As of October 19, 2026.
SEC-registered investment advisers: the Marketing Rule
The SEC Marketing Rule, 17 CFR 275.206(4)-1, applies to SEC-registered investment advisers. Paragraph (b) says "An advertisement may not include any testimonial or endorsement, and an adviser may not provide compensation," "directly or indirectly, for a testimonial or endorsement, unless the investment adviser complies with the" conditions in paragraphs (b)(1) through (3), subject to exemptions in (b)(4). The rule defines a testimonial as "any statement by a current client or investor in a private fund advised by the investment adviser" about the client's experience with the adviser, or one that solicits or refers clients. The (b)(1) disclosures are made "Clearly and prominently" and cover "That the testimonial was given by a current client or investor," "That cash or non-cash compensation was provided for the testimonial or endorsement, if applicable," and "A brief statement of any material conflicts of interest." Paragraph (b)(2) calls for "A reasonable basis for believing that the testimonial or endorsement" "complies with the requirements of this section," and (b)(3) covers disqualification.
What SEC examiners have observed
The SEC Division of Examinations published a Risk Alert, Additional Observations Regarding Advisers' Compliance with the Advisers Act Marketing Rule, on December 16, 2025. On testimonials, it says "the staff observed advisers that used hyperlinked disclosures rather than including the required" "clear and prominent disclosures within the testimonial or endorsement," and disclosures in "a smaller or lighter font" than the testimonial. It describes advisers that "incorporated into advertisements current client testimonials or" "former client endorsements from third-party websites onto the advisers' websites without clearly and prominently" "disclosing that those testimonials and endorsements were provided by current or former clients." It also describes advisers "that provided compensation in the form of gift cards to clients to write reviews on third-party websites." The alert says it "represents the views of the staff of the Division of Examinations" and, "like all staff statements, has no legal force or effect."
Broker-dealers: FINRA Rule 2210(d)(6)
For FINRA member firms, Rule 2210(d)(6) covers testimonials. Paragraph (A) says "If any testimonial in a communication concerns a technical aspect of investing," "the person making the testimonial must have the knowledge and experience to form a valid opinion." Paragraph (B) says "Retail communications or correspondence providing any testimonial concerning the investment advice" "or investment performance of a member or its products must prominently disclose the following:" "The fact that the testimonial may not be representative of the experience of other customers," "The fact that the testimonial is no guarantee of future performance or success," and "If more than $100 in value is paid for the testimonial, the fact that it is a paid testimonial." A firm registered both ways reads both rules. Cue Studio applies your firm's approved disclosure on every render and shows reviewers the exact rendered files, and it does not certify compliance.
This is general information, not legal advice.