Under the marketing rule, a testimonial is a statement by a current client about their experience with the adviser. An endorsement is a statement by a non-client recommending the adviser.
Both are now permitted in adviser marketing materials (previously prohibited) but require disclosure of compensation, material conflicts, and other specified information. Paid solicitation arrangements are regulated as endorsements.
This article is for informational purposes only and does not constitute legal advice. Consult qualified professionals for guidance specific to your situation.