How The SEC is Actually Enforcing The Marketing Rule: A Checklist To Ensure Compliance Policies Meet The Mark
This article was written for and originally appeared on the Kitces Nerd's Eye View blog. The link to the full article follows the Kitces executive summary. Kitces Executive Summary As financial advisers strive to communicate value and differentiate themselves in a competitive landscape, the SEC's new Marketing Rule has significantly reshaped the compliance obligations tied to how firms advertise and promote their services. Now, three years into its implementation, the rule ha
Isaac Mamaysky
Dec 3
Regulation S-P & Sharing Client Data in Anticipation of Moving Firms
When advisers plan a transition to a new firm, they encounter a common challenge: How does the adviser give a prospective buyer enough information to evaluate the practice without running afoul of Regulation S-P or breaching client confidentiality obligations? Any firm assessing the value of an adviser’s book needs real detail. For example, they need to know how many clients the adviser serves, each client’s assets under management, age ranges, the length of the relationship,
Isaac Mamaysky
Dec 2
Non-Service and Non-Acceptance Provisions: Selected State Law Survey for Financial Advisors Considering Transitions
This is a guest post by our friend and colleague, Andrew Shedlock , a Partner at Kutak Rock. In the financial advisor transition space, one of the most intimidating contractual provisions that advisors face when considering a move is the dreaded “non-service” or “non-acceptance,” provision, whereby the firm which currently employs the advisor purports or tries to limit and bar the departing advisor from accepting or servicing clients that the advisor serviced at his or her f
Andrew Shedlock
Dec 1
Upcoming Speaking Engagements
I look forward to presenting at the following upcoming events: The State of the Law Surrounding Noncompetes Date: November 5, 2025 Venue: Elite Private Wealth Summit https://jaboyproductions.com/conferences Noncompetes and Restrictive Covenants: What Every Financial Advisor Needs to Know Date: November 12, 2025 Venue: Financial Experts Network https://www.financialexpertsnetwork.com/webinar-registration?webinar=3082 Investment Adviser Marketing Rule Date: December 11, 2025 Ve
Isaac Mamaysky
Oct 13
Don’t Gloss Over the Rollover
Rollover equity is a purchase price component that often appears in financial advisory/wealth management services transactions. In short, rollover equity is an equity interest ( i.e. , shares of stock, limited liability company units, etc.) in the purchaser entity or a related entity that is issued to the seller. Oftentimes, rollover equity is generally mentioned in an indication of interest or letter of intent as it relates to purchase price, but granular details are rarely
Greg Watkins
Oct 13
Is a Signature Page Sufficient?
A client recently raised an interesting contract law question: Is an executed signature page sufficient, or should you ask your...
Isaac Mamaysky
Oct 9
Marketing Rule Enforcement Trends
Three years ago, the SEC made waves in the long-established regulatory landscape for investment advisers. The new Investment Adviser Marketing Rule impacts nearly every communication an adviser makes, which has major implications for day-to-day operations. The SEC has said that compliance with the Marketing Rule is among its 2025 enforcement priorities -- and it was a 2024 enforcement priority before that. Enforcement has followed. In September of 2023, the SEC announced char
Isaac Mamaysky
Oct 9