[ The rapidly evolving state of everything in the financial services industry continues in the financial marketing arena - from regulatory synchronization expanding the use of advisor testimonials to the re-evaluation of digital marketing to the new SEO - AEO spectrum.

The recent NASAA proposal to align state rules with the SEC Marketing Rule - which was slowly being adopted at the state level - has been welcomed as it allows advisors in the remaining approximately 20 states to use client testimonials. This alignment between state and federal marketing rules would eliminate a significant compliance headache and competitive disadvantage for a substantial number of state-registered advisors. The likelihood of its implementation signals marketing departments to be ready or refine their use of testimonial engagement strategies as more financial competitors will be utilizing testimonials in their community outreach.

On the other front, the technological disruption caused by the rapid mainstream client adoption of AI tools, like ChatGPT, is forcing a re-evaluation of digital marketing. A key emerging trend in digital marketing is to move beyond traditional keyword search to optimizing content to be surfaced directly by AI assistants – creating a significant shift in digital marketing from Search Engine Optimization (SEO) to Answer Engine Optimization (AEO). Advisors and their marketing departments realize that they need to evolve their digital strategy from SEO to AEO to remain visible as consumers increasingly use AI tools for search.

On the backdrop of these two significant industry marketing shifts, we reached out to Institute member and one of our Marketing professors, Brian Thorp, CEO of Wealthtender – an advisor testimonial and digital marketing platform positioned as a solution to help advisors navigate both of these evolving marketing shifts. His firm’s support includes a Testimonial Marketing Studio, the creation of the "Voice of the Client" awards, and a new feature called "AI-Optimized FAQs" to help advisors adapt to AEO. Overall, his insights positioned his firm as a thought leader and an essential partner for advisors and their marketing leaders focused on future growth.]

 

Hortz: Can you share your perspectives on the top trending topics around advisor marketing and regulatory compliance right now?

Thorp: The landscape for financial advisor marketing is experiencing unprecedented changes as consumers pivot to artificial intelligence tools like ChatGPT, Perplexity, and Google AI Overviews to find and research financial advisors. In my nearly 30 years in financial services, including 22 years at Invesco before founding Wealthtender, I have witnessed many industry shifts, and I believe what we are experiencing right now is just as significant as the commercialization of the internet itself.

According to our 2025 Wealthtender Study of $100K+ Households Seeking Financial Advice published this past August, 25% of consumers already plan to use AI search tools like ChatGPT when looking for a financial advisor. What is more striking is that 96% of people will research an advisor online after receiving a referral from friends or family, and 83% specifically want to read online reviews and testimonials before making contact. This shows that even a traditional “offline” referral is unlikely to result in a new client for an advisor unless they show up prominently and favorably, such as with strong client reviews, in online searches.

For financial advisors, this means their digital marketing efforts must evolve from prioritizing Search Engine Optimization (SEO) to also adopting best practices for Answer Engine Optimization (AEO).

Most online searches now end without a single click, as AI tools provide instant answers through summaries and featured snippets. Advisors and marketing teams who have invested years strengthening their SEO must now evolve their digital marketing approach to ensure they show up in AI-generated responses.

AEO focuses on generating and structuring content, both “onsite” (e.g., an advisor’s website) and “offsite” (e.g., social media accounts, industry directory listings), so AI search tools can easily and confidently surface an advisor’s information as authoritative answers to consumer queries. This includes implementing schema markup (e.g., FAQs, reviews), creating clear and conversational Q&A content, formatting content for featured snippets, thoughtful answers, and building authority signals (e.g., online reviews and testimonials, awards) across reputable platforms.

We have specifically designed our platform to become one of the most impactful digital marketing tools helping advisors optimize their visibility in AI search tools, alongside leading website hosting providers that have modernized their platforms to position advisors for success with AEO.

Hortz: That addresses major changes in advisor marketing but what about key regulatory trends that advisors and their marketing teams should also be following?

Thorp: Regarding regulatory compliance trends, there are two noteworthy concerns impacting advisor marketing, both related to the use of client testimonials in advertising and promotional activities.

First, there's a troubling double standard affecting thousands of state-registered advisors. While SEC-registered advisors across the country have been able to collect and promote client testimonials since the SEC Marketing Rule became effective in 2021, approximately 20 states continue to prohibit state-registered advisors from doing the same. This creates scenarios where consumers can read reviews about an advisor affiliated with a national firm but cannot find a single review about the local advisor who has served their community for decades.

