Testimonials from satisfied clients can be a powerful tool for a financial advisor to improve website conversion.
The Securities and Exchange Commission (SEC) allows financial advisors to use testimonials, but with certain restrictions. The use of testimonials is governed by the SEC’s guidelines on advertising, which are designed to ensure that advertising is fair, balanced, and not misleading.
Under SEC rules, testimonials must be representative of a typical experience and cannot be cherry-picked to only show the best results. Additionally, if a financial advisor uses a testimonial that includes a specific investment result, they must also include a disclaimer that past results are not indicative of future performance.
Financial advisors must also be careful not to imply that they have a track record of success if they do not have a history of managing money or providing investment advice. In other words, they cannot use testimonials to mislead potential clients about their expertise or experience.
It’s important you work with your compliance team to ensure you are following the rules.
Here are a few ways in which testimonials can be used effectively:
Display testimonials prominently on the website: Testimonials should be displayed prominently on the financial advisor’s website, such as on the home page, the “About” page, or a dedicated “Testimonials” page. This will help build credibility and trust with potential clients.
Use real client names and photos: Using real names and photos of satisfied clients can add an extra level of authenticity to the testimonials. This helps potential clients see that the testimonials are genuine and not fabricated.
Highlight specific results or experiences: Testimonials should highlight specific results or experiences that the clients had with the financial advisor. This helps to demonstrate the financial advisor’s expertise and the value that they bring to their clients.
Include a mix of short and long testimonials: A mix of short, punchy testimonials and longer, in-depth testimonials can help to keep the website interesting and engaging for potential clients. Also, mix up the content type. You can use images, text, and video.
Keep the testimonials up-to-date: Regularly updating the testimonials on the website will help to keep the content fresh and relevant, and demonstrate that the financial advisor has a steady stream of satisfied clients.
THE BOTTOM LINE:
By using testimonials effectively on their website, a financial advisor can help to build credibility, establish trust, and ultimately improve website conversion.