So this is a brilliant way to attract more visibility in the financial services industry. If you are a compliance or law firm, create a checklist designed to help advisors navigate the complexities of the new SEC regulation related to testimonials, endorsements, and marketing. This free, downloadable PDF -- which presents an if-this-then-that type of checklist -- will be very helpful for advisory firms as they prep for the November 4, 2022 compliance date for the Securities and Exchange Commission’s Marketing Rule.
According to an Investment Adviser Association poll, Registered Investment Advisors viewed the new marketing and advertising rule as the hottest compliance topic in 2021.
Many thanks to law firm Eversheds Sutherland for putting this checklist together, and also to Melanie Waddell at ThinkAdvisor.com for bringing this to our attention.
The SEC released a FAQ on the rule last April, warning that the agency didn’t “want firms to partially comply with this rule” before November, Amy Lynch, founder and president of FrontLine Compliance, told ThinkAdvisor in a previous interview. The use of testimonials and endorsements “before the firm is fully compliant and updating its compliance [policies and procedures] … that is a huge risk to the firm,” Lynch said.
Read the article and download the check list here: