assured reliance on the character, ability, strength, or truth of someone
It’s a word at the heart of every advisor relationship. Trust takes time to
build. It’s earned. It’s not something that’s automatically prevalent in
the initial client relationship. So how do you gain trust with prospective
clients? One method is to showcase yourself by leveraging client
Until recently, the SEC had prohibited advisors from using client
testimonials in their marketing. As clients’ use of online reviews has
skyrocketed over the past decade, the need to adjust and modernize these
rules was acknowledged and in May of 2021, the SEC finalized rules allowing
testimonials in advisor marketing materials.
How to collect testimonials
Collecting testimonials can be an awkward exchange between you and a
client. Solicitation of these testimonials through email is time consuming
and requires you to acknowledge the receipt of a testimonial that may not
be entirely positive or lacks the content and target you were looking for.
Testimonials must also be compliant. This means that they need to be
un-edited and archived in their original form. They also cannot be coached.
Testimonials must be genuine in nature and its good practice to communicate
with clients what your future intended usage of their testimonial is.
With all these complexities, many advisors have chosen to have NEXA
Insights collect these testimonials as a component of their standard client
feedback process. The NEXA solution includes a fully compliant method for
collection, including customizable disclaimers and client e-signature. NEXA
also has a method to avoid soliciting testimonials from dissatisfied
clients. This makes it easy on both you, the advisor and your client.
What to expect
21% of clients are willing to provide a testimonial. Within the last 4,000
client responses, NEXA has received 843 client testimonials. Not every
testimonial will be a glowing review of your services. NEXA rates the
quality of the testimonial, generating a focused list for you to leverage
in future marketing campaigns.
XYZ Wealth Advisors provided me with a holistic approach to my
financial planning, and their advice and support through the confusing
maze of financial consolidation and retirement planning has proven
solid. I have great relief that I'll be financially well during
The staff at XYZ Wealth Advisors are very knowledgeable, friendly,
outgoing, welcoming, and courteous. If you have a financial question or
concern, they respond quickly and with an answer that you can
understand. They will do whatever it takes to help you understand your
financial needs and investments. I would recommend XYZ Wealth Advisors
to anyone who is interested in their financial future and doesn't want
to feel like just a number.
Where to use testimonials
Testimonials can be used in several different ways, the most common uses
are within your website and on social media accounts, but there are many
other areas where testimonials can be incorporated.
Include testimonials on your home page, as well us under specific sections
throughout your site. If you have a services section, leverage testimonials
that speak to a specific offering such as insurance, taxes, or estate
planning under those sections of your website.
Printed brochures or other material such as prospect packets should include
testimonials throughout. If possible, try to tailor the testimonials to the
prospect as some testimonials will resonate better with certain client
segments versus others. This includes testimonials that are geared towards
specific offerings, or towards a specific advisor within the firm.
Leveraging a large number of testimonials on a scheduled basis within your
social media accounts such as Facebook, LinkedIn, Twitter and Instagram is
an excellent way to publish compelling content that keeps your social media
Marketing emails and drip campaigns with links to blogs, newsletters, or
market summaries can include testimonials to further enforce your value
proposition with prospects.
Radio & Other Media:
Including testimonials within radio segments, or in graphical form on TV
advertising is another way to highlight the trust existing clients have in
As the official adoption date to comply with the new marketing rules
approaches, NEXA encourages you to prepare to leverage these incredibly
valuable pieces of content by getting a start on the collection of