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How Advisors Can Use Client Testimonials Under New SEC Rule

A guide for advisors on leveraging client testimonials effectively and compliantly under the updated SEC regulations.

Jeff Berman quotes Leila Shaver on the new Marketing Rule and what advisers can expect as the SEC comes into the 21st century.

Asked what exactly has changed with the new SEC rules, Leila Shaver, a lawyer who is founder of the law firm My RIA Lawyer and legal and compliance partner at Myriad Advisor Solutions, said with a laugh: “Everything.”

“Everyone wants that really happy client to be able to provide” testimonials such as a Google review, a Yelp review or to, in general, “write something down so they can post it on their website,” she said, adding: “You can now do it.”

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Author Bio

Leila Shaver is the Founder of My RIA Lawyer, a law firm that provides compliance and legal consulting for financial institutions. With extensive experience as a securities attorney and compliance expert, she has served as Chief Compliance Officer and General Counsel to RIAs, BDs, and TAMPs with billions in assets under management.

Leila understands the challenges RIAs face and is committed to helping RIAs streamline their processes, mitigate risks, and ensure compliance with regulatory requirements. She received her Juris Doctor from Atlanta’s John Marshall Law School and is a West Georgia Young Lawyers’ Association member. Leila has received numerous accolades for her work, including the Carroll County Bar Association’s Outstanding Young Lawyer Award in 2017.

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