In the highly regulated world of financial services, marketing is not just about creativity, it's about compliance. Whether you're an M&A advisor, broker-dealer, or CPA with advisory clients, understanding financial services advertising regulations is essential.

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1. FTC: Truth-in-Advertising Applies to All

The Federal Trade Commission (FTC) mandates that all marketing:

• Must be truthful and not misleading.
• Requires evidence to support claims.
• Prohibits guaranteed outcomes, especially related to performance or savings.

Whether it’s a website, a print brochure, or an email blast, all materials are considered formal advertising and must meet these standards.

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2. FINRA Rule 2210: Broker-Dealer Advertising

If you're a registered broker-dealer, your communications must follow FINRA Rule 2210:

• Content must be fair, balanced, and not misleading.
• Performance projections are strictly forbidden.
• Retail communications often require pre-approval by a registered principal.

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3. SEC Marketing Rule: Investment Advisers

For registered investment advisers (RIAs), the SEC’s Marketing Rule (amended in 2022) sets clear boundaries:

• Testimonials and endorsements are allowed—but only with clear disclosure of compensation and conflicts.
• Performance claims must include detailed disclosures and be backed by data.
• Hypothetical or simulated results can only be shown with proper context and risk explanation.

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4. CPA Firms Offering Advisory Services

CPAs engaged in financial advisory services must follow both AICPA and SEC rules. This means you must:

• Avoid guarantees or promises of savings.
• Only use testimonials that are accurate and disclosed.
• Ensure your advertising does not imply undue influence over agencies or regulators.

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5. State-Level Oversight and Licensure

Some states impose additional regulations. For example:

• Business brokers may need to include broker license info in ads.
• States like California and Louisiana restrict the use of specific titles and require additional disclosures for certain types of offers.

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6. Email Marketing Compliance

Regardless of your role, if you're using email:

• Include an opt-out option.
• Honor unsubscribe requests promptly (Kular does this for you).

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Bottom Line: In 2025, financial services advertising regulations are stricter than ever. Firms must prioritize transparency, truthfulness, and compliance across every channel—from email to endorsements.

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DISCLAIMER: We do not provide legal advice and we are not a law firm. This article is not legal advice and should not be relied on as legal advice.

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