Want to know how your clients would rate you? Spectrem Millionaire Corner will now survey them for you.
For $500, Spectrem will survey an advisor’s clients. Advisors receive a detailed report of the data and a “Client-Centric Advisor” badge to display on their site. Advisors can post the results on their site as long as they specify where the ratings come from. The advisor also gets an advertisement on the Spectrem site.
Spectrem posts the survey results in Millionaire Corner’s Best Financial Advisors serch listings.
Importantly, advisors cannot influence or review the ratings.
Spectrem rolled out the service after the SEC’s IM Guidance Update 2014-4 in late March on the use of testimonials and social media.
The SEC said testimonials and ratings of advisors were acceptable as long as they were hosted on a third-party site the advisor had no ability to control. This stipulation is intended to prevent potential fraud if an advisor were to use client testimonials in his advertisements.