[ad_1]
Sander Ressler, managing director of Essential Edge Compliance Outsourcing Services, has launched a company that helps financial advisors create video evaluations that comply with the Securities and Exchange Commission’s new advisor marketing rules.
The rules go into effect in May 2021 and open the door to advisors using client testimonials and recommendations in advertising and the types of portfolio performance metrics that firms can use to market their services. Become.
“For the first time in my life, the regulators actually gave us something instead of taking something away from us,” Ressler said. “And they gave us the ability to use testimonials.”
But advisors who aren’t yet sure what’s allowed are taking little advantage of this new opportunity because they don’t want to engage in time-consuming interactions with internal marketing or compliance departments, he said. Stated.
Ressler is betting that he can provide advisors with a turnkey video marketing solution that stays within the rules.
Ressler’s company, Vidiance, plans to send advisers to their clients a tripod with a built-in microphone that attaches to their cellphones if they agree to participate. His team then contacts the client and asks a series of questions over a 30- to 40-minute recorded interview. Ressler’s team uses the transcripts to highlight which of the client’s statements are best for testimony, then reduces the footage to an SEC-compliant two-minute video of him and sends it back to the advisor.
Ressler said his team creates content that is viewed by eight companies’ compliance departments, and so far there have been no negative comments.
“From interviewing the customer to completing the video, it takes less than 10 business days,” he said. “We truly believe that integrating compliance into this process will save everyone time and money.”
Ressler said his editorial is conservative and seeks that testimony be “fair and balanced.” He excludes any “hyperbole” or discussion about investment performance.
“I don’t want anyone to think, ‘Wow, he’s the greatest advisor on the planet,'” he said. “If you watch our video, you’ll see that it’s actually pretty common. There’s not a lot of controversy. My goal as a compliance officer is to get closer to the gray line and make sure that something doesn’t cross it.” It’s not about determining if I’m over the line. I’m five steps behind that line.”
Clients who agree to provide testimonials must sign an agreement allowing the use of their name, image, and likeness to protect the advisor from future legal issues.
Vidiance also suggests reviewing your videos annually to ensure they represent a good image of your advisor and are compliant.
The company charges about $2,500 for a single video. Advisors receive discounts when they sign on to multiple videos. Annual updates cost approximately $300.
Ressler said the company started with a beta group of six advisors and has since sold three additional packages on top of that. He said many of Beta’s advisors in his group were also interested in other types of videos in addition to testimonials, such as profiles, educational videos, and quick hits on social media sites.
[ad_2]
Source link
