Social media compliance for financial advisors and broker-dealers: FINRA, SEC and FCA rules

In the US, a broker-dealer's public social posts are usually retail communications that a registered principal must approve before use, while live interactive replies need supervision instead. Registered investment advisers follow the SEC Marketing Rule. Both must keep copies of what they publish.

This guide is for the marketers, agencies and freelancers who run social accounts for broker-dealers, registered investment advisers (RIAs) and UK-regulated firms. Every rule below was read on the regulator's own pages on 8 October 2026 and is linked where it is stated. The client's compliance team decides how the rules apply to its business; this page tells you what to ask.

Which rules apply to a financial advisor's social media?

The Marketing Rule applies to advisers "registered or required to be registered" with the SEC under section 203 of the Advisers Act. It took effect on 4 May 2021, with compliance required 18 months later (SEC adopting release IA-5653).

How do FINRA rules classify a social media post?

By audience size, not by platform. Rule 2210(a) sorts written, including electronic, communications into three types:

• Retail communication: distributed or made available to more than 25 retail investors within any 30 calendar-day period. A public post on a firm's page is one.
• Correspondence: distributed or made available to 25 or fewer retail investors within any 30 calendar-day period. Direct messages to a handful of clients usually fall here.
• Institutional communication: distributed or made available only to institutional investors.

The type decides the approval route. Under Rule 2210(b)(1)(A), "an appropriately qualified registered principal of the member must approve each retail communication before the earlier of its use or filing." Correspondence needs no pre-approval but is supervised and reviewed under Rule 3110(b). Rule 2210(b)(1)(D) also lifts pre-approval, subject to the same supervision as correspondence, for a retail communication that "does not make any financial or investment recommendation or otherwise promote a product or service of the member."

Static vs interactive content

FINRA drew this line in Regulatory Notice 10-06 and Notice 11-39. Static content, such as profile or background information, needs prior principal approval. Rule 2210(b)(1)(D)(ii) exempts "any retail communication that is posted on an online interactive electronic forum" from pre-approval if it is supervised like correspondence. Rule 2210(c)(7)(M) also excludes those forum posts from filing. Notice 10-06 says firms may supervise them with post-use review, "including sampling and lexicon-based search methodologies."

When must a post be filed with FINRA?

The case most relevant to a social team: during its first year of FINRA membership, a new member must file "at least 10 business days prior to first use any retail communication that is published or used in any electronic or other public media, including any generally accessible website" (Rule 2210(c)(1)(A)).

Whatever the format, Rule 2210(d) applies: communications "must be fair and balanced," may not "predict or project performance," and must "prominently disclose the name of the member."

Are texts, DMs and personal accounts covered?

Business content is covered wherever it is sent. Notice 11-39 says "the content of the communication is determinative," on firm or personal devices. Notice 17-18 (April 2017) says a firm that lets its people discuss its business "through a text messaging app or chat service must first ensure that it can retain records of those communications." An app the firm cannot capture is off limits for business. The same notice ties Rule 2210 to whether "the content relates to the products or services of the firm," whichever account it is posted from.

For advisers, the SEC's adopting release calls posts on associated persons' own accounts "a facts and circumstances analysis." If the adviser has policies "reasonably designed to prevent the use of an associated person's social media accounts for marketing the adviser's advisory services," the SEC generally would not treat such posts as the adviser marketing its services. Prohibition, training, attestations and periodic review of public posts are the options it names (IA-5653, pp. 24 to 25).

What records do firms have to keep, and for how long?

The FCA's warning holds everywhere: firms "should not rely on digital media channels to maintain records," because platforms may delete older material (FG24/1, para 3.16).

Decision table: which rule, pre-approval, records, disclosure

"BD" is a broker-dealer, "RIA" a registered investment adviser.

Likes, shares, comments and links: where adoption starts

Both US regulators use the same two tests for third-party content. A firm adopts content when it "explicitly or implicitly" endorses or approves it, and it is entangled when it involves itself in preparing it (Notice 10-06; IA-5653, p. 21).

FINRA applies them in Notice 17-18:

• Sharing or linking: "By sharing or linking to specific content, the firm has adopted the content." Links nested inside it are not the firm's responsibility on that basis alone.
• Arranged posts: "Where a firm has arranged for a comment or post to be made, FINRA would regard the firm as entangled with the resulting communication."
• Unsolicited comments are not communications of the firm or the representative.
• Likes: "By liking or sharing the favorable comments, the representative has adopted them."
• Testimonial disclosures can sit beside the testimonial or behind "a clearly marked hyperlink" such as "important testimonial information."

For advisers, the adopting release (pp. 22 to 24) says open comments on the adviser's page are not the adviser's "so long as the adviser does not selectively delete or alter the comments." An unused sort feature is fine, and merely permitting "like," "share" or "endorse" features does not implicate the rule. Deleting negative comments or prioritising positive ones attributes the comments to the adviser. Removing profanity, spam or unlawful content under a documented, neutral policy does not. Linking to content the adviser "knows or has reason to know" is materially misleading is itself fraudulent or deceptive.

Testimonials, endorsements and ratings

Broker-dealers. Rule 2210(d)(6)(B) requires retail communications or correspondence with a testimonial about investment advice or performance to disclose prominently, among other things, that a payment was made "if more than $100 in value is paid for the testimonial."

