What you can do with video and social media content under the SEC Marketing Rule for RIA. This is NOT LEGAL ADVICE. The objective of this is to be a working reference guide for founders/CCOs/marketing leads that want to produce and ship video and social content without having to burn through all available review cycles on every single piece of content produced.
You should run everything you publish by your CCO and/or outside counsel.
The SEC Marketing Rule in 60 seconds (Investment Advisers Act §206(4)-1)
The marketing rule was created by the SEC. According to Kaufman Rossin, this marketing rule was effective as of Dec. 22, 2020, however, advisers were able to implement compliance starting Nov. 4, 2022. This marketing rule has replaced both the advertising rules and the cash solicitation rules into a single principles-based standard.
This marketing rule will cover any form of direct or indirect communication where the firm offers its service to potential customers or offers new services to existing customers including but not limited to: blog postings, recorded videos, published podcast recordings, LinkedIn carousels, YouTube uploads, Instagram and TikTok uploads that offer services. However, live, unrecorded one-on-one communications are not included.
If a firm uses a live stream they have to remove it before re-publishing it. Smart RIA discussed social media compliance related to marketing rules.
Seven types of content can be specifically identified as being prohibited:
- Untrue statements
- Unsubstantiated statements
- Material misstatements
- Anything that presents information in an unfair or unbalanced manner
- Specific investment advice that is not fair and balanced
- Hypothetical performance of past investments unless the firm establishes appropriate policies
- Any other type of information that could be considered materially misleading (LeapXpert summarized the above).
In addition to prohibiting seven types of prohibited content there are three additional areas which receive substantive treatment: testimonials/endorsements and third-party ratings; and seven categories of defined performance. Each of these three areas receives separate coverage below.
Testimonials/endorsements: what RIAs can do now under the new rules (and disclosure requirements)
Historically the advertising rule would essentially ban client testimonials. The current rules allow such testimonials under certain conditions. A testimonial refers to a statement made by a current client or investor about his/her experience with a registered investment advisor.
An endorsement refers to the same type of statement made by someone who is NOT a client. Because both are the same type of statement they require the same type of disclosure requirements. Such disclosures need to appear clearly and prominently in the testimonial (Comply covered testimonials and endorsements).
Required disclosures inside a testimonial/endorsement:
- Whether the person making the statement is currently a client/investor;
- Whether he/she received cash or non-cash compensation;
- Any material conflicts of interest.
A “compensated” relationship includes more than just writing a check. For example, providing a reduced advisory fee for referrals, negotiating favorably regarding investment terms, paying for travel expenses related to meeting with investors, all constitute compensation.
Additionally, the firm must provide evidence of any quid pro quo (the act of receiving something in exchange for doing something else) and make the same available for public viewing. In order to use a testimonial or endorsement a reasonable belief exists that the testimonial meets the criteria outlined in the rule. In addition, the firm must maintain documentation of this fact within its books and records (ACA Global on the SEC Risk Alert).
Example of a correctly done testimonial video:
A current client states on film she has been working with the firm for six years and enjoys her quarterly reviews. Throughout the lower portion of the screen: “current client,” “no cash or non-cash compensation,” “no material conflict.” Final card: “past performance does not determine future performance. Investment Advisory Services offered through [firm name] a registered investment advisor.” The firm files the signed release and reasonable-basis memo.
Incorrect endorsement – wrong way to post an endorsement online:
Podcast host (not client) provides positive endorsement of financial adviser after receiving complimentary travel to podcast recording site. Firm posts video clip to LinkedIn without disclosing travel costs. Regardless if endorsement is factual, a violation occurs.
For dual-registered representatives add FINRA Rule 2210. Refer to our FINRA Rule 2210 video reference for dual-registered reps.
Third-party ratings – when permitted, what to disclose
When permitted (as per Barron’s Top Advisors, Forbes Best-In-State, Five-Star Wealth Managers) advisers may allow third-party ratings, only if they have a good faith belief that the method used to obtain the rating will not be misleading (this was explicitly noted in the SEC’s December 2025 compliance observations) (Alston on SEC compliance observation), and if they clearly and prominently disclose: the date or time frame of the rating, who gave the rating, and whether or not there were any payments to receive the rating or to utilize their logo.
A common violation: posting a “top advisor 2024” logo on the home page of their site, without mentioning who issued it, when it was done, or how much money they spent to purchase the license to use the logo. While logos are acceptable, omitting the above is not.
The SEC updated their January 2026 FAQ guidance, which loosened up many requirements regarding net performance issues, but did not alter the disclosure obligations surrounding third-party rating use (McGuireWoods on the 2026 FAQs).
