LinkedIn, Investment Advisers Like SEC Bid to Allow Testimonials

An SEC plan to let investment advisers use testimonials in their online marketing has generated positive buzz within the financial services and social media industries.

LinkedIn Corp. and the Investment Adviser Association are among several organizations that recently told the Securities and Exchange Commission they supported the idea, though they said it wasn’t perfect. Their input came as part of a comment period that ended Feb. 10 for the plan, which also proposed updates to other parts of the SEC’s advertising and solicitation rules for advisers.

Current SEC regulations prohibit advisers from using testimonials to promote themselves, including on ...