Redesigning your financial advisor website can significantly elevate your brand, improve investor engagement, and boost online lead generation. But you’re making a costly mistake if you don’t consider regulatory compliance from the start.
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In today’s digital-first environment, your website is a living advertisement. It’s not just a tool for marketing; it’s a regulated communication channel subject to scrutiny by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). If you get it wrong, you may face consequences ranging from formal letters to monetary penalties.
This article explores how independent firms can approach financial advisor website design with compliance as a central focus. We’ll clarify the differences between SEC and FINRA rules, highlight key dos and don’ts, and provide practical guidance on managing testimonials, performance claims, and required disclosures.
We recommend checking with your compliance before implementing any financial advisor digital marketing strategies described in this article.
Are FINRA and SEC Regulations the Same?
Unfortunately, no, and that’s where it gets complicated.
SEC Overview
If your firm is registered as an RIA under the Investment Advisers Act of 1940, your advertising and marketing efforts fall under the SEC’s 2020 Marketing Rule (Rule 206(4)-1). If specific conditions are met, this updated rule offers more flexibility and modernization, including testimonials, endorsements, and performance reporting.
Key SEC principles include:
- No misleading or unsubstantiated claims
- Proper disclosures accompanying testimonials and endorsements
- Documentation of compliance with performance presentation standards
FINRA Overview
If you’re a broker-dealer or affiliated with one, your communications are governed by FINRA Rule 2210. This rule is more restrictive and highly prescriptive.
Key FINRA principles include:
- Prohibition of testimonials in most advertisements
- Strict pre-approval requirements by compliance departments
- Detailed rules governing projections, hypothetical performance, and third-party content
Hybrid Firms
For advisors affiliated with both an RIA and a broker-dealer, FINRA’s stricter guidelines usually take precedence. Many firms follow the most conservative interpretation of the rules to avoid exposure on either side.
Bottom line: Know your firm’s structure, and apply the strictest relevant standard to your website content.
Must Be Reviewed and Approved by Compliance
Whether your firm is under SEC or FINRA jurisdiction, one rule is universal: Your redesigned financial advisor website must be reviewed and approved by your compliance team before going live.
What Compliance Will More Than Likely Review:
- Website copy and service descriptions
- Bios and credentials of professionals
- Fee disclosures and ADV links
- Testimonials, ratings, reviews, and case studies
- Performance claims and portfolio illustrations
- Charts, graphs, infographics, or calculators
- Privacy policy and data collection forms
- Any outbound links or third-party content
Documentation of these approvals should be maintained as part of your audit trail, often using PDF documents for each page. This is most typical if you are building a new WordPress site.
If you are using a financial advisor website platform, like Paladin’s Advantage system, all changes are approved through the platform, which has automated archiving and logged changes for strict compliance oversight.
Tip: Keep track of version control for your website. Archive each update with corresponding compliance sign-offs.
Do’s and Don’ts of Website Compliance
Designing a great financial advisor website is as much about what you leave out as what you put in. Use this compliance checklist to stay within the lines.
Do:
- Include prominent disclosures about services, fees, and affiliations.
- Use plain language that investors understand, especially in service explanations.
- Be factual and accurate. Use “we help clients with retirement planning” rather than “we guarantee retirement security.”
- Include ADV and privacy policy links.
- Use disclaimers on any performance-related visuals, references, or projections.
- Ensure mobile and ADA accessibility to prevent exclusion or legal risk.
- Have your compliance officer review third-party integrations like chatbots or calculators.
Don’t:
- Use hyperbole like “the best returns,” “guaranteed success,” or “beat the market.”
- Make subjective statements without support: “We are trusted by thousands of investors”, unless you can prove it.
- Use testimonials without required disclosures and documentation.
- Highlight performance without context (e.g., cherry-picked periods).
- Copy and paste financial content without citation or approval.
- Present case studies that imply all clients receive the same outcomes.
Testimonials, Reviews, Ratings, and Case Studies
This area of compliance has evolved significantly, but it also depends on your regulatory body.
If You’re an RIA (Under the SEC): The updated SEC Marketing Rule allows testimonials, reviews, and case studies, with conditions:
- Testimonials must include whether the person was a client and compensated.