Advertising performance & hypothetical performance (seven definitions)
This is where most enforcement risks occur. The rule identifies seven categories of performance and states what disclosures/justifications must accompany such performance statements:
- gross (must state both gross and net performance next to each other in substantially the same size);
- net (net-of-fees; the January 2026 FAQs provided increased flexibility when utilizing actual fees versus mandated model fee structures (Alston on the 2026 FAQs));
- related (similarly situated accounts);
- extracted (a subset of a portfolio account; all accounts within the portfolio must also be offered for sale);
- hypothetical (back-testing; models; targets; projections; must contain policies assuring suitability of the audience and assumptions/risk disclosure; most companies limit these types of performances to institutional);
- predecessor (accounts created by prior company but held by same professionals);
- third-party (must include substantiation and originator).
Default position: in order to post any performance-related materials on any retail-facing video/blog/social media outlet, either a CCO must explicitly approve such content and/or outside counsel.
Past performance is not necessarily indicative of future results. Books and records must be maintained to support every claim made in advertising (DWT Marketing Rule takeaways).
The hypothetical performance trap: holding a webinar discussing “how a $500K Roth conversion may have performed over 10 years using historical S&P returns”. This would qualify as hypothetical performance presented to a retail audience which falls under Section 206(4)-1(d) of the SEC rules. Posting this on YouTube without including the conditions identified under Section 206(4)-1(d) would create an enforcement issue.
Video-specific application: intro reels, market updates, FAQs, client anniversary videos
Video is the most effective form of marketing for advisers and also creates the greatest amount of compliance problems due to the ability to attach a face and voice to every claim that is made.
Intro reels. 60 – 90 seconds. Limit services described to those listed on Form ADV Part 2. Do not make any outcome statements. Include closing card disclosure with regulatory name and registration. Low-risk as long as scripted and reviewed by compliance.
Market update videos. Weekly or monthly commentary about markets/rates/economic data. High-risk: implied investment advice. State clearly that such commentaries are general information only; avoid ticker-specific buy/sell language; include on screen “not investment advice; consult your advisor” and in description.
FAQ videos. Short answers to client questions (“what is a fiduciary?” “how do you charge?”). Low-risk as long as all language matches current ADV. Potential risk appears when an FAQ implicates a service that has been described on the ADV but wasn’t offered.
Client anniversary videos. Each time a client appears on camera it will qualify as testimonial activity which requires full disclosure stack. Identify the disclosure stack and add it to the graphic from storyboard stage rather than post-production.
For more ideas regarding creating a comprehensive format library see our “25 advisor video ideas + workflow for compliance”.
Social media application: LinkedIn, YouTube, Instagram, TikTok
Every social media platform applies the same rule differently.
LinkedIn is the highest-volume channel for most RIAs and also subject to the greatest amount of monitoring by the SEC. Comments and shares can be considered testimonials even if they were posted independently by clients.
By choosing to like or share a third-party post (like, share, pin), the firm may incorporate the third-party’s content into their own communications. Default position: never choose to like or share client praise without applying the disclosure requirements to the reshare.
YouTube counts as advertising for any video promoting services on a firm or advisor channel. Disclosures must appear within the video itself (lower-thirds, end-cards), as well as within the video description. Comments need to be monitored and archived.
Instagram and TikTok add additional risk due to the shorter length of the posts. Captions must contain disclosures that cannot be included in the video itself. Stories and Reels expire quickly however remain advertising during their active lifespan and for recordkeeping purposes after expiration.
Regardless of the social media platform used, books and records under Rule 204-2 require retention of advertisements (including social posts/videos) in a reproducible format for examination purposes (Smarsh on social missteps regarding compliance). Archive every published post; do not rely upon the platform’s archive functionality.
CCO review workflow (templated cycles to ship faster)
Why many RIA marketing teams miss deadlines: compliance reviews typically occur on an ad hoc basis versus on a calendar basis. Best methodology: tiered workflow schedule with recurring CCO slots (Luthor on SEC Marketing Rule workflow).
Intake form contains asset type, distribution channel, target audience, and relevant ADV section(s). Screening process (AI or junior compliance) handles testimonials, performance statements, rating uses, prohibited content. CCO performs substantive review against §206(4)-1 of the SEC rules, ADV section(s) and FINRA Rule 2210 for dual-registered representatives.
Approved assets log to books and records with version control, expiration dates, approval chain. Small RIA producing four videos and twelve social posts a month can achieve average seven-day review timeline once templates exist (versus 21-30 day timelines for customized review processes) (Smart RIA on ad review workflow). What details teams typically miss: written phrase list (“guaranteed,” “always,” “no risk,” “best performing,” “predicted range”) for editors/writers – not a discovery item in round three.
Common violations/recent enforcement examples
Recent SEC enforcement actions under the Marketing Rule cluster around a few issues (DWT Marketing Rule takeaways):
- Performance statements without proper net pairing/substantiation. Charging gross-only performance fees to retail audiences for hypothetical performance without §206(4)-1(d) conditions in place.
