Collecting Testimonials


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 testimonials.

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.

Example: 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 retirement.

Example: 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.

Website: 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.

Print: 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.

Social Media: 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 feeds active.

Email: 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 your services.

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 testimonials early.