Link selected text in a text field to another record?

Subject almost says it all. I would like to link selected text in a record to another record. Is that possible?

Where is that selected text? You can link any text inside a Long Text (Rich Formating enabled) to any URL, including one that opens a Record. But that is manually done and I think maybe there is a better way to accomplish what you want to do.

The text(s) occur in different places in the Long Text field. I figured out I could link by URL, but I wasn’t sure if that was the right way (and if it would work within, say, the iOS app too.

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