When clients search for a new advisor, they often look for signals of competence and trust. In the world of AI-powered tools and search engines, clients can easily find nearly-endless options for advisors, but determining whom to trust – even enough to schedule an introductory call – is a tall order. Many clients opt to ask friends for a recommendation, but nearly everyone looks to the general public as well – that is to say, to client reviews. And since the ‘modernized’ SEC Marketing Rule became effective in 2021, advisors can now use testimonials from current clients and other related parties, provided that the advisor gives appropriate disclosures. That said, implementing reviews as an advisory firm can add an extra layer of complexity and compliance work, leaving many advisors to wonder if the proverbial ‘juice’ is worth the squeeze.
In this article, Whit Lanier, co-founder of Amplify Reviews (an RIA review-verification and publishing platform), and Kent Keister, founder of Reliant Compliance (an RIA compliance firm), discuss how advisors can implement client reviews in a sustainable, balanced manner. According to Amplify Reviews’ own 2026 State of Testimonial Marketing report, 79% of top RIAs still aren’t actively using testimonials or online reviews in their marketing, in part due to compliance complications or concerns. Yet at the same time, prospective clients increasingly rely on online reviews and other tools to evaluate their providers (and Google gives an outright search boost to highly-rated businesses). The challenge, then, is finding an approach that maximizes the marketing benefits of online reviews while remaining compliant with SEC requirements.
For most firms, receiving reviews is generally not a compliance issue; the greater challenge is soliciting reviews while remaining in compliance. For example, advisors must have a reasonable basis to demonstrate that third-party rating systems allow favorable and unfavorable feedback equally, without being designed to produce a predetermined result. An advisory firm must ask all clients for feedback, not just satisfied ones, and document the process by which they opted to ask for these reviews.
