How to Write a Financial Planner Case Study That Stays on the Right Side of ASIC Guidance
Please note: this is general information, not financial advice — check current ASIC guidance and your AFSL compliance requirements before publishing any client-based content, since requirements can be specific to your licensee and your circumstances.
One of the more common questions I get from financial planning clients is some version of "can we even do case studies?" — usually asked by someone who's spent time in allied health marketing, where the answer for health testimonials is a flat no. Financial advice sits in a genuinely different regulatory position, and that's good news, because a real client story — told well and told carefully — is one of the most persuasive things you can put on a website. The catch is that "different rules" doesn't mean "no rules," and getting this wrong isn't just a marketing mistake, it's a compliance one 💖
What most firms get wrong with case studies
The two failure modes sit at opposite ends. Some firms avoid client stories entirely, convinced (often based on health industry rules that don't actually apply to them) that any client-based content is off limits — and lose one of the most effective forms of content they could be using. Others go the other way and write case studies that read like investment performance brochures, naming specific returns or implying "this is what we'll do for you too," which is exactly the kind of framing that risks blurring general and personal advice, or implying a typical result that wasn't actually typical. The safer middle ground is case studies about the planning process, the problem, and the relationship — not the numbers.
The general-principles checklist for a compliant case study
- Get documented, informed consent before you draft anything — explain exactly what will be published and where, and keep a written record of the client agreeing to it, not just a verbal yes in a meeting.
- De-identify where it doesn't change the value of the story — a first name change, a rounded age bracket, or "a client in a similar situation" often tells the story just as well without identifying someone's exact financial position to anyone who knows them.
- Focus on the planning process, not investment performance — what the client's situation and goals were, what the advice process involved, how the relationship worked — rather than specific dollar figures or returns.
- Avoid language that implies a typical or guaranteed result — phrases like "clients like you will see," "you can expect," or "most clients achieve" turn a single story into an implied promise, which is the territory to stay well clear of.
- Keep the advice distinction clear — be careful that a case study doesn't read as if it's providing general or personal advice to the reader; it's describing one client's experience, not making a recommendation to whoever's reading it.
- Have it checked against your current AFSL compliance requirements before publishing — this is the one step that shouldn't be skipped regardless of how careful the drafting feels.
How to actually set this up
Start with a short written consent form specifically for case studies and testimonials — separate from your general engagement paperwork — that spells out what will be published, where, for how long, and that the client can ask for it to be taken down later. Draft the story focusing on the client's starting situation, the questions they had, and the planning process, and have a second person (ideally your compliance function or AFSL contact) review the draft specifically for language that could read as implying a guaranteed or typical outcome before it goes anywhere near your website. Keep a simple log of which case studies have current, valid consent on file, and review it periodically — consent given two years ago for a specific use doesn't necessarily cover a new use you think of later.
Mistakes to avoid
- Publishing without documented consent: a verbal agreement in a meeting isn't the same as a written record you can point to later.
- Quoting specific investment returns or dollar outcomes: this is the fastest way to blur the line between a story and an implied guarantee.
- Using "clients like you" or "most clients" framing: it turns one person's experience into an implied promise to everyone reading it.
- Assuming AHPRA-style testimonial bans apply to financial advice: the rules are genuinely different, but borrowing the wrong industry's assumptions either way (too cautious or not cautious enough) leads to poor decisions.
- Skipping compliance review because the draft "feels fine": language that reads as harmless to a marketer can read very differently to someone checking it against current AFSL and ASIC requirements.
Frequently asked questions
Can we use a client's real name and photo in a case study?
Only with clear, documented, informed consent specifically for that use, and even then it's worth discussing with your AFSL compliance contact whether a real name and photo adds enough value over a de-identified version to be worth the added disclosure obligations.
Is a written testimonial different from a case study, compliance-wise?
They raise overlapping but not identical considerations — a testimonial is typically a client's own words about their experience, while a case study is usually written by the firm. Both need consent and both need care around implying guaranteed or typical results, but it's worth checking current ASIC guidance on each specifically rather than assuming the same rules apply identically.
Can we mention specific investment performance in a case study?
This is genuinely one of the higher-risk areas, and the honest answer is: be very cautious, and get it checked. Specific performance figures are the part most likely to blur the line between general information and something that reads as personal advice or an implied typical outcome, so many firms choose to leave performance numbers out entirely and focus on the process instead.
Do we need a lawyer or compliance consultant to review every single case study?
Not necessarily every one, if your AFSL has already approved a clear template and checklist that case studies are written against — but any case study that deviates from that template, or that involves actual figures, is worth a specific review rather than assuming the general approval covers it.
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