SEC Ruling and Third Party Review Sites



At the end of March, the SEC quietly published IM Guidance Update No. 2014-4.  This memorandum will allow investors to review client opinions of investment advisers or investment advisory representatives (IARs) that are posted by a third party. 

IM Guidance Update No. 2014-4 specifically addresses the issue of independent, third-party review sites and allows independent third-party sites to publish testimonials about an investment adviser or IAR.  The third party must be independent of the adviser and the adviser can have no control over the information posted.  Additionally, the independent social media site may include a mathematical average along with the public commentary.

Millionaire Corner ( is one of the first to accommodate consumers following the new SEC Guidance with its Best Financial Advisors service, a reviews platform for more than 1,200 advisers across the U.S.

“We are pleased that the SEC has realized the value that a service like this provides for investors,” states Catherine McBreen, President of Millionaire Corner. “Our research shows that advisers often believe they know what their customers want, but research with the customers shows otherwise.  This will be an invaluable tool to bridge that gap and benefit both investors and advisers.”


Click here to be directed to the Best Financial Advisors service