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Practice Management: Client Endorsements

Practice Management: Client Endorsements

Here’s a new idea in practice management: Client Endorsements. An amendment of the Investment Advisers Act of 1940 now allows financial advisors to include testimonials in their marketing material. If you’re just bringing up your social media game, you’ll find some great ideas in this Financial Advisor article.

According to Darlington, In today’s marketplace, consumers—especially younger consumers—are accustomed to going online for reviews before making spending decisions, whether those decisions involve which doctor to use, which car to buy or which restaurant to have dinner at tonight.” Now advisors can do the same.

Follow these five recommendations:
  • 1. Work with compliance experts. The rules are specific.
  • 2. Avoid performance. For now, you can’t discuss investment performance.
  • 3. Mirror your prospects. If you’re looking for millennials, feature millennial clients.
  • 4. Keep them short.
  • 5. Be the first to feature them and get in early.
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