- Conflicts of interest must be disclosed clearly.
- Case studies must not imply guaranteed results.
- Third-party ratings must be independent, based on sound methodology, and include clear disclosures.
If You’re a Broker-Dealer (Under FINRA): FINRA Rule 2210 generally prohibits testimonials in promotional materials and advertising. Exceptions exist but are highly restrictive and require significant disclosures. Most broker-dealers simply don’t use them.
If You’re Hybrid: Many firms default to the more restrictive FINRA guidelines, which may make testimonials and ratings off-limits.
Best Practice: Display testimonials in a dedicated section with compliance-approved language and complete disclosures if allowed. Include a disclaimer that individual experiences may not reflect typical results.
Portraying Results on Your Financial Advisor Website
If you want to highlight your success, remember that portraying results can be a regulatory minefield.
What’s Permitted:
Hypothetical or backtested performance, if:
- Clearly labeled
- Includes detailed assumptions
- Not misleading
Model portfolios, if:
- Reflect actual portfolios available to clients
- Include fees, timeframes, benchmarks, and risk disclosures
- Planning-oriented illustrations, like retirement income scenarios or savings projections, provided they’re not presented as investment guarantees
What’s Prohibited:
- Any implication of guaranteed returns or outcomes
- Use of past performance to suggest future success
- Cherry-picking the best results or omitting down years
- Performance testimonials ("I made 20% last year thanks to this advisor!")
Always include language like: “Past performance does not guarantee future results. Investing involves risk, including the potential loss of principal.”
Additional Areas Often Overlooked in Financial Advisor Website Redesigns
- Outdated or Inconsistent ADV: Many advisors update their ADV annually but forget to refresh links or align website content with disclosures. Ensure your services match your ADV.
- Custodian and Affiliation Clarity: List custodians, third-party vendors, and affiliations, mainly if your firm receives compensation through partnerships or revenue-sharing agreements.
- Use of Professional Designations: Ensure your designations (e.g., CFP®, CFA®, ChFC®) are used correctly and meet licensing or usage guidelines. Improper use may be misleading or even legally prohibited.
- Third-Party Widgets or Tools: Market data, risk assessment tools, or portfolio builders from third parties may unintentionally introduce compliance violations. Vet all third-party integrations through compliance.
- Social Media Integration: Are you embedding feeds from LinkedIn or X (Twitter) on your homepage? Those feeds are part of your public-facing marketing and may also need a compliance review.
- Contact Forms and Privacy Policies: If your site collects visitor data (e.g., newsletter opt-ins), you must:
- Provide a clear privacy policy.
- Secure your financial advisor website using an SSL certificate
- Avoid sharing or selling data without consent.
- Store data in accordance with applicable privacy laws (e.g., CCPA, GDPR if applicable)
- ADA Compliance: Financial advisor websites must be accessible to individuals with disabilities. That includes:
- Alt text for images
- Keyboard-friendly navigation
- Screen reader compatibility
- Proper color contrast
Failure to comply can result in legal challenges, even outside regulatory bodies.
Collaborating with Compliance and a Digital Marketing Agency for Financial Advisors
A successful redesign is a joint effort. It requires:
- A digital marketing team for RIAs and IARs that understands your industry
- A compliance officer who reviews everything before launch
- Legal advisors (as needed for complex regulatory setups)
Tips for a Smooth Process:
Contact your firm’s compliance officer for an opinion or ruling when in doubt. Avoid making decisions that are based on assumptions. We recommend:
- Share content drafts with compliance early in the redesign.
- Avoid last-minute compliance reviews as they can slow down launch.
- Use a content management system (CMS) that allows version control and archiving.
- Conduct quarterly reviews to keep your website current.
Debbie Freeman, CEO of Paladin Digital Marketing, notes: “A compliant financial advisor website doesn’t just check boxes; it builds trust. And trust is the most valuable marketing asset any advisor can have.”
By embracing compliance from the outset of your redesign, you avoid trouble and position your firm as trustworthy, professional, and investor-focused.
If you’re considering redesigning your financial advisor website, talk with our team of custom financial advisor website designers.
