Six Steps for Financial Advisors to Incorporate Client Testimonials into Their Marketing Strategy

In today’s marketplace, “social proof” plays an important role in the customer journey. When a consumer hears about a product or service, 81% will go online to conduct further research,¹ and many actively seek out the opinions of others. Testimonials and reviews have a powerful influence on consumers’ decisions to choose one option over another.

In fact, 72% of consumers say positive reviews and testimonials make them trust a business more,² and 88% trust online reviews as much as personal recommendations.³

As a financial professional, referrals are vital to your business. The use of testimonials creates a powerful opportunity to expand the potential reach of positive experiences through word-of-mouth sharing to new audiences. It also reinforces what your prospects hear from the friend or family member who made the initial referral. So, how do you get started?

Six Steps to Incorporate Client Testimonials into Your Marketing

Step 1: Review the compliance policy for the use of client testimonials

Before you jump in, be sure to familiarize yourself with the rules and requirements. LPL Financial advisors can visit the SEC Marketing Rule page on the ClientWorks Resource Center. Others should consult with their own firm’s compliance team and resources.

Step 2: Make a list of 20 current clients who would make good candidates for testimonials

Try to include a mix of stories that reinforce your value proposition and relate to your target market. For example, if you work well with business owners, be sure to get testimonials from several clients in that category who can share how you’ve helped them with business-related challenges.

Here are a few criteria to consider when making your list:

• Likely to refer new business or have referred in the past
• Long-time and second or third generation clients
• Individuals you’ve recently helped through a specific challenge or opportunity
• Clients who are most likely to agree to provide a testimonial

Use your own judgement and experience with your client base to decide who would be likely to provide a good testimonial for your practice.

Step 3: Contact each client individually via phone or email

Since you’re asking for a favor, it’s best to take a personal approach to client outreach. Instead of a form letter or group email, call or email clients individually. Explain that you now have the opportunity to feature testimonials in your marketing materials, and you would be honored to include their valued opinion. Provide some tips or a framework for their testimonial, and remember to obtain their written approval to use their comments in your marketing materials.

Step 4: Review the testimonials you received

Hopefully you received at least 10 responses back from your outreach. Select the top five that best represent your value proposition with a good mix of comments and stories.

Step 5: Obtain compliance approval for your testimonial

Follow the rules and requirements set forth by your firm to obtain approval prior to use. LPL advisors should use the Advisor Profile tool in ClientWorks to submit testimonials for MRR review and approval. The submission form will contain financial professional attestation requirements. Supporting documentation for the client’s testimonial must be attached at the time of submission, such as an email or written note in which the client confirms that they’ve consented to the use of their testimonial.

Step 6: Incorporate written testimonials into your marketing materials

Your testimonials are ready to incorporate into your marketing strategy. Be sure to follow the rules to have new or updated materials reviewed and approved by compliance. Examples of how testimonials might be featured:

• On your website homepage, or in special section clearly identified as “client testimonials”
• In printed materials such as client brochures
• Featured in print and digital advertisements
• Pinned to the top of your social media profiles

Pro Tip: Select two or three of your top testimonials from clients who might be willing to state their feedback on camera. Invite them to your office for a filming session, and then use each video individually, or combine them into one video montage to feature in places like your website, social media pages, YouTube channel, email signature, or even lobby monitors. 

As always, consult with your compliance department before implementing any of the ideas shared here.

Questions and Consultations

If you have questions or would like to schedule a one-on-one consultation, or if you’d like to subscribe and receive email alerts when new articles become available, contact LPL Marketing Consulting at (800) 877-7210, Option 9, Option 5, Option 1, or email Marketing Consulting.

If you’re interested in a digital marketing strategy that is executed on your behalf, please visit LPL Business Solutions Discover Marketing to complete the form, and a member of their team will be in touch with you directly.

Consult your compliance department for information about the rules and use of social media and the review of all advisor marketing materials.

For Financial Professional Use Only

¹ 38 Statistics Retail Marketers Need to Know in 2023

² Why Testimonials Are so Important For Your Brand (+ How to Use Them)

³ How to Use Customer Testimonials to Generate 62% More Revenue From Every Customer, Every Visit

Sarah provides custom marketing and social media consultations for LPL Finanical advisors and investment programs. In this role, she consults with and supports clients in effectively marketing their business in today's increasingly competitive environment. View full bio.