The recent NASAA proposal to align state testimonial rules with the SEC Marketing Rule represents a watershed moment that could finally resolve this inequity. However, several holdout states have shown troubling resistance. California indicated they are “not considering changing the regulation in the foreseeable future," while Tennessee stated they do not plan to adopt NASAA's recommendation. As someone who has spent thousands of hours studying the SEC Marketing Rule and advocating with state regulators, I can tell you this alignment is critical for both consumer protection and competitive fairness. Consumers deserve access to the same quality of information regardless of whether an advisor is registered at the state or federal level.

The second regulatory challenge involves the continued gray area surrounding the use of Google Reviews by financial advisors from a regulatory perspective. This is perhaps the most frequently asked question I receive from advisors and compliance officers.

While many advisors and compliance teams appear comfortable soliciting Google Reviews in a limited capacity, they acknowledge that the promotion of a Google Business Profile is problematic. Doing so likely results in “adoption” or “entanglement”, terms defined by the SEC that trigger restrictions and disclosure requirements stipulated in the SEC Marketing Rule that could prove challenging, if not impossible, to administer since Google’s platform is not designed with compliance in mind.

For example, advisory firms that invite clients to write Google Reviews only to receive testimonials containing promissory language or misleading statements clearly prohibited by the SEC Marketing Rule could prove difficult to get removed. Some firms have decided to move forward by soliciting Google Reviews, taking a calculated risk that the SEC will not pursue enforcement actions for limited use, though we have not yet seen actual enforcement actions that clarify the SEC's position. Until we do, advisors navigate this uncertainty without clear guideposts.

Hortz: What solutions or advice can you offer for these issues?

Thorp: This is precisely why we built Wealthtender as the industry's first online review platform designed for regulatory compliance. When reviews are collected through our platform, we require disclosures to be prominently displayed with resources provided to help advisors meet their compliance obligations.

For advisors comfortable soliciting Google Reviews, it is worth noting that we offer an import tool that brings those reviews into Wealthtender where proper disclosures can be added, transforming them into compliant testimonials that advisors can actively promote. If the SEC does eventually weigh-in that a limited use of Google Reviews is acceptable, then advisors importing Google Reviews to our platform will enjoy the best of both worlds: visibility benefits across Google’s ecosystem, and Wealthtender reviews that can be compliantly promoted on advisor websites, in social media posts, and ensure visibility in AI tools that may not acknowledge the existence of Google Reviews (e.g., ChatGPT crafts answers to consumer queries using Bing, a competing platform).

As to testimonials, while I remain optimistic that NASAA's proposal will accelerate adoption across holdout states, advisors should prepare for a timeline that could range from several months to a few years depending on their state's legislative process, stay informed about their specific state's regulatory developments, and be proactive in preparing their testimonial marketing infrastructure. I encourage advisors to reach out to their state regulators and advocate for change. When regulators hear directly from advisors and understand how these outdated rules impact both small businesses and consumers seeking to make informed hiring decisions, it can help move the process forward.

These two major trends, the disruption of search through AI and the regulatory evolution around testimonials, are fundamentally reshaping the advisor marketing landscape. Advisors and their marketing teams must adapt their digital strategies to remain visible in an AI-powered world while navigating complex compliance requirements around testimonial marketing. Those who successfully address both challenges will find themselves well-positioned for outpaced growth in the coming years.

Hortz: Can you further explain the issues behind the new emergence of advisor marketing focus on AEO versus SEO? Is SEO positioning now dead?

Thorp: The emergence of Answer Engine Optimization represents an evolution in digital marketing rather than a wholesale shift away from Search Engine Optimization. Understanding the relationship between SEO and AEO is crucial for advisors who want to maintain their digital visibility as consumer search behavior evolves.

Traditional SEO focused on optimizing your content to rank highly in search engine results pages, with the goal of attracting clicks to your website. This approach has driven digital marketing strategy for the past two decades and remains important. However, the rise of AI-powered search tools like ChatGPT, Google's AI Overviews, Perplexity, and other answer engines has introduced what the industry calls "zero-click" searches. These tools provide direct answers to user queries without requiring them to click through to websites. Recent data suggests that over 60 percent of online searches now end without a single click, as AI tools, smart summaries, and featured snippets provide instant answers. This shift fundamentally changes the digital marketing landscape for financial advisors.

AEO focuses on optimizing your content and online presence to be surfaced directly by AI assistants when they answer questions. Rather than trying to get users to click to your site, AEO ensures your expertise is cited, referenced, or recommended within the AI-generated response itself. This requires structuring your content differently, emphasizing clear, to-the-point answers to specific questions that potential clients are asking, and implementing technical optimizations like schema markup that help AI tools understand and surface your information.

As of today, I feel that AEO is not replacing SEO but rather complements it and builds upon it. While the nature of search is evolving across industries, the fundamental goal in our space remains the same: connecting people who need financial guidance with the advisors best suited to serve them.

