In late 2020, the SEC announced it had finalized changes to its marketing rule for financial advisers. The amendments create a single rule that replaces the pre-existing advertising and cash solicitation rules.

The rule’s broadly drawn limitations and principles-based provisions are designed to accommodate the continual change in technology and ever-expanding ways in which advisers may promote themselves to the investing public. The rule now allows advisers to use client testimonials and endorsements in their marketing content, which is a key change and focal point for many advisers.

Advisers are required to be compliant with these rule changes effective Nov. 4, 2022. The SEC marketing rule document checks in at a hefty 430 pages, so there’s plenty of nuance for advisers to navigate as they work to stay in compliance.

To help you stay on track, we will take a look at the definition of an advertisement, the rules regarding using client testimonials, complianc