Inverted commas for a testimonial

How should the inverted commas go in a testimonial. For example

“ Dear ABC
Xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Thank you
Sincerely
XYZ”

Or should the inverted commas be placed on the testimonial content only ...Without having the open inverted comma at the start of Dear, and the close inverted comma at XYZ as in

Dear ABC
“ Xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx”

Thank you
Sincerely
XYZ