Have you ever wondered why you never see a testimonial for a financial advisor on Yelp or why advisors don’t have a string of reviews on social media? Well, there’s a very good reason for that.
The SEC doesn’t allow it.
It’s no secret that as advisors, we’re required to comply with certain rules and regulations that are designed to standardize the industry and protect the client. And while there has been talk of changing the guidelines surrounding advertising and testimonials, it’s still in the very beginning stages.
“The advertising and solicitation rules provide important protections when advisors seek to attract clients and investors, yet neither rule has changed significantly since its adoption several decades ago,” said SEC Chairman Jay Clayton in a statement late Monday, when the plan was issued.
“The reforms we have proposed today are designed to address market developments and to improve the quality of information available to investors, enabling them to make more informed choices,” Clayton added. (Source)
Given these restrictions, it’s kind of a big deal when a financial planning practice is recognized in a way that can be publicized. That’s why we were thrilled when Mark Levine and Darin Snow received the 2019 Five Star Wealth Manager Award. Here’s what that means:
COLORADO FIVE STAR WEALTH MANAGER™ AWARD
To receive the Five Star Wealth Manager Award, a wealth manager must satisfy 10 objective eligibility and evaluation criteria that are associated with wealth managers who provide quality services to their clients. Factors taken into account include assets under management and client retention rate. Candidates also undergo a thorough regulatory and compliant review.
Five Star Professional:
- Conducts comprehensive research
- Recognizes service professionals
- Partners with leading city/regional magazines
- Helps award winners gain the recognition they deserve
Of course, the most meaningful recognition we can receive is yours. We sincerely appreciate your input and welcome any suggestions that will improve the work we do for you. And any time you send a friend or family member to Denver Private Wealth Management, we are honored beyond words. For you to recommend us to someone who is looking for assistance with lifelong financial goals is something we never take lightly. So, while we’re flattered to be recognized in 5280 Magazine and The Wall Street Journal, community word-of-mouth is truly our reward.
Denver Private Wealth Management is an independent fee-based financial planning practice with 50+ years of experience in the financial industry. DWPM customizes portfolios based on your financial goals and works closely with you, your tax advisors and estate attorneys to form a comprehensive view of your financial situation. For more information or to set up a free consultation, contact us at firstname.lastname@example.org.
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