Where you choose to collect, display and promote testimonials and endorsements matters. This is especially true for financial advisors and wealth management firms subject to SEC oversight.
SEC Marketing Rule & Testimonials: Choosing the Right Advisor Review Platforms
Google and Yelp are well-known review platforms popular with consumers. And financial advisors may already have unsolicited reviews written about them visible on these sites.
Unlike unsolicited reviews published on Google or Yelp, the SEC has not formally offered guidance to clarify if solicited reviews on Google and Yelp are deemed an advertisement, and therefore subject to the prohibitions and disclosure requirements discussed throughout the SEC Marketing rule.
In your evaluation of online review platforms, we encourage you to ask questions that will help you decide if a platform is a good fit for your business.
Getting Started with Testimonials and Endorsements
We hope you found this article useful and we encourage you to read each of the articles in our SEC Marketing Rule Education Series for more ideas to compliantly attract new clients and grow your business with testimonials and endorsements.
Financial advisors embracing online reviews will lead the industry in attracting new clients throughout the historic transfer of wealth from Baby Boomers to Millennials over the next decade.