Many search queries still result in clicks to websites, and traditional search engines remain important discovery channels. Moreover, many of the best practices that strengthen SEO also benefit AEO. High-quality, authoritative content, proper site structure, and clear answers to common questions all support both traditional search visibility and AI-powered discovery.

Advisors must adapt their strategies to include AEO practices while maintaining their SEO foundation. This means using structured content like FAQ sections with proper schema markup, creating clear, concise answers to questions prospective clients commonly ask, optimizing for conversational search patterns that mirror how people interact with AI tools, and building authority signals (e.g., online reviews, awards) across multiple platforms that AI tools can reference. The advisors who will thrive in this evolving landscape are those who recognize that SEO and AEO work together as complementary components of a comprehensive digital marketing strategy rather than competing approaches.

Hortz: What are the top concrete actions an advisor should take today to begin optimizing for Answer Engines?

Thorp: I recommend five specific actions that can immediately improve an advisor’s Answer Engine Optimization while also strengthening their traditional SEO.

First, advisors should publish comprehensive FAQ sections on their websites and on third-party platforms like Wealthtender that address the most common questions prospects who align with the advisor’s Ideal Client Profile (ICP) are likely to ask when searching for a financial advisor. Do not create generic FAQs that could apply to any advisor. Instead, focus on the specific questions relevant to your niche and your ICP. For example, if you focus on tech professionals planning for early retirement, answer the questions they are searching for about equity compensation, tax optimization, and lifestyle design. The key is providing clear, concise, authoritative answers that directly address user intent. These FAQs should be substantial enough to be helpful while remaining focused enough that AI tools can easily extract and cite your insights.

Second, implement FAQ schema markup on your website to help search engines and answer engines understand your content structure. Schema markup is specialized code that explicitly tells search engines "this is a question, and this is the answer." When properly implemented, schema increases the likelihood that your content will be surfaced in AI Overviews, featured snippets, and direct AI responses. While implementing schema requires some technical understanding, most modern website platforms including WordPress, Squarespace, and advisor-specific platforms like FMG or Snappy Kraken can facilitate this implementation. If you are working with a website developer or freelancer, make FAQ schema implementation a priority. We have built this functionality directly into advisor profiles because we have seen how effectively it improves visibility in both traditional and AI-powered search results.

Third, optimize your content to increase the chances of appearing in featured snippets and AI-generated responses by structuring it specifically to answer questions. This means writing in a clear, question-and-answer format even within longer articles, using headers that reflect actual questions people ask, and providing concise initial answers followed by more detailed explanations. If the structure and language do not lend themselves to those formats, revise your approach to be more conversational and direct.

Fourth, leverage client testimonials strategically within your content to enhance both trust and authority signals. Reviews and testimonials serve multiple purposes in the AEO context. They provide social proof that prospects value, they demonstrate your expertise through actual client stories, and they create additional content that AI tools can reference when recommending advisors.

When someone asks an AI tool for recommendations on financial advisors specializing in a particular area, having several positive reviews that mention your niche expertise increases your likelihood of being included in the answer generated.

Fifth, publish authoritative content that demonstrates deep expertise in your specialization. While quick answers are important for certain queries, AI tools also value and cite comprehensive resources that thoroughly address complex topics. Write detailed articles, create comprehensive guides, develop educational resources that showcase your knowledge and provide genuine value to readers. This content should be written in a natural, conversational tone that reflects how you would explain concepts to clients. When AI tools are synthesizing information to answer complex financial questions, they prioritize sources that demonstrate authority, provide accurate information, and explain concepts clearly. The advisors who consistently publish high-quality thought leadership content position themselves as the sources AI tools turn to when addressing financial planning questions that require more in-depth answers.

 Hortz: How should advisors and their marketing teams strategically prepare themselves for deploying or enhancing their testimonial marketing strategies?

Thorp: Getting started with testimonial marketing requires a thoughtful, systematic compliance-first approach. Having worked with hundreds of advisors and wealth management firms now successfully gathering online reviews from their clients, I recommend several important steps that separate successful testimonial programs from those that struggle or create compliance risks. And I’m happy to say the Testimonial Marketing Playbook I authored has been read by hundreds of financial advisors and compliance professionals interested in a step-by-step guide to getting started.

First and foremost, advisors must develop a deep understanding of the SEC Marketing Rule's requirements and nuances. This is not something you can delegate entirely to your compliance team without maintaining your own working knowledge. The rule contains specific provisions around disclosure requirements, oversight obligations, and prohibited practices that should inform every aspect of your testimonial strategy.

