Marketing a financial advisory firm has never offered more possibilities.

Advisors can publish videos, host podcasts, share client reviews, promote awards, purchase online leads, post on social media, and distribute educational content directly to clients and prospects.

But every new marketing opportunity also creates another potential compliance obligation.

During a recent Financial Experts Network webinar, securities attorney Michelle Atlas-Quinn explained how the SEC’s Investment Adviser Marketing Rule applies in practice—and why regulators are now examining firms’ marketing programs so closely.

Her central message was clear: the Marketing Rule allows advisors to promote their businesses in more ways than before, but firms must be able to prove that their marketing is truthful, balanced, properly disclosed, reviewed, and preserved.

You May Be Advertising More Than You Realize

Some advisory firms say they do not advertise because they rely primarily on referrals.

Then they mention that they have a website, send newsletters, post on LinkedIn, participate in educational seminars, purchase online leads, or share media appearances.

Those activities may still constitute marketing.

A communication can fall under the Marketing Rule when it directly or indirectly offers an adviser’s services to prospective clients or promotes additional services to existing clients. Covered communications may include:

• Websites and landing pages
• Email campaigns
• Social media posts
• Videos and podcasts
• Seminars and presentations
• Referral campaigns
• Lead-generation programs
• Client reviews
• Awards and third-party rankings
• Performance presentations

Even a short video emailed to clients may require review if it promotes a service they do not currently receive.

That does not mean advisors should avoid marketing. It means firms should understand what they are distributing, why they are distributing it, and which compliance requirements apply.

Every Factual Claim Needs Support

One of the most important lessons from the session was that advisors should be prepared to substantiate every material statement in their marketing.

Consider claims such as:

• “We manage more than $1 billion.”
• “Our advisors have more than 100 years of combined experience.”
• “We are one of the leading firms in the region.”
• “Our process is conflict-free.”
• “Our strategy reduces risk.”
• “Our advisor has been featured in major publications.”

An examiner may ask the firm to prove each of those statements.

Michelle shared an attendee’s experience with a California examination in which the regulator requested evidence that the advisor had graduated from a particular college, taught financial courses at a university, and was published in business publications decades earlier.

The takeaway is not that firms should remove legitimate accomplishments from their websites. It is that they should maintain an organized substantiation file.

That file might include diplomas, designation records, assets-under-management reports, copies of articles, award methodologies, performance calculations, or any other documentation supporting statements made to the public.

If a claim sounds factual, assume someone may eventually ask for the evidence.

Client Testimonials Are Allowed—but They Are Not Informal

Under the modern Marketing Rule, advisory firms may use testimonials and endorsements. That represents a major change from the previous prohibition.

However, firms cannot simply copy a positive Google review onto their website and consider the process complete.

A testimonial generally comes from a current client or private-fund investor. An endorsement generally comes from someone who is not a current client, such as an attorney, CPA, influencer, consultant, or lead-generation provider.

When a firm uses one of these statements, it may need to disclose:

• Whether the person is a client
• Whether the person received compensation
• Whether a material conflict of interest exists
• The nature of any compensation or economic benefit

Compensation is not limited to cash. It may include reduced fees, gifts, entertainment, reciprocal referrals, free services, or other benefits.

For example, suppose an attorney regularly refers clients to an advisory firm, and the advisor sends estate-planning business back to that attorney. Even if no money changes hands, that reciprocal relationship may represent indirect economic compensation that should be analyzed and disclosed.

When compensation reaches the applicable threshold, a written agreement may also be required.

Be Careful When Republishing Online Reviews

An independently posted Google review is generally outside the firm’s direct control.

That changes when the advisory firm copies the review onto its own website, social media account, brochure, or email campaign. Once the firm republishes the review, it has adopted the content and becomes responsible for presenting it properly.

A straightforward disclosure might state that the reviewer is a current client, received no compensation, and has no material conflict of interest.

When compensation or another benefit exists, the disclosure must explain it accurately.

The same principle applies to media appearances. An advisor may make statements during a live television or radio interview. If the firm later clips the interview and posts it on its website or YouTube channel, the firm has adopted that content and should review it as marketing before publication.

Awards and Rankings Can Be More Trouble Than They Appear

“Top Advisor.”

“Five-Star Wealth Manager.”

“Best Financial Firm.”

Those titles look impressive on a website or email signature, but they can create significant compliance risk when the methodology is unclear.

Before promoting an award, firms should understand:

• Who created the ranking
• When it was awarded
• What time period was evaluated
• How many firms or advisors were considered
• Which factors were used
• Whether the firm paid an application, licensing, or advertising fee
• Whether the methodology allowed both favorable and unfavorable responses

The webinar included an example of a firm promoted as one of the leading advisors in its metropolitan area. During an examination, regulators discovered that the ranking was based only on assets under management—not client satisfaction, investment performance, planning quality, or service.

That distinction needed to be made clear.

Another common mistake is leaving an old award on a website without identifying the year. A 2022 award displayed in 2026 can appear current unless the date is prominent.

Advisors should also be skeptical of “pay-to-play” ratings that require substantial fees but involve little or no meaningful evaluation. Even when such an award can technically be disclosed, firms should consider whether it adds enough marketing value to justify the compliance and reputational risk.

Performance Advertising Requires Extra Caution

Performance advertising is one of the most technical areas of the Marketing Rule.

When an adviser presents gross performance, it generally must also present net performance with equal prominence, using the same time periods and methodology. A firm may show net performance by itself, but it generally should not show only gross performance.

