Wealth management firms had long been restricted from using endorsements in their marketing materials from the people who know them best: Their clients.
But that changed once the Securities and Exchange Commission (SEC) amended its rule on marketing and gave the greenlight to advisors to use client testimonials in their promotional content.
“For years, financial advisors were prohibited by regulators from using reviews and testimonials to promote their businesses, said David Vogel, President and Co-Founder of Vidiance LLC, a newly launched video marketing agency that produces professionally edited videos with comprehensive compliance oversight for the wealth management industry.
“When the new SEC marketing rule became effective for RIAs last year, we were determined to find a way to make it easy to capture video testimonials from clients no matter where they live. Our market research told us that the combination of remote video production and compliance oversight were the key.”
Teaming Up With Compliance Supervision Expert Sander Ressler
Vogel, an experienced filmmaker and video strategist, teamed up with Sander Ressler, a veteran compliance and supervision expert, to launch Vidiance. Ressler, Vice President and Co-Founder, has more than three decades of experience working in the compliance and supervision space for broker-dealers, insurance companies, RIAs and banks.
Ressler, who is also Expert Columnist, Compliance & Regulatory Affairs at Wealth Solutions Report, will continue to serve as Managing Partner of Essential Edge, a compliance consultancy for the wealth management industry.
“I have heard countless stories of financial advisors committing time, energy and resources to create client video testimonials on their own, only to have them rejected by compliance departments, resulting in a waste of effort,” Ressler said. “My experience as a Chief Compliance Officer gives Vidiance the unique ability to reduce or even eliminate the need for costly and time-consuming reshoots and edits.”
Vidiance’s video production is completely remote and can interview the subject, regardless of location, in as little as 30 minutes. Vidiance’s video offerings include client testimonials, advisor profiles and educational content to help financial advisors build credibility and trust.
James Miller, Contributing Editor and Research Analyst at Wealth Solutions Report, can be reached at ContributingEd@wealthsolutionsreport.com.