Ah, compliance, the bane of many best-laid marketing plans. The Securities and Exchange Commission has had a strict policy against registered financial advisers using testimonials in their marketing since the ’70s. While no one is arguing the value of keeping the public protected and informed, the blanket rule prohibiting even the suggestion of a testimonial has been a hard pill to swallow for advisers. Up until now, your hands have been tied.
While 2021 saw us clawing our way out of a global pandemic, it also provided a breath of fresh air with updated rules and loosened restrictions on testimonials from the SEC. For the first time, you can utilize testimonials to showcase your financial expertise, customer service, and even your ability to guide clients through emotionally difficult financial choices. With recent market volatility, new leads and business growth have slowed for many advisers, meaning that now, more than ever, is the time to bulk up your marketing strategy. So why does Broadridge report that only 43 percent of advisers under age 45 plan to take advantage of looser SEC regulations in featuring testimonials?1 If you haven’t pulled the trigger yet because the updates seem complicated and you just haven’t had time to educate yourself, or if you’re unsure how to utilize testimonials, this info is for you. Let’s demystify the latest guidelines and un-cramp your marketing style...read more here.
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