For years, US investment advisers were largely barred from using testimonials. That changed with the SEC Marketing Rule, and many advisors now want to add client reviews to their websites but are unsure how. This guide explains the practical website side of financial advisor website testimonials: what to plan for, what to display and how to keep it manageable. It is not legal or compliance advice; your compliance team and counsel have the final word.
Quick answer: Under the SEC Marketing Rule, registered investment advisers can use testimonials, endorsements and third-party ratings if they meet disclosure, oversight and, where relevant, compensation requirements. On a website, that means showing required disclosures clearly next to each testimonial, keeping records, and having a review process before anything goes live.
What changed with the SEC Marketing Rule
The SEC’s Marketing Rule, which applies to SEC-registered investment advisers, replaced older advertising rules and permits testimonials and endorsements subject to conditions. Industry guides from compliance specialists summarise the key requirements as disclosures, oversight and restrictions on who can give paid testimonials (Kitces).
Broker-dealers follow FINRA rules, state-registered advisers may follow state rules, and advisors outside the US follow their own regulators. Check which apply to you.
Disclosures that usually need to appear
Commonly discussed disclosures include:
- Whether the person giving the testimonial is a current client.
- Whether they were paid or received anything for it.
- Any material conflicts of interest.
These need to be clear and prominent, which on a website usually means right next to the testimonial, not hidden in a footer link.
How to display testimonials on an advisor website
Design each testimonial as a unit
| Element | Notes |
|---|---|
| Quote | The client’s words, unedited except for approved trims |
| Attribution | Name or initials, as approved and consented |
| Disclosure line | Directly under the quote, readable size and contrast |
| Date | Helps with record-keeping and freshness |
Avoid cherry-picking in ways that mislead
The general prohibitions in the rule still apply, so presentation should be fair and balanced. Showing only glowing reviews and hiding others can raise questions. Your compliance team will set the policy.
Third-party ratings and review platforms
If you embed ratings from a review platform, there are additional disclosure points about the rating, such as the date and who created it. Some review platforms built for advisors include compliance features and disclosures in their widgets, which can simplify things.
A workable review process
- Collect testimonials through a consistent method, such as a review platform or written request.
- Store the original, the consent and the disclosure details.
- Compliance reviews and approves before publishing.
- Publish with the approved disclosure attached.
- Review periodically and remove any that are outdated or no longer accurate.
On the website side, a simple approach is to manage testimonials as their own content type, with fields for the quote, attribution, disclosure, date and approval status. Only approved items appear on the site.
What else builds trust without testimonials
If your firm decides not to use testimonials, you still have options: clear fee explanations, team bios with credentials, links to regulatory lookups, and educational content. These are covered in how to build an advisor website that books consultations.
How I can help
I build advisor websites with a testimonial system designed for compliance review: structured fields for disclosures, an approval status so nothing publishes early, and a clean layout that keeps the disclosure next to each quote. I do not provide compliance advice; I build the tools your compliance process needs. See my custom WordPress development service or get in touch.
Frequently asked questions
Can financial advisors use testimonials on their website?
Many SEC-registered investment advisers can under the SEC Marketing Rule, subject to disclosure and oversight requirements. Other advisors should check their own regulator’s rules.
Where should testimonial disclosures appear?
Clearly and prominently alongside the testimonial, so a visitor sees both together. Confirm the exact wording and placement with compliance.
Can advisors show Google reviews on their website?
Third-party reviews can count as testimonials under the rule, which brings disclosure obligations. Many firms use advisor-focused review platforms with built-in disclosures.
Do paid testimonials have different rules?
Yes. Compensated testimonials and endorsements come with additional requirements, including written agreements in many cases. Your compliance team will advise.
What records should advisors keep for testimonials?
Keep the original testimonial, consent, disclosures, approval and publication dates. Your compliance policy will define the specifics.
