Previously, I have published my opinion on whether online financial advisor reviews were allowed under SEC and FINRA rules.
While the SEC’s version didn’t, to my knowledge, include language prohibiting the solicitation of reviews, an astute observer pointed out the presence of the word “unsolicited” in FINRA rules here:
“(FINRA) does not regard unsolicited third-party opinions or comments posted on a social network to be communications of the broker-dealer or the representative for purposes of Rule 2210, including the requirements related to testimonials in
…and that caused me to dig deeper. When I did, I found a recent case that occurred after my original research that seems to show the SEC forbids solicitation of reviews as well.
I am still of the opinion that online financial advisor reviews benefit both the public, and advisors; and the rules around that seem to be evolving, but it’s clear that, for now, soliciting such reviews is off-limits.