What the SEC Marketing Rule and FINRA Actually Require for Your Website (and What They Don't)

Financial advisors operate under a layered regulatory structure that directly impacts website content and digital marketing. Understanding which rules apply to your firm is the first step toward compliant SEO.

This section provides educational context—always verify current requirements with qualified compliance counsel.

SEC Marketing Rule (Rule 206(4)-1)

Effective November 2022, the SEC Marketing Rule consolidated and modernized advertising and solicitation rules for registered investment advisers. The rule applies to any 'advertisement,' defined broadly as any communication that offers or promotes advisory services.

Your website is an advertisement under this rule. So are blog posts, social media updates, email newsletters, and any content designed to attract or retain clients. The rule prohibits:

• Material misstatements or omissions
• Unsubstantiable claims
• Implications that the SEC has approved your content
• Cherry-picked performance presentations
• Promises of specific investment results

FINRA Rule 2210 (Communications with the Public)

If your firm is a broker-dealer or has dual registration, FINRA Rule 2210 governs communications including websites. The rule categorizes content as retail communications, correspondence, or institutional communications—each with different review requirements.

Retail communications (including websites) must be fair, balanced, and not misleading. They require principal approval before first use and may require FINRA filing depending on content type.

State Securities Board Requirements

State blue sky laws and regulations may impose additional advertising requirements, particularly for state-registered investment advisers. Requirements vary significantly by state—what's acceptable in one jurisdiction may require modification for another.

Website content that ranks well in search engines must also satisfy compliance requirements. Here's what regulators actually care about when reviewing advisory firm digital presence.

Claims and Substantiation

Every factual claim on your website must be substantiable. This includes statements about:

• Your firm's experience and expertise
• Client outcomes or satisfaction levels
• Awards, rankings, or third-party recognition
• Performance history or track record

Vague superlatives ('best,' 'top,' 'leading') without context are problematic. Specific, verifiable claims with appropriate disclosures are preferred.

Testimonials and Endorsements

The 2022 Marketing Rule now permits testimonials for RIAs—a significant change from the previous blanket prohibition. However, permitted doesn't mean unrestricted. Testimonial use requires:

• Clear disclosure of the testimonial provider's status (client, non-client)
• Disclosure of any compensation provided for the testimonial
• Disclosure of material conflicts of interest
• Written agreement with the testimonial provider documenting required disclosures

Performance Advertising

If your website references investment performance, the Marketing Rule's performance advertising provisions apply. Net-of-fees presentation requirements, time period specifications, and benchmark comparisons must all meet regulatory standards. Many firms avoid website performance claims entirely to reduce compliance complexity.

What's NOT Regulated

SEO practices themselves—keyword research, technical optimization, link building, content structure—are not directly regulated. The regulations apply to the content you're optimizing, not the optimization methods. You can pursue strong search rankings without compliance friction if your content meets regulatory standards.

In our experience working with advisory firms, certain compliance issues appear repeatedly in website content. Awareness of these patterns helps you avoid them.

Unqualified Expertise Claims

Statements like 'we specialize in retirement planning' require substantiation. What specifically qualifies the claim? Credentials, experience duration, percentage of practice focus, or other documentable factors should support specialization claims.

Implied Guarantees

Language that implies certain outcomes—even subtly—creates compliance risk. 'Secure your retirement' or 'protect your wealth' can be read as promising results no advisor can guarantee. Regulatory examiners read with skeptical eyes.

Testimonial Mishandling

Client reviews on Google, testimonials on your website, and case studies all fall under testimonial provisions. Many firms display Google reviews without the required disclosures, or use client quotes without documenting the required written agreements.

Outdated Disclosures

Your website footer disclosures, ADV brochure links, and regulatory affiliation statements need regular review. Stale disclosures—referencing old rule numbers or outdated firm information—signal compliance inattention.

State-Specific Oversights

Firms operating in multiple states or targeting clients in various jurisdictions may face different requirements in each. What works for a New York-registered adviser may require modification for California or Texas compliance.

