The Securities and Exchange Commission’s updated marketing rules for financial advisors, which went into effect in late 2022, were welcomed by the industry as a long-awaited step into the 21 century. Among other provisions, the rule allowed the use of client testimonials and endorsements and laid out requirements for presenting performance information in advertisements.
Lately the marketing rule has been in the news because of SEC enforcement actions: Early this month the agency fined five firms over how they portrayed hypothetical…
