Investment Adviser Performance and Advertising

Investment adviser advertising continues to be one of the top problem areas identified by the SEC. Advertising and performance often present complex issues for all advisers, as well as many traps for the unwary, frequent exam deficiencies and, in the worst cases, potential for SEC enforcement actions.

The SEC has devoted considerable attention to how and under what circumstances investment advisers may advertise their services and present performance to clients.

This session is designed to help advisers avoid the common pitfalls and understand the fundamental advertising rule requirements and the many SEC no-action letters covering testimonials, partial client lists, websites, presenting gross and net performance and the numerous required and recommended disclosures for advertising and performance materials.