Ensuring video testimonials comply with SEC’s marketing rule

investmentnews.com:

For advisors who want to reap the benefits of SEC’srevamped marketing rule, Vidiance is offering a solution.

The video marketing agency has launched a program that will aims to help advisors create professional-quality videos, such as client testimonials, advisor profiles and more – and it’s 100% remote.

“The firm’s compliance oversight greatly reduces re-shoots and ensures videos are in keeping with current regulatory requirements prior to the review by a compliance department,” according to a Vidiance statement.

But is it worth the time and expense? With the opportunities provided by the SEC marketing rule, Brian Thorp, founder and CEO of Wealthtender, a platform that helps clients find advisors and provides an SEC-compliant online review platform, says advisors can utilize these services to do more professional recording of testimonials with their clients.

“It’s not cheap … but if there’s a really glowing testimonial, you can really tell the difference between just an advisor trying to capture that testimonial or him or herself over a Zoom video, versus the professional quality of other types of video production firms,” he said.

Thorp added that there’s been a great acceleration of interest from advisors after seeing other firms taking part, and he expects more seasoned advisors taking advantage of what Vidiance has to offer.

Andrew J. Evans, CEO and founder of Rossby Financial, an RIA platform, doesn’t think videos are for every advisor, but said they’re certainly for those who want to be active, who want to grow a web presence, and who want to actively showcase that they have a robust following of clients.

“This is a very solid way for them to get content made quickly that is impactful for the growth of their