Long-form on the SEC Marketing Rule
Plain-English analysis of enforcement, risk alerts, and the slippery edge cases where Marketing Rule compliance actually breaks down in practice.
A field guide to "fair and balanced" under the Marketing Rule
The phrase "fair and balanced" appears in three of the seven general prohibitions of Rule 206(4)-1 and governs everything from how you discuss benefits to how you present performance — yet it’s the most subjective standard the rule uses. A working definition, the five tests examiners actually apply, and the six failure patterns that show up most.
Why "past performance" disclaimers don’t satisfy Rule 206(4)-1
The "past performance is not indicative of future results" disclaimer is the most repeated phrase in adviser marketing. It’s also one of the most misunderstood: it’s neither sufficient on its own nor what the rule actually asks for. What the disclaimer does, what it doesn’t, and the five performance patterns it cannot save.
The testimonial disclosure that gets every adviser in trouble
Of the four mandatory testimonial disclosures under Rule 206(4)-1(b)(1)(i), one fails on small-RIA marketing surfaces more often than the other three combined. A field walk-through of the failure pattern, why it persists, and how to fix every instance on your site this week.
What the December 2025 SEC risk alert actually means for solo RIAs
A field-guide reading of the Division of Examinations’ fourth Marketing Rule risk alert — nine findings, three buckets, and a same-week fix-list for a one-to-three-person firm that doesn’t have a compliance department.
Every SEC Marketing Rule enforcement action, indexed
A running ledger of every public enforcement action brought under SEC Rule 206(4)-1 since the rule’s November 2022 compliance date. What each firm did, what it cost them, and what the pattern across cases tells you about what examiners will bring next.