How Financial Advisers Can Make Compliant Video Testimonials

A woman waves as she records a video while sitting on her sofa.

(Image credit: Getty Images)

Editor’s note: This is the third article in a three-part series about the best practices financial advisers should consider following to properly use client advocacy statements as marketing tools. Part one focused on how to handle client testimonials and endorsements, and part two detailed best practices for using a firm’s Google Business Profile to capture client reviews.

Video testimonials can be a powerful tool for building visibility for your financial planning firm’s brand or enhancing the trustworthiness of financial advisers.

Since they can be promoted on various social media platforms, videos may offer a greater reach than text-based testimonials on your website.

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But, like all testimonials, they must be approved by your compliance department before they can go live.

Since it takes a lot of work to write, shoot, edit and post a video, you may want to keep production under a tight lid to help ensure you don’t have to redo it later.

Here’s a high-level process you might consider.

1. Finalize the script

Start by working with the client to finalize the script they will use.

They may ask to ad-lib, but that’s never a good approach, since it increases the risk that you’ll later have to edit out a lot of what they say.

2. Submit the script to compliance

When you and your client have finalized the script, submit it to compliance.

You can probably use the same form compliance requires for text-based client testimonials.

In the form, indicate that the language is being submitted for a video script. You may need to get the form signed by your client before you submit it.

3. Decide how to identify the client

Even though your video will feature your client, they don’t necessarily have to announce their full name if they don’t want to.

For example, they could say, “Hi, I’m Susan K, and I’m a client of John Smith of XYZ Advisers…”

4. Shoot the video

Once the script is approved, it’s time to record the video.

If you don’t have professional video equipment to shoot it in your office or at your client’s home, consider recording it using videoconference software. Most of these platforms allow you to download a raw recording of the session that you can use for editing purposes.

Whatever method you use, make sure your client sticks to the approved script. If they don’t, ask them to start over.

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You may want to ask them to memorize it first, since this will look and sound more natural than if they try to read it.

If they can’t do it all at once, break it up into several sections that you can edit together later.

The overall length shouldn’t be longer than a minute or so.

5. Edit the video

Whether you edit the video yourself or use an outside resource, make sure that the final edited version follows the approved script.

In their script review, compliance will most likely have provided disclosure language explaining the nature of your relationship with the client. You’ll need to add this language as text, either in a caption during the video or (hopefully) on a closing screen at the end.

This disclosure should be in a fairly large typeface, and it should remain on the screen for at least five to 10 seconds before the video ends. Hint: Compliance departments can be very picky about these things.

6. Get final approval

Once the video is completed, you’ll need to submit it to compliance for a final review.

If you and your client stuck to the approved script and you inserted the correct disclosures, you hopefully will not have to make any additional edits.

Tips for increasing views

Obviously, you’ll want a lot of people to view the testimonial. In addition to posting it on your website and promoting it through social media, you may also want to upload it to video platforms like YouTube.

If you do, make sure that the file name of the video includes either your name (as adviser) or the firm name. That way, if people use either name in a search, the video is more likely to show up in results.

Disclaimer

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

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Jeff Briskin is the marketing director for a Boston-area financial planning firm and principal of Briskin Consulting, which provides strategic, digital and content marketing services to asset managers, wealth management firms, TAMPs, trust companies and fintech firms. Jeff has more than 25 years of financial marketing experience with some of America’s largest mutual fund companies, banks and wealth management firms.