Blog Content Without Review

Many firms implement compliance review for their main website pages but allow blog posts to publish without the same scrutiny. Under the Marketing Rule, blog content is advertising and requires equivalent compliance attention.

Compliance and SEO aren't opposing forces. A structured workflow integrates both without creating bottlenecks.

Pre-Production Compliance Alignment

Before creating content, align on what claims you can substantiate. If you want to rank for 'retirement planning specialist [city],' ensure you can document the specialization claim that page will make. This prevents wasted effort on content that won't pass compliance review.

Content Development with Compliance Awareness

Writers producing advisory firm content should understand basic compliance constraints. This doesn't mean writers become compliance officers—it means they avoid obvious issues that require extensive revision. A compliance-aware brief prevents most problems.

Review Before Publication

All website content should receive compliance review before going live. For most firms, this means CCO or designated principal review. The reviewer should document approval, creating an audit trail for regulatory examinations.

Periodic Website Audits

Regulations change. Your firm changes. Website content that was compliant two years ago may need updates. Establish a regular audit cadence—many firms review quarterly—to catch drift before examiners do.

Documentation Practices

Maintain records of compliance reviews, testimonial agreements, substantiation for claims, and disclosure rationale. This documentation protects you during regulatory examination and demonstrates good-faith compliance efforts.

The firms that build substantial digital presence without compliance friction share a common trait: they've systematized compliance integration rather than treating it as an obstacle to navigate around.

Use this reference table for quick orientation. This is educational summary—verify current rule text and interpretive guidance with compliance professionals.

SEC Marketing Rule (Rule 206(4)-1)

• Applies to: Registered Investment Advisers
• Effective: November 4, 2022
• Scope: All 'advertisements' including websites, social media, emails
• Key provisions: General prohibitions on misleading content; testimonial and endorsement requirements; performance advertising standards; third-party ratings rules
• Enforcement: SEC examination and enforcement

FINRA Rule 2210

• Applies to: FINRA member broker-dealers
• Scope: Retail communications, correspondence, institutional communications
• Key provisions: Content standards (fair, balanced, not misleading); principal approval requirements; FINRA filing requirements for certain content
• Enforcement: FINRA examination and enforcement

State Securities Regulations

• Applies to: State-registered advisers; federal advisers with state notice filings
• Scope: Varies by state
• Key considerations: May impose additional requirements beyond federal rules; some states maintain stricter testimonial or advertising standards
• Enforcement: State securities administrators

Current rule text is available from the SEC, FINRA, and relevant state securities regulators. Industry associations like the IAA and FSI often provide compliance guidance and interpretive resources.

This checklist covers common compliance touchpoints for advisory firm websites. Use it as a starting point for your compliance review process—not as a substitute for professional compliance guidance.

Disclosure and Registration

• Current Form ADV Part 2A linked or accessible from website
• Accurate registration/affiliation disclosures (SEC, state, FINRA as applicable)
• Clear identification of firm entity and any DBAs
• Updated contact information matching regulatory filings

Content Standards

• All factual claims substantiated and documented
• No implied or explicit performance guarantees
• Balanced presentation of services and associated risks
• No misleading use of credentials or designations
• Educational content clearly distinguished from advice

Testimonials and Reviews

• Required disclosures present for all testimonials
• Written agreements in place with testimonial providers
• Compensation disclosures where applicable
• Google review management aligned with testimonial rules

Performance Content

• Net-of-fees presentation where required
• Appropriate time periods and benchmarks
• Required legends and disclosures
• No cherry-picking or misleading presentation

Ongoing Maintenance

• Regular compliance review schedule documented
• Update process for regulatory changes
• Audit trail for content approvals
• Process for removing or updating stale content

Building search visibility while maintaining compliance is achievable. The firms succeeding at both have integrated compliance into their content workflow rather than treating it as a separate hurdle. For SEO for financial advisors that meets regulatory standards, this integration is essential.