What the SEC Marketing Rule and FINRA Actually Require for Your Website Content

The SEC Marketing Rule (Rule 206(4)-1, effective November 2022) defines advertisement broadly. Any communication that offers or promotes advisory services to more than one person qualifies. This includes your website, blog posts, social media, email newsletters, and yes—all SEO content you publish.

This is not legal advice. Work with your compliance counsel to apply these principles to your specific situation and registration status.

Under the Marketing Rule, an advertisement includes:

• Any communication disseminated by any means (digital, print, broadcast)
• Content that offers investment advisory services or seeks to obtain or retain clients
• Testimonials and endorsements (now permitted with required disclosures)

FINRA Rule 2210 categorizes communications differently. For broker-dealer representatives, communications fall into three buckets:

• Retail communications: Written content available to 25+ retail investors within 30 days (your website)
• Correspondence: Written communications to 25 or fewer retail investors
• Institutional communications: Content exclusively for institutional investors

Your website is a retail communication requiring principal approval before posting and ongoing supervision. If you're dual-registered (RIA + broker-dealer), every piece of content must satisfy both regulatory frameworks. The stricter standard applies where rules conflict.

Before November 2022, RIAs couldn't use client testimonials. The Marketing Rule changed this—but added specific requirements that matter for SEO and review strategies.

For testimonials (statements by current clients), you must:

• Disclose that the person is a current client
• State whether compensation was provided for the testimonial
• Include a statement that the testimonial may not be representative of other clients' experiences

For endorsements (statements by non-clients, including solicitors), additional disclosures apply. If you compensate someone for referrals or endorsements, a written agreement is required, and the compensation arrangement must be disclosed to prospective clients.

Google reviews and third-party review platforms: These count as testimonials under the Marketing Rule when they appear on or are linked from your website. Many compliance departments interpret this to mean you can't actively solicit Google reviews the way other businesses do. Others allow solicitation with proper disclosure frameworks.

The practical implication for SEO: review generation strategies that work for accountants or attorneys may create compliance issues for RIAs. Before implementing any review solicitation program, get written guidance from your Chief Compliance Officer or compliance consultant. Document everything.

State-registered RIAs should check their state securities board's advertising rules. Some states haven't fully adopted Marketing Rule-equivalent standards, creating a more restrictive environment.

Performance advertising triggers the most regulatory scrutiny. If you mention investment returns, portfolio growth, or client results anywhere on your website, specific rules apply.

Under the SEC Marketing Rule, performance advertising must include:

• Net-of-fees performance: Gross performance may only be shown alongside net performance with equal prominence
• Time periods: Performance for 1, 5, and 10-year periods (or since inception if shorter)
• Fair and balanced presentation: No cherry-picking favorable periods or accounts

Hypothetical and model portfolio performance faces additional requirements—these can only be shown to audiences "for whom the adviser reasonably believes the hypothetical performance is relevant." For a public website accessible to anyone, this creates complications many compliance teams resolve by simply avoiding hypothetical performance claims.

What this means for SEO content: Blog posts like "How We Helped Clients Achieve X Returns" or case studies showing specific portfolio growth create compliance exposure. Even general statements like "our clients typically see strong returns" can be problematic if not substantiated and properly disclosed.

Safer alternatives exist. You can discuss your investment philosophy, explain your process, educate on general market concepts, and build topical authority—all without making performance claims. The firms with the strongest SEO presence often excel at educational content rather than performance marketing.

Building a compliant SEO presence requires process, not just policy awareness. Here's a framework that works for firms across registration types.

Content review workflow:

1. Draft content with compliance principles in mind from the start
2. Flag any testimonials, endorsements, performance references, or third-party ratings
3. Submit to CCO or compliance reviewer before publication
4. Document approval with date and reviewer name
5. Establish review schedule for existing content (many firms do quarterly)

Required disclosures—where and how:

• ADV Part 2A references where appropriate
• Testimonial disclosures directly adjacent to the testimonial (not buried in footer)
• Performance disclosure in proximity to any return figures
• Material risks disclosed where investment strategies are discussed

Content types with lower compliance friction:

• Educational content explaining financial concepts
• Process descriptions (how you work with clients)
• Team biographies with verifiable credentials
• Community involvement and firm news
• FAQ content answering common prospect questions

These content types build the topical authority Google rewards while staying clearly within compliance boundaries. Many successful RIA websites generate significant organic traffic through educational content that never touches performance claims or testimonials.

Dual-registered advisors (affiliated with both an RIA and a broker-dealer) face the most complex compliance landscape. Your website content must satisfy SEC rules for advisory services and FINRA rules for securities activities—simultaneously.

FINRA Rule 2210 adds requirements beyond the SEC Marketing Rule:

• Principal pre-approval: Retail communications generally require registered principal review before first use
• Filing requirements: Certain communications must be filed with FINRA's Advertising Regulation Department
• Record retention: All communications must be retained for three years

Where your broker-dealer has a social media and marketing policy, that policy typically applies to your website content. Many B/Ds require all advisor websites to use approved templates or undergo firm review before launch.

State-registered RIAs (those with less than $100M AUM not registered with the SEC) follow state-specific advertising rules. These often mirror SEC standards but vary in important ways:

• Some states maintain pre-2022 testimonial prohibitions
• Performance advertising rules may differ in disclosure requirements
• Filing or registration of advertising materials may be required

If you serve clients in multiple states, the rules of each state where you have clients may apply to your website content. Check with your compliance resource about your specific state obligations. This educational overview cannot substitute for jurisdiction-specific legal guidance.

Use this checklist before publishing any website content. It's not exhaustive—your firm's compliance manual governs—but it catches common issues.

General requirements:

• Content is fair, balanced, and not misleading
• No promissory language ("will achieve," "designed to")
• Material facts are not omitted
• Risk disclosures accompany strategy discussions
• Credentials and affiliations are accurately stated

If content includes testimonials:

• Client/non-client status disclosed
• Compensation disclosed if applicable
• "May not be representative" disclaimer present
• Testimonial is from actual client (no fabrication)

If content includes performance:

• Net-of-fees performance shown (if gross is shown, net has equal prominence)
• Time periods specified
• No cherry-picked favorable periods
• Hypothetical performance only if audience is appropriate

If you're FINRA-registered:

• Principal review documented before publication
• Filing requirements checked
• Broker-dealer social media/marketing policy satisfied

Documentation:

• Date of approval recorded
• Reviewer name recorded
• Copy retained per retention policy

Building SEO for financial advisors that meets regulatory standards requires this level of process rigor. The firms that sustain organic traffic growth treat compliance as a feature of their content workflow, not an afterthought.