I recommend advisors become familiar with the Marketing Rule core principles: understanding what constitutes a testimonial versus an endorsement, knowing when “clear and prominent” and additional disclosures are required, and establishing appropriate oversight procedures.

Second, develop a systematic collection process that feels authentic rather than transactional, while ensuring adherence to regulatory requirements, such as inviting all current clients at the outset to write a review to avoid cherry-picking concerns. The collection process should include simple, yet thoughtfully crafted language that makes it easy for clients to provide feedback about their experience. After the initial outreach, it is important to establish a regular cadence for testimonial requests rather than sporadic, reactive outreach (e.g., one week after annual client review meetings).

Third, choosing the right testimonial marketing platforms is critical. Not all review platforms are created equal when it comes to regulatory compliance. As an example, we designed everything from the ground up specifically to meet SEC Marketing Rule requirements. Whether an advisor chooses Wealthtender or another solution, they must ensure the chosen platform provides an ability to satisfy regulatory compliance requirements.

Finally, integrate testimonials strategically into the overall marketing plan. Testimonials should be prominently featured on advisor websites (with appropriate disclosures), incorporated into nurturing campaigns, highlighted in client presentations, and leveraged across social media platforms. To assist with the latter, we launched Testimonial Marketing Studio at the start of 2025 to provide advisors with a compliant tool to promote testimonials in social media posts with just a couple of clicks.

Create a comprehensive marketing plan that positions client testimonials as a cornerstone of an advisor’s value proposition, demonstrating through real client experiences how the advisor and firm solve problems and deliver results. The most successful advisors treat testimonials not as an isolated marketing tactic but as a fundamental component of their positioning and communication strategy.

Hortz: Any other digital marketing  tips you want to share?

Sure, I’m happy to emphasize a few areas that I feel will make meaningful differences for advisors focused on sustainable practice growth through digital marketing.

First, I encourage advisors to participate in recognition programs like our Voice of the Client awards  which recognizes advisors based on verified client reviews rather than revenue growth or assets under management. This also creates a level playing field where excellence in client service matters more than firm size and third-party validation based on verified client reviews rather than pay-to-play arrangements. These awards provide credibility with prospective clients who are evaluating multiple advisors and trying to identify which ones truly excel at client service. Importantly, the awards also generate impactful authority signals that both traditional search engines and AI-powered tools recognize when determining which advisors to surface in response to user queries. Being recognized by credible third parties help position you as a trusted expert in your field.

Second, implement schema markup across your entire website, not just in FAQ sections. Various types of schema help search engines and AI tools better understand your content, improving your visibility in featured snippets, knowledge panels, and AI-generated responses. This technical optimization represents one of the highest-return investments advisors can make in their digital infrastructure. While it requires some technical implementation, the long-term benefits of properly structured data significantly outweigh the initial effort.

Third, stay informed and proactive about regulatory developments affecting your marketing activities. As the SEC issues risk alerts and announce enforcement actions, advisors and marketing teams can gain useful insights that should be taken into consideration for potential refinement of marketing tactics employed. Regularly review updates from the SEC, monitor NASAA developments, and participate in industry discussions about compliance best practices. Subscribe to relevant compliance publications, attend webinars focused on marketing regulations, and maintain an ongoing dialogue with your compliance team or consultant about emerging trends and regulatory expectations.

Finally, I want to emphasize the importance of authenticity across all advisor marketing efforts. Whether you are collecting testimonials, creating content for AEO, or engaging with prospective clients on social media, the most successful advisors maintain a genuine voice that reflects who they really are and how they actually work with clients.

Consumers have become increasingly sophisticated at recognizing manufactured marketing messages versus authentic communications from professionals who truly care about helping them achieve their financial goals. Let your unique value proposition, your specific expertise, and your authentic personality come through in your marketing rather than trying to sound like every other advisor in the industry. The digital marketing tools and strategies we have discussed today are most effective when they amplify your authentic voice rather than replacing it with generic messaging that could apply to anyone.

 

The Institute for Innovation Development is an educational and business development catalyst for growth-oriented financial advisors and financial services firms determined to lead their businesses in an operating environment of accelerating business and cultural change. We operate as a business innovation platform and educational resource with FinTech and Financial Services firm members to openly share their unique perspectives and activities. This interview is for informational purposes. The goal is to build awareness and stimulate open thought leadership discussions on new or evolving industry approaches and thinking to facilitate next-generation growth, differentiation, and unique client/community engagement strategies. The Institute was launched with the support and foresight of our founding sponsors — Ultimus Fund Solutions, FLX Networks, TIFIN, Advisorpedia, Pershing, Fidelity, Voya Financial, and Charter Financial Publishing (publisher of Financial Advisor and Private Wealth magazines).

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