--- title: "Adviser Marketing: Standing Behind Endorsements" description: The SEC created new requirements for endorsements with its new Adviser Marketing Rules. Advertisement is defined as any communication that... image: https://blog.dalbar.com/hubfs/my-visual_1993%20(2)%20(1).png --- [![DALBAR-Logo](https://blog.dalbar.com/hs-fs/hubfs/DALBAR%20Logos/DALBAR-Logo_Blue-Gold_High%20Resolution.png?width=300&height=71&name=DALBAR-Logo_Blue-Gold_High%20Resolution.png "DALBAR-Logo")](https://www.dalbar.com/Home/Index) - [PRODUCTS & SERVICES](https://www.dalbar.com/ProductsAndServices/Index) - [Customer Experience Audit](https://www.dalbar.com/ProductsAndServices/CustomerExperienceAudit#) - [Contact Center Solutions](https://www.dalbar.com/ProductsAndServices/ContactCenterSolutions) - [Statement Services](https://www.dalbar.com/ProductsAndServices/StatementServices) - [Digital Solutions](https://www.dalbar.com/ProductsAndServices/DigitalSolutions) - [Advisor Solutions](https://www.dalbar.com/ProductsAndServices/AdviserSolutions) - [Audits & Due Diligence](https://www.dalbar.com/ProductsAndServices/AuditsAndDueDiligence) - [QAIB](https://www.dalbar.com/QAIB/Index) - [STORE](https://www.dalbar.com/Store/Index) - [QAIB Store](https://www.dalbar.com/QAIB/Index) - [All Products Store](https://www.dalbar.com/Store/AllProducts) - [Shopping Cart](https://www.dalbar.com/Store/Cart) - [AWARDS](https://www.dalbar.com/Awards/Index) - [Eligible Winners A-Z](https://www.dalbar.com/Awards/Winners) - [Award History](https://www.dalbar.com/Awards/AwardHistory) - [Website Rankings](https://www.dalbar.com/Awards/WebMonitorRankings) - [Mobile Website Rankings](https://www.dalbar.com/Awards/MobileWebsiteRankings) - [Call Center Rankings](https://www.dalbar.com/Awards/TopCallCenters) - [Investor Statement Rankings](https://www.dalbar.com/Awards/InvestorStatementRankings) - [Service Award Winners](https://www.dalbar.com/Awards/ServiceAwardWinners) - [Certificate of Compliance](https://www.dalbar.com/Awards/CertificateOfCompliance) - [RESOURCES](https://blog.dalbar.com) - [DALBAR BLOG](https://blog.dalbar.com) - [Finance Lab](https://blog.dalbar.com/www.financelab.dalbar.com) - [Contact Us](https://www.dalbar.com/Home/ContactUs) [Financial Advisor](https://blog.dalbar.com/topic/financial-advisor) , [Fiduciary](https://blog.dalbar.com/topic/fiduciary) # Adviser Marketing: Standing Behind Endorsements [By Cory Clark](https://blog.dalbar.com/author/cory-clark) February 10, 2022 - - - ## What Does the Adviser Marketing Rule Cover? The SEC recently published new rules on adviser marketing that became effective in May of 2021. The new rule brings together old advertising and solicitation rules and repackages them under one all-encompassing “**Adviser Marketing Rule**” that covers advertisements, testimonials, endorsements, solicitations, 3rd party ratings and hypothetical performance.   In a companion article entitled, [Adviser Marketing: What’s an Advertisement?](https://blog.dalbar.com/adviser-marketing-what-is-an-advertisement) we explored the SEC’s new definition of **advertisement**. In a second article, [Adviser Marketing: A New Day for Testimonials](https://blog.dalbar.com/adviser-marketing-a-new-day-for-testimonials), we discussed the new SEC rules on testimonials and alluded to the fact that **endorsements** are regulated in much the same way. [\*Please check the bottom of this blog for all the Adviser Marketing articles in this series.](https://blog.dalbar.com/adviser-marketing-standing-behind-endorsements#OtherArticles)   ## Adviser Marketing: Testimonial vs. Endorsement The difference between an endorsement and a testimonial is that a testimonial comes from a current client while an endorsement comes from anybody else. If you understand the rules surrounding testimonials, dealing with endorsements will be no problem.   