This page provides general guidance only. It is not legal or compliance advice. Consult your firm’s compliance officer or a qualified compliance consultant before publishing testimonials.
What the rules generally require
The SEC’s Marketing Rule (Rule 206(4)-1) and FINRA’s advertising rules generally require that testimonials:
- Are clearly identified as a testimonial
- Include a disclaimer if the client was compensated
- Include a disclaimer that the experience may not be representative of all clients
- Do not include false or misleading statements
Always confirm the current requirements with your compliance officer — rules evolve and your specific situation may have additional requirements.
What to fill in for every review
The Disclaimer field (required in practice)
Every review in your CMS has a Disclaimer field. This appears in small grey text on the review card. You must fill this in for every review.
Standard language used by many advisory firms:
“Client, unpaid testimonial. Individual results may vary.”
If the client was compensated or incentivised in any way, your disclaimer must say so. Ask your compliance officer for the exact approved wording for your firm.
Keeping review text accurate
Review text should be genuine quotes from real clients. Do not:
- Edit quotes in ways that change their meaning
- Add performance claims that the client did not make
- Use language that implies guaranteed results
The hardcoded case study disclaimer
Review detail pages (at /reviews/[client-name]) contain this hardcoded text:
“Disclaimer: Individual client experience. Results are not guaranteed and will vary based on each client’s specific circumstances.”
This is a reasonable starting point but should be reviewed by your compliance officer. If you need it to vary per review, contact Finsites support.
Pre-publication checklist for each review
