Client Testimonials for Financial Planning Practices: What the Best Interests Duty Actually Restricts

Here's the thing most financial planning practices get backwards: they think testimonials are either fully fine or fully off-limits, when the real answer sits in the middle. 💖 You're not restricted from social proof the way a psychologist is — but you are restricted from letting a client's enthusiasm turn into something that reads like a performance promise. That distinction changes how you ask for testimonials, what you publish, and how you brief the client giving them.

What most financial planning practices get wrong

The most common mistake is publishing a testimonial that says something like "Since working with us, our super has grown 40%." That's not a compliance grey area — that's a red flag. Markets move on their own; a client's portfolio performance isn't something you can ethically or legally take sole credit for in your marketing, and implying a repeatable outcome is exactly what the Best Interests Duty and general advice rules are designed to prevent. The second most common mistake is the opposite problem: being so cautious that testimonials disappear from the website entirely, leaving prospective clients with zero social proof at the exact moment they're deciding whether to trust you with their money.

How to actually collect and publish them

Ask at the right moment — straight after a genuine win, not on a fixed six-month cycle. Give the client a light structure (2–3 prompts, not a blank page) so you get usable quotes instead of "great service, thanks!" Route every testimonial through whoever handles compliance in your practice before it goes live, even if that's just you double-checking against the Best Interests Duty framing above. And always get written consent to use the client's name (or ask if they'd prefer first name and suburb only) — this isn't just good manners, it's a basic privacy requirement.

Mistakes to avoid

• Publishing a testimonial that references specific investment performance or dollar figures
• Letting a marketing agency or template write testimonials "on behalf of" a client
• Skipping written consent because the client mentioned it verbally in a meeting
• Using only testimonials from your highest-net-worth clients, which can misrepresent who you actually serve
• Never refreshing them — a testimonial page that hasn't changed in three years reads as stale, even if it's compliant

Frequently asked questions

Can financial planners legally use client testimonials in Australia?

Yes. Unlike AHPRA-registered health practitioners, financial planners aren't banned from using testimonials. The restriction is on content, not the practice itself — testimonials can't imply guaranteed returns or specific investment outcomes.

Do I need written consent from the client?

Yes, always. Verbal agreement in a meeting isn't enough — get it in writing (an email reply is fine) before publishing, and let them review the final wording.

What if a client insists on mentioning their returns in the testimonial?

Thank them for the enthusiasm and gently redirect — ask if you can focus the quote on the process instead, or paraphrase their comment without the specific figures. Most clients are happy to adjust once you explain why.

Is this the same as legal advice?

No — this is general information based on how the Best Interests Duty is commonly interpreted, not legal or compliance advice. Check current ASIC guidance and your own AFSL's compliance requirements before publishing testimonials.

Keep reading 🤍

• Negative Reviews for Financial Planners: What You Can (and Can't) Say Back
• The Trust Signals That Turn Website Visitors Into Bookings
• Marketing Compliance for Financial Planners: What ASIC Actually Restricts