Episode summary
Creating A (Compliant) Testimonial And Google Review Strategy, With Whit Lanier And Kent Keister
Financial Advisor Success (Kitces)
· · 27 min · Hosts: Michael Kitces · Guests: Whit Lanier, Kent Keister
Summary
The episode argues that online reviews can be a powerful source of social proof for financial advisors, especially because trust matters more to prospects than credentials or past performance alone. The host and guests frame the SEC’s modernized marketing rule as the key change that now gives SEC-regulated advisors clearer permission to use testimonials, endorsements, and third-party ratings in advertising, including Google reviews, so long as they follow the rule’s conditions.
The discussion distinguishes testimonials from endorsements and third-party ratings, then focuses on how to build a compliant collection process. The guests recommend starting with a written policy, publishing it transparently, and giving all clients in a defined audience an equal opportunity to participate. They also suggest a two-step outreach process: tee up the opportunity first, then make a separate dedicated ask.
A major theme is reducing friction without creating compliance problems. The guests compare self-published website testimonials with Google reviews, noting that Google can add visibility but also requires an account and often reveals a reviewer’s name. They suggest advisors should first decide what story they want to tell, then choose a review strategy that fits that goal and their client base.
Key takeaways
- Whit Lanier says online reviews matter because 91% of consumers trust them more than brand messaging and trust is often the top criterion in choosing an advisor.
- Kent Keister says the modernized marketing rule did not create reviews, but it finally gave advisors guidance for using unpaid public feedback in advertisements.
- The guests recommend a written testimonial policy, public transparency about the rules, and equal opportunity for the full client base rather than cherry-picking likely positive reviewers.
- Whit Lanier says a two-step outreach process helps because clients get time to think and the review request is not buried in other marketing copy.
- Kent Keister warns advisors to start with the story they want to tell and the information they want, not with the ad placement they want to fill.
Notable quotes
“They care the most about what your actual clients say”
“trust is either the number one criterion when selecting an advisor or one of the top ones”
“if you take a quote from a current client and put it forth in what the regulation defines as an advertisement, that's a testimonial”
“you should take a moment to think about what your policy and what your approach is going to be”
“Current clients, never compensated, no conflicts of interest”
How the episode opens
Current clients, never compensated, no conflicts of interest. That's both what simplifies the program and I argue that is what consumers would want to see anyway. They care the most about what your actual clients say.
Hello and welcome back to the Financial Advisor Technician podcast. I'm your host, Adam Van Dusen. On today's episode, we're going to discuss how advisors can effectively gather and publish online reviews without running a foul of compliance concerns.
Given that individuals use online reviews to research everything from hotels to shampoos, it makes sense that prospective clients might want to look up a prospective advisor to find out what current clients have to say about them and that an advisor would want to tout receiving strong ratings. However, advisors were previously barred from soliciting testimonials or marketing third-party reviews under the auspices that it could constitute misleading advertising. Nonetheless, the adoption of the SEC's recent marketing rule opened new doors for SEC-regulated investment advisors by providing clarity and guidance on the compliant use of testimonials, endorsements, and third-party ratings.
So, to help us dig deeper into this topic, I'm joined today by Whit Lanier, the CEO of Amplify Reviews, and Ken Keister, the founder of Reliant Compliance, to discuss why online reviews can be helpful for financial advisors, how advisors can stay compliant when collecting reviews, and strategies advisors can use to generate more reviews in more places, and attract more prospects in the process. So, welcome Whit and Ken to the Financial Advisor Technician podcast.
Thank you, Adam. — Yes, thanks for having us. — Terrific. So, to start, perhaps you could spend just a minute or two explaining, based on your experience, why online reviews can be particularly helpful for financial advisors. — You already acknowledged the fact that the SEC updated the marketing rule and that deadline was back in November of '22 and the word that often gets used is it was the modernization of the marketing rule.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- sec marketing rule
- client testimonials
- online reviews
- compliance pitfalls
- review collection process
Companies and tickers mentioned
- Amplify Reviews
- Reliant Compliance
Watch the episode
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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Financial Advisor Success (Kitces), this episode and its artwork belong to Michael Kitces. Octagon is not affiliated with the show; this page is an independent summary.
