How Investment Advisors Can Hide Endorsements In Their LinkedIn Profiles To Be Compliant: The Movie

Wednesday, December 19, 2012 10:21
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How Investment Advisors Can Hide Endorsements In Their LinkedIn Profiles To Be Compliant: The Movie

RIAs know that they're not supposed to have any form of testimonials in their advertising materials. On LinkedIn, that has always meant not posting any "recommendations" to your profile. About two month ago, LinkedIn added "endorsements" to everyone's profiles, and investment adviser reps must now turn those off.

 

Bill Winterberg, CFP, a technology consultant who writes regularly about advisor technology, has made a very helpful two-minute video that shows you how to remove LinkedIn endorsements from your profile.  It's not a Hollywood blockbuster, but it is very helpful. 

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Comments (2)

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Texasadvisor
Can someone explain to my why Ameriprise can have actor Tommy Lee Jones endorsing them on TV and small RIA's can't have the local lawyer vouching for them?
cvanslyk , December 26, 2012
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agluck
cvanslyk: Tommy Lee is not giving a testimonial. It's an ad. Tommy Lee isn't saying Ameriprise made him a million bucks. He's telling a story. He's a spokesman. While arguably a nebulous difference, it is different.

See http://bit.ly/RkH3G2 for a sample of Tommy Lee’s ad that shows up on Ameriprise advisor websites as well as on TV.

Incidentally, Bill Winterberg in his post says FINRA reps may not use testimonials. I am not so sure this is accurate.

RIAs are expressly forbidden from using testimonials in ads. I've never heard of a prohibition on testimonials for registered reps.

Let's get A4A compliance blogger Scott Matasar to opine on this, but other experts would be welcomed to chime in as well.
agluck , December 28, 2012

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