Can advisors use client reviews and testimonials, and what do the rules say in Canada and the US?
The answer depends on where you're registered, what you're registered as and your firm's policies. The US and Canada treat this very differently.
- Can I put reviews on my website?
- Can I use Google reviews?
- Do the rules differ in Canada?
In the US, the SEC Marketing Rule allows registered investment advisers to use testimonials and endorsements with required disclosures, oversight and, for paid promoters, written agreements. FINRA Rule 2210 governs broker-dealer communications, including testimonials. In Canada, rules depend on your registration and firm, and dealer policies are often stricter. Insurance-only advisors follow different rules again. Ask your compliance team before collecting or displaying any.
United States
- Registered investment advisers: SEC Marketing Rule allows testimonials and endorsements with clear disclosures and oversight.
- Broker-dealer representatives: FINRA Rule 2210 applies to communications, including testimonials.
- Dual registrants follow both, plus firm policy.
Canada
- Rules depend on registration category, such as dealing representative or advising representative, and on the dealer or portfolio manager you work with.
- Many dealers restrict or prohibit testimonials and client reviews on advisor sites.
- Insurance-licensed advisors follow insurance regulators' and carriers' rules.
- In Ontario, using the Financial Planner or Financial Advisor title requires an approved credential.
Designations
Designation bodies such as FP Canada have their own standards on how members represent themselves. Check yours too.
This is general information, not legal or compliance advice. Your dealer, firm or compliance officer decides what you can publish.
How we look at it at ShoutEx
We design review and testimonial workflows only after your compliance team has said what's allowed.
- Assuming US rules apply in Canada.
- Selecting only positive reviews.
- No disclosures.
- Publishing before compliance approval.
- Rules confirmed by compliance.
- Required disclosures.
- Records kept.
- Firm policy followed.
What advisors and regulators say
Here is what regulators and advisors say.
The SEC's guide to the Marketing Rule, including testimonials and endorsements.
Read the guide →Who can use the Financial Planner and Financial Advisor titles.
Read FSRA's page →Community summaries describe recurring themes in public threads, not individual posts. Vendor pages describe vendor claims, so test them on your own calls.
Read next
Go deeper in the ShoutEx guides, or check the sources behind this answer.
We'll build workflows within what compliance allows.
Book a call →Follow-up questions
Can I reply to Google reviews?
Check firm policy. Some restrict replies too.
What about LinkedIn recommendations?
Often treated like testimonials. Ask compliance.
Do these rules change?
Yes. Recheck yearly.