** Domain Authority as of Sept 2023 (Source: Moz) & Estimated Monthly Consumer Traffic as of August 2023 (Source: Similarweb)

*** Tools that enable consumers to submit Google Reviews introduce advisory firms to significant regulatory risk. In FINRA Regulatory Notice 17-18, FINRA offers guidance for Registered Representatives applicable to social networks (e.g., Facebook, LinkedIn, Google Reviews), stating: “FINRA does not regard unsolicited third-party opinions or comments posted on a social network to be communications of the broker-dealer or the representative for purposes of Rule 2210, including the requirements related to testimonials in paragraph (d)(6).”

Based on this language, FINRA makes it clear that the act of solicitation triggers disclosure requirements not supported by the Google Reviews platform.

Should SEC Registered Investment Advisors not subject to FINRA oversight expect the SEC to take a more lenient stance?

We don’t believe so and don’t think it’s worth the risk. Wealthtender believes it’s highly likely the SEC will take issue in upcoming exams and sweeps with advisors proactively soliciting reviews on platforms known to be incompatible with the Marketing Rule.

With its principles-based rule intended to ensure consumers gain important information to make more informed decisions, we don’t expect the SEC to look favorably upon a rampant proliferation of advisor reviews on platforms incapable of addressing the Marketing Rule’s prohibitions and disclosure expectations.

We could update our platform tomorrow to enable consumers to submit their reviews to Google. That’s not the issue. We’re simply not in the business of ‘doing it anyway’ and asking for forgiveness later.

We designed our platform for 100% compliance with the SEC Marketing Rule. We’re not here to get cute or help advisors bend the rules. We’re here to empower advisors to abide by them and succeed with compliant testimonial marketing.