The SEC marketing rule and the case for collecting reviews
The SEC marketing rule, now in force, lets advisors use client testimonials and third-party ratings if the use is not misleading and the required disclosures and records are in place. Reviews are no longer a gray area to avoid. They are a controllable ranking and trust signal, which is why firms that still have four Google reviews are choosing to stay invisible.
- 01Testimonials and third-party ratings are allowed, with disclosures and books-and-records. Confirm the current rule with counsel; this is not legal advice.
- 02Reviews influence local pack prominence. In our 100-city set, pack listings clustered well above the firms sitting just outside it.
- 03Prospects already treat public reviews as due diligence, including people who arrived by referral.
- 04Ratings in the pack affect whether the listing gets the click, not only whether it ranks.
The rule, without the 2021 suspense
When this article first ran, the updated marketing rule was about to take effect. It has been the law of the land for years. Advisors may use testimonials and third-party ratings in advertising if they are not misleading, if required disclosures appear, and if the firm keeps the records an examiner will ask for.
That is permission, not a mandate to plaster five stars on every landing page. The compliance program still decides what gets republished. The marketing program should still collect the reviews.
Five reasons to collect them anyway
- 01
Local rankings
Prominence is one of the three map-pack levers, and reviews are a public prominence signal. See the 100-city study for the actual counts.
- 02
Due diligence
Referred prospects still look the firm up. A thin or empty review profile is now the outlier, not the conservative choice.
- 03
Clicks
Star ratings in the pack are one of the things a searcher sees before they choose a listing. Rank without a rating and you donate the click.
- 04
On-listing language
Review text is additional relevant copy on the profile itself. Clients describe the work in words you would not put in a title tag.
- 05
AI answers
Assistants summarizing “who is a well-reviewed fiduciary in [city]” need a public rating trail. Google reviews are the one most of them can see.
What the pack looks like
- 20.5
- median Google reviews among top-three advisor listings AdvisorRankings 100-city study
- 4 of 296
- top-three listings with zero reviews AdvisorRankings 100-city study
- 96%
- of prospects research an advisor online before the first call, including referred ones Wealthtender, 2025
Collecting reviews inside the rule is part of the engagement. The how-to for the link is a separate page.
Reputation managementAsked and answered
Can I incentivize a Google review?
Paying for reviews, or conditioning a gift on a positive rating, is how you create a disclosure problem and a Google problem at the same time. Ask after a good meeting. Do not buy the star.
Where should I republish reviews?
On the site only with the disclosures your CCO signed off on. The Business Profile is the system of record. Third-party advisor review platforms are additive, not a replacement.
Every day you’re invisible, another advisor gets the call
Advisors only · Since 2010 · Limited active client list