Marketing Intent founder and CEO Cherie Fournier explains how to capitalize through the proper use of the marketing rule.

How has the SEC marketing rule changed the way alternative investment firms approach marketing?

The SEC’s updated marketing rule has reshaped how firms communicate, especially those marketing to RIAs or using 506(c) structures. While the rule technically applies to registered investment advisers, it’s influencing marketing practices across the alternatives landscape. Firms must now approach their messaging with a much higher level of documentation, disclosure and transparency.

Performance marketing, in particular, has become more nuanced. Firms can still highlight results, but they must clearly distinguish between net and gross performance, disclose relevant timeframes, and avoid cherry-picking. The use of testimonials and endorsements is now permitted, but only with proper disclosures, especially when compensation is inv