Since the main difference between the testimonial and the endorsement is the promoter’s status as a client, one simply has to make sure that the promoter’s status as a current client (or in this case, a current non-client) is disclosed within the endorsement or at the time of the endorsement, clearly and prominently.   Other than that, the rules for endorsements are the same as the rules for testimonials. But just in case you missed downloading the [checklist for testimonials](https://blog.dalbar.com/adviser-marketing-a-new-day-for-testimonials) in our previous articles, you can download the endorsement checklist below. ***Other Articles in this Series:*** - [What’s an Advertisement?](https://blog.dalbar.com/adviser-marketing-what-is-an-advertisement) - [Testimonial Compliance Checklist](https://blog.dalbar.com/adviser-marketing-a-new-day-for-testimonials)       [All posts](https://blog.dalbar.com) ###### About Author [Cory Clark](https://blog.dalbar.com/author/cory-clark) Cory Clark is Director of Audits and Due Diligence at DALBAR. Over the years, Cory has worked with retirement plan specialists, investment managers, advisors, broker/dealers and insurance companies to optimize their communications, compliance and business practices. Cory is also a licensed attorney in Massachusetts, where he resides with his wife and 3 children. ##### You might also like ![Why Advisors Should Focus on Podcasting](https://blog.dalbar.com/hubfs/Screen%20Shot%202023-09-07%20at%205.23.58%20PM.png) [Why Advisors Should Focus on Podcasting](https://blog.dalbar.com/why-advisors-need-to-focus-on-podcasting) February 10, 2022 ![Excessive Fee Litigations: Reckless Allegations](https://blog.dalbar.com/hubfs/create-your-own_59083332%20(4)%20(1)-1.png) [Excessive Fee Litigations: Reckless Allegations](https://blog.dalbar.com/excessive-fee-litigation-reckless-allegations) February 10, 2022 ![Dos and Don'ts of Managing Investors Cash](https://blog.dalbar.com/hubfs/create-your-own_59083332%20(3)%20(1).png) [Dos and Don'ts of Managing Investors Cash](https://blog.dalbar.com/dos-and-donts-of-managing-investors-cash) February 10, 2022 ##### SUBMIT YOUR COMMENT Subscribe Subscribe to our newsletter & stay updated [![Dalbar Pyramid_Orange](https://blog.dalbar.com/hs-fs/hubfs/DALBAR%20Logos/Dalbar%20Pyramid_Orange.png?width=162&height=162&name=Dalbar%20Pyramid_Orange.png "Dalbar Pyramid_Orange")](https://www.dalbar.com/Home/Index) DALBAR, Inc. 5 Mount Royal Ave, Suite 380 Marlborough, MA 01752 617.723.6400 info@dalbar.com - [Improve CX](https://www.dalbar.com/ProductsAndServices/CustomerExperienceAudit) - [Exercise Due Diligence](https://www.dalbar.com/ProductsAndServices/AuditsAndDueDiligence) - [Get Recognized](https://www.dalbar.com/Awards/Index) - [Snapshot](https://www.dalbar.com/AboutDALBAR/Snapshot) - [Management Bios](https://www.dalbar.com/AboutDALBAR/Bios) - [Our History](https://www.dalbar.com/AboutDALBAR/History) - [Careers](https://www.dalbar.com/AboutDALBAR/Careers) - [Contact Us](https://www.dalbar.com/Home/ContactUs) - [QAIB Advisor Studio](https://advisorstudio.dalbar.com/) - [WebMonitor](https://dalbar-webmonitor.com/login.aspx?ReturnUrl=%2f) - [Research & Comm](https://www.research.dalbar.com/login.aspx?ReturnUrl=%2f) - [Registered Fiduciary](https://www.fiduciaryregistry.com/?__hstc=156943524.6056e3a89ef21cc13a3acc5f12cede89.1631197917565.1632318265555.1632324577079.31&__hssc=156943524.5.1632324577079&__hsfp=4177312558) - [i-LearnERISA](https://i-learnerisa.com/) ©2026. 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