In the realm of financial advice, we’re dealing with a unique set of circumstances. We’re a cottage profession, often representing relatively unknown brands, yet we’re entrusted with high-value, high-risk decisions. This high-trust context makes Google reviews far more important than one might initially think.
In this article, we will cover:
- Building trust through Google reviews
- The silver lining of negative reviews
- A lone voice vs the only voice
- Simplifying the review collection process
- Timing and process: When and how to request reviews
- Change management and measurement
1. Building trust through reviews
Google reviews serve a dual purpose. On one hand, they’re extremely beneficial for Search Engine Optimisation (SEO), helping your business become more visible online. On the other hand, and perhaps more importantly, they’re instrumental in building trust.
A study conducted by Northwestern University’s Spiegel Research Center found that online reviews significantly impact purchase decisions, particularly for high-value products and services. The research revealed that consumers are more likely to trust and engage with businesses that have positive online reviews. This is especially true for services that involve a significant investment or risk, such as financial advice.
2. The silver lining of negative reviews
While striving for a perfect 5-star rating is a common goal, it’s important not to fear the occasional 1-star review. In fact, these can be beneficial. A mix of reviews can lend authenticity to your business, showing that you’re transparent and honest. The Spiegel Research Center found the ideal rating was between 4.2 and 4.5.
However, it’s crucial to stay on top of these reviews. An ignored review can do damage, but a review with a prompt and thoughtful response can strongly drive a positive perception. It shows that you value feedback and are committed to improving your services.
If you’re integrating Google reviews into your website, which is highly recommended, it is important to consider filtering out 1-star reviews. While they can contribute to your overall profile, you would not want them to be prominently displayed to prospective and existing clients. We typically recommend filtering only 5-star reviews, and no longer than 4-stars.
Additionally, you might want to filter out specific words based on your particular circumstances. For example, if you previously organised a competition for an ‘iPad’ or if your business was mistakenly associated with another establishment that served ‘pasta’. If you need assistance with this process and would like professional help, please contact us.
3. A lone voice versus the only voice
You don’t have to believe in Google Reviews for them to believe in you. If you aren’t collecting and monitoring Google Reviews, it only takes one motivated single voice to go out of their way to give you a bad review, and you’ll wonder why business is so hard to get. It could have happened to you already.
(If this is you, contact us).
If you’re actively asking for Google Reviews, you can drown out any potential current or future voices. This can be the difference between a negative review being the only person to speak up, and being a lone voice in a crowd.
Word of warning: You should never chase inorganic reviews from competitions or buy them online. The risks far outweigh any potential benefits.
4. Simplifying the review collection process
Collecting Google reviews doesn’t have to be a complex task, and you certainly don’t need a specialised service for it. Google provides a simple way to generate a link that you can share with your clients, encouraging them to leave a review.
You can find instructions on how to do this here.
5. Timing and process: When and how to request reviews
From a process perspective, we recommend asking for reviews at strategic moments in your client interactions. The end of the Statement of Advice (SoA) Presentation meeting, where the excitement is high, or the Post-Implementation meeting, where the job is done, are both excellent opportunities.
Having a template for sending review requests directly from your CRM can streamline this process. Ensuring a template is used can help team members to identify quickly if a review has been already requested in the past.
However, it’s important to remember that in financial advice, unlike most contexts for a Google review, clients might want to provide personal details to give complete feedback.
To facilitate this, we recommend providing a simple survey via your website to capture direct feedback. You can see how this is done here.
6. Change management and measurement
Change management within your team is also critical. The review request template needs to be easily accessible, and your team should be constantly reminded and encouraged to use it. As the saying goes, “what gets measured gets done”.
Once you achieve consistency, include it in your review process for twelve continuous months as well, after which you can stop asking ongoing clients and only ask new onboards.
Curious to learn how your financial advisory could utilise Google Reviews? Book a complimentary chat with our experts here.
Google reviews are most powerful when they are visible beyond the search results page. Embedding a review widget on your website’s homepage or a dedicated testimonials page means prospective clients see social proof as they evaluate you. Individual reviews can also be repurposed as pull quotes in your email newsletter, shared as image posts on LinkedIn, or included in your new client welcome materials to reinforce that others have had a positive experience. If you use a CRM, consider tagging clients who have left reviews so you can reference that relationship context in future communications. One practical step worth taking: screenshot strong reviews as they come in and save them to a shared folder, as Google reviews can occasionally be removed by the reviewer or flagged in error, and having a record means you are not starting from scratch. There are a few layers to consider. ASIC’s guidance on advertising and promotional material applies to testimonials, and a Google review that speaks to the quality of your financial advice could be considered a testimonial under RG 234. This does not mean you cannot collect reviews, but it does mean you should not selectively promote only those that reference specific financial outcomes or returns. Asking clients to review their overall experience with your firm, your communication, and your service process is generally lower risk than prompting them to comment on investment performance. If you are unsure how your review collection process sits against your licensee’s compliance framework, raise it with your compliance manager before rolling it out. This article does not constitute legal or compliance advice, and you should seek your own guidance from a qualified compliance professional. If your firm collects personal information through a feedback survey, the Privacy Act 1988 (Cth) and the Australian Privacy Principles (APPs) apply. The APPs are a set of 13 legally binding principles that govern how organisations collect, store, use, and disclose personal information. In practice, this means your survey should only collect information that is reasonably necessary for the purpose, clients should know why you are collecting it and how it will be used, and you need to store that data securely. If a client provides their name, contact details, or any details about their financial situation in an open-text feedback field, that information is personal information under the Act. Review your privacy policy to ensure it covers the collection of feedback, and check that your website’s survey tool stores data in a way that meets your obligations. The Office of the Australian Information Commissioner (OAIC) publishes practical guidance at oaic.gov.au. This article does not constitute legal advice, and you should seek your own guidance on your specific obligations. When the article refers to filtering reviews displayed on your website, it means using a widget or embed that pulls your Google reviews via an API and applies rules to control which ones appear. An API (Application Programming Interface) is simply a connection between two software systems, in this case, between Google’s review data and your website. Most review display tools let you set a minimum star rating threshold, so only reviews with a rating at or above that threshold are shown. Some also allow keyword filtering, so reviews containing specific words can be excluded from display. This filtering only affects what appears on your website. It does not remove reviews from your Google Business Profile; all reviews remain publicly visible. If you are using WordPress, there are several plugins that offer this functionality, and your web developer can configure the rules to match your preferences. Your response is public, so prioritise professionalism. Acknowledge the experience without admitting fault or referencing any client-specific details (both create compliance and privacy risks). A measured template: “We’re sorry to hear your experience didn’t meet your expectations. We take all feedback seriously and would welcome the opportunity to discuss this directly. Please contact us at [phone/email].” Avoid mentioning the nature of advice given, account details, or anything that could identify the reviewer as a client. If the review appears fraudulent or from a non-client, flag it via “Report review” in Google Business Profile. Removal isn’t guaranteed as Google’s criteria are narrow, but it’s worth attempting in clear-cut cases.Google Reviews FAQs
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