security and communication limitations in SMS wrappers.

Security Risks

SMS wrappers rely on technology built in the 1990s to keep records of an “old school” text message. Although technically compliant, as security concerns grow, the lack of identity verification and lack of encryption of messages in transit becomes a larger issue. 

The SEC and FINRA are continuing to crack down on off-channel communications. Since December 2021, the SEC has levelled over $2.5B in fines to over 100 firms for unmonitored and unencrypted communications. After collecting from firms like JP Morgan and Goldman Sachs, mid sized and stand alone RIAs are now in the firing line.

These fines are also not just firm wide, FINRA is actually suspending individual advisors for lapses in communication security.

Your typical SMS wrapper links your identity to 1 factor, your phone number. If that ever changes you will need to take a client through a re-registration process. On top of that there are the standard risks of interception, due to the lack of encryption, or cases of stolen identity that can lead to sensitive information ending up in the wrong hands.

A dedicated channel like Qwil allows clients and advisors to be completely secure in the fact that they are communicating with the right person. The 2 factor authentication of each user, alongside the invite only nature of the platform means that all users are verified and authenticated. 

With Qwil Messenger, all communications are encrypted end-to-end as well as in transit. Meaning that you are completely safe and compliant with both SEC and FINRA.

Usage And Functionality

A dedicated channel like Qwil also doesn’t impose the standard SMS content or file size limitations on communications. With MMS messages typically you have the 1Mb constraint whereas on Qwil you can send up to 50Mb per document. 

Qwil also allows for firms to go beyond standard communication. With functionality inbuilt for e-signatures, video and audio calling, as well as scheduling appointments. Collating all your communication tools into one place.

The Client Perspective

Advisors also must now consider client experience. Security and compliance is no longer enough, superior and simpler client communication leads to larger engagement, and longer retention.

So what do clients want? They want their communication to feel easy, and professional. This is where you can make a point for SMS wrappers that sending text messages is simpler than using a dedicated platform. Which may stand true on the surface. However when we get beyond basic text messaging, there are further friction points.

Phishing/Spam concerns. As SMS is an unverified channel, a client receiving a text message from an unverified number can often be perceived as a spam or phishing attempt to collect their sensitive information. Not to mention if a hacker or person with malicious intent gets a hold of your device or sim, they have full access to your clients sensitive data.

Sharing documents: Maybe sending a text message is simpler, however needing a unique portal to securely share financial documents larger than 1mb securely adds another layer of friction. 

Clients prefer unified communication. They want one channel to communicate with their advisor. That is where Qwil comes in. Qwil allows clients and advisors to unify within a secure, branded platform, all their client facing communications. From e-signatures, to video calling, to file sharing and appointment scheduling. As well as a simple interface for messaging that feels as easy as WhatsApp.

Which is best for my firm?

Choosing between Qwil and CurrentClient isn’t just about choosing a tool. It is about deciding the infrastructure you wish your firm's servicing to be built on.

When should you choose CurrentClient?

Your firm should choose CurrentClient if you are a smaller firm, whose clients absolutely refuse to use anything other than native SMS. Alongside this you should ensure that your regulatory requirements are the bare minimum and that you will not run into future compliance issues.

When should you choose Qwil Messenger?

Choose Qwil Messenger if you are looking for a future-proof solution to your firm's communication, without the stress of maintaining compliance. If you regularly handle sensitive documents, request signatures, host video calls and schedule appointments, Qwil lets you unify all your tools in one. This also comes with significant savings on your software bill.

Ready to take the step beyond outdated SMS archiving software?

Stop the compliance guesswork. Start your 30-day free trial and secure your firm in under 2 minutes.

‍