Marketing for US Registered Investment Advisers
This page is for advisers registered with the SEC in the United States. US rules differ from Canadian rules, so read it separately from the rest of this guide.
Which rule governs marketing for US investment advisers?
Marketing by SEC-registered investment advisers is governed by the SEC Marketing Rule, Rule 206(4)-1, which replaced the older advertising and cash solicitation rules. The SEC's small entity compliance guide on investment adviser marketing says the rule took effect May 4, 2021, with a mandatory compliance date of November 4, 2022.
State-registered advisers and broker-dealers have their own rules. This page covers the SEC Marketing Rule only. It does not apply to Canadian advisors, whose rules are on compliant marketing in Canada.
Can US advisers use testimonials and endorsements?
Yes. Under the SEC Marketing Rule, testimonials and endorsements are allowed if the advertisement clearly discloses whether the person is a client, whether they are compensated, and related compensation and conflict details. Advisers must oversee compliance and generally need written agreements with paid promoters, with exceptions for affiliates and for promoters paid $1,000 or less in the preceding twelve months. Certain disqualified persons cannot be paid promoters.
| Requirement | What it means in practice |
|---|---|
| Client or non-client disclosed | Say whether the person is a current client |
| Compensation disclosed | Say whether they were paid or given anything of value |
| Conflicts disclosed | Explain material conflicts from the relationship |
| Oversight | Reasonable basis to believe the disclosures were made |
| Written agreement | Generally required for paid promoters, with exceptions |
How should US advisers use reviews and ratings?
US advisers can use third-party ratings if they meet the rule's preparation criteria and include required disclosures. Online reviews on platforms can count as testimonials, so whether and how you request, share or respond to them should follow your compliance policy. A review program that asks all clients, discloses properly and avoids cherry-picking is easier to defend.
Review routines are covered on client reviews and retention and Google profile and reviews.
Disclose first, then display.
A testimonial without its disclosures is a compliance problem waiting to be found.
How should US advisers present performance?
US advisers who present performance must show net performance alongside gross performance, generally cover specified time periods, and avoid cherry-picking portfolios. Hypothetical and predecessor performance face additional conditions. Many smaller advisers keep performance out of public marketing entirely and focus on process and planning.
| Higher risk | Lower risk |
|---|---|
| Model portfolio returns on the homepage | A clear description of your planning process |
| "Top-rated adviser" without rating disclosures | A rating shown with the required disclosures |
| Paid referral partners without agreements | Written promoter agreements and disclosures |
How should US advisers work with referral partners?
US advisers who pay referral partners must treat them as promoters under the rule: written agreements where required, disclosures to prospects, and oversight. Unpaid referrals from accountants and attorneys still benefit from clear processes. The referral approach itself is on referrals and centres of influence, and LinkedIn content on LinkedIn.
What should a US adviser website include?
A US adviser website should include who you serve, your services and process, how you are paid, your Form ADV link, disclosures required for any testimonials, endorsements or ratings shown, and a clear way to book a conversation. Keep a record of each version for your books and records obligations.
Structure is on website design.
Frequently asked questions
Can US investment advisers use testimonials?
Yes, under the SEC Marketing Rule, with required disclosures and oversight.
When did the SEC Marketing Rule take effect?
It took effect May 4, 2021, with mandatory compliance from November 4, 2022.
Do online reviews count as testimonials?
They can. Follow your compliance policy on requesting and displaying them.
Can I pay for referrals?
Yes, as promoters, with written agreements where required and disclosures.
Must I show net performance?
If you show gross performance, net performance must accompany it.
Do these rules apply in Canada?
No. Canadian advisors follow Canadian rules, covered on a separate page.
Can I show third-party ratings?
Yes, if the rating meets the rule's criteria and you include required disclosures.
Sources & further reading
Platform rules and local programs change. These sources let you check the facts on this page, last checked October 21, 2026.