- Testimonials/endorsements without required disclosures. Posting positive feedback from clients on social media or website without disclosure regarding whether compensation was paid to them for praises given or conflicts of interest.
- Third-party ratings without review of methodologies used to obtain rating or disclosure of payment received for rating/license usage. Displaying top-advisor badges without reviewing publisher’s methodology used to obtain rating or naming fee charged to purchase license rights.
- Failure to maintain books and records. Failure to maintain advertisements in a format which can be reproduced for examination purposes.
- Presenting hypothetical performance to retail audiences. Presenting projected, target or back-tested returns without policies confirming suitability of audience.
We don’t identify companies here. The pattern is more important than who they are.
(Vidpros original) Compliance-reviewed video script library – what to add | what to cut
Our video script library used for advisory clients is limited in size but highly specific.
All standard adds (every script): firm regulatory name & registration; role of advisor; required platform-specific disclosures; “past performance does not guarantee future results” wherever historical references are mentioned; “general information, not investment advice” framing.
Conditional adds (when applicable): full testimonial disclosure stack for any client appearing in video; rating disclosure (publisher/publish date/compensation) for any third-party rating displayed; category performance disclosure for any performance figure displayed.
Standard cuts: “guaranteed,” “always,” “never,” “no risk,” “best-in-class,” “outperforms,” predicted return ranges, peer comparisons without methodology provided, specific securities without fair-and-balanced presentation.
Cross-reference Form ADV: each line describing a service/fee/strategy in a script will include an ADV Part 2 reference in the script footer for the CCO to verify.
The SEC’s Marketing Rule (Marketing Rule; Rule 206(4)-1) requires RIAs to maintain books and records to demonstrate their ability to meet the Marketing Rule. Therefore, all marketing rule material produced by an RIA (which can include but are not limited to, social media posts, videos, scripts etc.) shall be preserved in a format that allows them to be reproduced so they can be used by regulators as part of a review.
There are many formats that may be employed for bookkeeping and recordkeeping purposes. However, due to the requirement for quick access to all advertising communications made by the firm, as well as all documentation related to obtaining approvals on those communications, third-party archiving software will typically be utilized.
Additionally, to utilizing third-party archiving software for retaining data related to compliance, employee education/training is also necessary for compliance with the Marketing Rule. This includes all employees who interact with either current or past clients or create communications that are likely to be considered “advertising” or “testimonial.” As such it is imperative that all employees have a clear understanding of what constitutes the required disclosure(s).
Providing repeated training will help establish a culture of compliance within your company and assist in reducing the risk of non-compliance by virtue of employee ignorance regarding certain aspects of the Marketing Rule (such as social media interactions).
The compliance-friendly RIA marketing rule playbook contains the channel-level workflow and our RIA marketing plan template contains the production calendar. See our financial services marketing compliance reference and our advisor marketing rule playbook for broader context.
SEC Marketing Rule FAQs for video & social
Is a recorded podcast considered advertising?
Yes, once released if services are discussed. Live one-on-one is exempt; republished recordings are not.
Can I mention specific securities on YouTube?
Only if you provide a fair-and-balanced presentation. Default conservative position: general categories only / no specific buy/sell language on retail-facing video.
Are LinkedIn comments considered testimonials?
They can be. A current client commenting “great firm” is a testimonial. When you choose to like/share/pin someone else’s comment it can become part of your firm’s communications and require disclosures.
Do I have to archive Instagram Stories?
Yes. Rule 204-2 requires maintaining reproductions of advertisements in a format examiners can access. Utilize an archiving tool or save screenshots before expiration occurs.
Must I maintain consistent Form ADV descriptions?
Yes. At all times when services/fees/strategies are being marketed via video/script/etc., check current ADV Part 2 for identical descriptions. If marketing utilizes different wording than what appears in current ADV Part 2 change marketing rule or modify the ADV accordingly.
The books-and-records expectations are extremely stringent and the disclosure stack cannot be negotiated around. Develop compliant workflow processes properly in advance of shipping. Contact us when you’re ready to send us a script and we’ll produce a 60-second sample edit on us so your CCO sees the format before committing your firm to it.
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Sources of Information: Investment Advisers Act Section 206(4)-1 (became effective December 22, 2020 and is in effect as of November 4, 2022); SEC Risk Alert; SEC January 2026 FAQs and December 2025 Observations on Compliance with the SEC Marketing Rule; Troutman, DWT, Alston, McGuireWoods, Kaufman Rossin, ACA Global, LeapXpert, Comply, Smart RIA, Smarsh, Luthor, Marketing Rule prohibits
Disclaimer: This general information is about the Securities Exchange Commission (“SEC”) Marketing Rule regarding Registered Investment Advisors (“RIAs”). It is NOT Legal Advice or Compliance Guidance. Please consult your Chief Compliance Officer and outside counsel. Past performance may not be indicative of future results. Advisory Services are provided by your registered investment advisor for marketing rule prohibits