Depending on the presentation, firms may also need to show prescribed one-, five-, and ten-year periods.

Advisors must also avoid cherry-picking.

A firm cannot highlight its best-performing account, recommendation, or strategy while ignoring materially related results that were less favorable.

Other performance presentations—such as extracted performance, predecessor performance, or hypothetical results—carry their own requirements.

Hypothetical performance is especially sensitive. Back-tested models and projected returns must be accompanied by appropriate policies, assumptions, limitations, and audience analysis. Posting hypothetical results broadly on a public website can be difficult to defend because the firm may not know whether the presentation is relevant to each viewer’s financial circumstances.

Social Media Belongs in the Compliance Program

Social media creates two important concepts: adoption and entanglement.

A firm may adopt third-party content by linking to it, reposting it, quoting it, or embedding it on its website.

A firm may become entangled with content when it helps create, edit, shape, or encourage someone else’s post.

That means an advisor cannot always avoid responsibility by saying, “Someone else posted it.”

Personal LinkedIn profiles also deserve attention. When an advisor’s page discusses the firm, professional experience, investment philosophy, or services, regulators may treat the page as business-related marketing.

Firms should establish clear policies concerning:

• Approved platforms
• Business and personal accounts
• Required review
• Archiving
• Employee training
• Third-party posts
• Links and reposts

The same applies to influencers and lead-generation companies. When another business markets the advisory firm, the advisor should understand exactly what is being said and retain copies of the advertisements.

Educational Content Is Still Content That Needs Review

Educational blogs, videos, newsletters, and podcasts generally present less risk than performance claims or testimonials.

But “educational” does not automatically mean “outside the Marketing Rule.”

A firm publishing educational content is often using that material to demonstrate expertise and attract clients. The content should therefore be accurate, balanced, substantiated, reviewed, and archived.

A quarterly economic newsletter sent only to existing clients may not officially qualify as an advertisement when it offers no new services. Even so, Michelle recommended retaining it and documenting that someone reviewed the material and determined that it did not contain a prohibited recommendation or promotional claim.

This is particularly important because regulators may still request the communication during an examination.

Good Recordkeeping Can Make an Examination Much Easier

Marketing compliance is not complete when an advertisement is approved and published.

Firms must be able to reconstruct what happened.

That may require retaining:

• The final advertisement
• Approval records
• Supporting sources
• Performance calculations
• Testimonials and disclosures
• Promoter agreements
• Compensation records
• Award methodologies
• Social media posts
• Website versions
• Audio and video files
• Scripts and transcripts
• Vendor contracts
• Testing records

Michelle recommended maintaining a website change log that records what was changed, when it changed, who reviewed it, and when the revised version was published.

This can be relatively simple. A small firm might maintain dated PDFs and an Excel spreadsheet. A larger organization may use specialized compliance and archiving software.

The technology matters less than the firm’s ability to demonstrate that reviews actually occurred.

Compliance Should Be Involved Before Marketing Goes Live

One of the most common problems occurs when the marketing team launches an exciting new campaign and tells compliance afterward.

By then, the firm may already have:

• Published an unapproved claim
• Entered an inadequate vendor agreement
• Failed to provide required disclosures
• Used an ineligible promoter
• Omitted required Form ADV information
• Failed to establish an archiving process

Compliance should be involved before a firm begins using a new referral program, testimonial service, lead-generation vendor, social media platform, performance presentation, or third-party award.

Preapproval is not required for every piece of content in every firm. Procedures should be tailored to the organization’s size, risks, and marketing activities.

But there must be a process—and the firm must follow it.

The Real Lesson: Marketing Is a System, Not a Single Advertisement

The Marketing Rule is not designed to prevent advisors from telling their stories.

It is designed to prevent investors from being misled.

The firms best prepared for regulatory examinations will not necessarily be those that market the least. They will be the firms that can show how each communication was created, reviewed, substantiated, approved, published, monitored, and retained.

Marketing and compliance do not have to work against one another.

When they work together from the beginning, advisors can promote their services confidently while protecting clients, their firms, and their reputations.

Five Questions Advisors Frequently Ask About the Marketing Rule

1. Can an advisory firm use client testimonials?

Yes. Client testimonials are permitted when the firm satisfies the Marketing Rule’s disclosure, oversight, eligibility, and recordkeeping requirements. The firm should clearly identify whether the reviewer is a current client, whether compensation was provided, and whether material conflicts of interest exist.

2. Does a firm need to disclose that it paid to receive or use an award?

Generally, the firm should disclose material payments associated with an award, including application, advertising, or licensing fees. It should also explain the award date, evaluation period, organization, methodology, and limitations necessary to prevent the ranking from being misleading.

3. Is an educational newsletter considered an advertisement?

It depends on its audience and content. A newsletter sent only to existing clients that provides general economic information and does not offer new services may fall outside the definition. A newsletter sent to prospects or used to promote the firm is more likely to be advertising. In either case, the firm should review and retain it.

4. Can an advisor show net performance without showing gross performance?

Yes. A firm may generally present net performance alone. If it presents gross performance, it generally must also present net performance with equal prominence, over the same periods, and using the same methodology.

5. What is the simplest marketing compliance process for a one-person firm?

A sole proprietor can maintain a practical process by reviewing each item before publication, recording the review date, saving the final version and supporting evidence, archiving website changes, and conducting a documented periodic review of all marketing. The process may be simple, but it should still produce evidence that the Marketing Rule was considered and followed.