Investment advisers. Under Rule 206(4)-1(b), the adviser must disclose, or reasonably believe the speaker discloses, clearly and prominently: whether the statement came from a current client or investor (a testimonial) or someone else (an endorsement); whether cash or non-cash compensation was provided; and a brief statement of any material conflict of interest. The material terms of the compensation and a fuller description of conflicts are also required. The adviser also needs a reasonable basis for believing the testimonial complies and, for paid promoters, a written agreement describing the activities and pay. Compensation of "$1,000 or less" in value during the preceding 12 months counts as de minimis and drops the written-agreement and disqualification conditions, not the disclosures. Statements by the adviser's own employees skip the disclosure conditions only if the affiliation is readily apparent or disclosed.

A third-party rating needs a reasonable basis that any survey behind it makes favourable and unfavourable answers equally easy and was not designed to produce a predetermined result, plus clear and prominent disclosure of the rating's date and period, who created it and any compensation paid in connection with it (Rule 206(4)-1(c)).

The SEC staff's Marketing Compliance FAQ covers performance, model fees and disqualification; it does not address social media directly.

Finfluencers and paid creators

US. FINRA's September 2021 sweep of firms using social media influencers to acquire customers asked whether influencer posts were approved by a registered principal, filed with FINRA and recorded, and whether influencers were trained first (FINRA, targeted exam letter). For the advertising-label rules that apply to every brand deal, see influencer disclosure rules in the US, UK and EU.

UK. Section 21 FSMA says a person "must not, in the course of business, communicate an invitation or inducement to engage in investment activity" unless they are an authorised person or the content is approved by one. The FCA's FG24/1 (26 March 2024) sets out what that means on social:

• A breach of s21 is a criminal offence "punishable by up to 2 years imprisonment, the imposition of an unlimited fine, or both," and it applies to communications from outside the UK capable of having an effect in the UK (para 2.4).
• Promotions must be "standalone compliant": each communication complies on its own (para 1.3). A risk warning in a linked page does not rescue the post.
• For high-risk investments, the prescribed risk warning should not be "obscured or truncated by a design feature of the social media platform" (para 1.5).
• Firms working with influencers "remain responsible for the compliance of every promotion they make or cause to be made" (para 1.6), and an influencer can be caught without any commercial relationship (para 1.8). Whether a post falls within s21 does not depend on the size of the influencer's following (para 4.5).

Checklist for the agency or social manager

What to settle with the client's compliance team before the first post:

1. Registration. Broker-dealer, RIA, both, or FCA-authorised? That picks the rows of the table above.
2. Approver. Who signs off each content type, and how is it recorded? Rule 2210(b)(4) wants the approver's name and date kept.
3. Archive. Which accounts and channels does the firm's archive capture? Post only from those, and open no new channel, DMs included, until compliance confirms capture.
4. Static vs interactive. Which formats count as interactive (live replies) and which as static (posts, bios, pinned posts, banners)? Get the list in writing.
5. Likes and shares. A policy for liking, sharing and pinning client comments. Under Notice 17-18, liking praise is adoption.
6. Moderation. A written, neutral moderation policy. Never delete negative comments or push praise to the top on an adviser's page.
7. Links. Who checks third-party articles before they are shared?
8. Testimonials and ratings. Pre-approved disclosure text and where it goes on each platform.
9. Performance. No figures, projections or returns language without compliance review.
10. Creators. Written agreements, approved scripts, training, monitoring and an ad label.
11. Personal accounts. What advisers may post about the firm on their own profiles; see the staff-account rules in the social media policy template.
12. AI-made assets. Whether they need a platform label; see AI content labels on social media.

Frequently asked questions

Do financial advisors need approval for every social media post?

No. A broker-dealer's posts to more than 25 retail investors in 30 days need registered principal approval before use, but interactive forum posts, and posts that make no recommendation and promote no product or service, are exempt if supervised like correspondence. The SEC Marketing Rule has no pre-approval step; the adviser's own policies decide.

Can a financial advisor like a client's post or comment?

For broker-dealer reps, FINRA Notice 17-18 says liking or sharing favourable comments adopts them, which brings in testimonial rules. For advisers, the SEC says permitting like or share features does not implicate the Marketing Rule, but endorsing comments attributes them to the adviser.

Can an investment adviser post client testimonials?

Yes, with disclosures: that the person is a current client, whether they were compensated, and any material conflict of interest. Paying more than $1,000 in 12 months also requires a written agreement.

Do UK finfluencers need FCA approval?

An unauthorised influencer communicating a financial promotion in the course of business needs the content approved by an appropriate authorised person, unless an exemption applies. Otherwise, FG24/1 says, they may be committing a criminal offence, even without a commercial relationship with the firm.

Sources

All read on 2026-10-08.

• FINRA Rule 2210, Communications with the Public: (a), (b)(1)(A), (b)(1)(D)(ii), (b)(2), (b)(4), (c)(1)(A), (c)(7)(M), (d)(1), (d)(3), (d)(6). finra.org
• FINRA Rule 3110, Supervision: (b)(4) and Supplementary Material .06 to .08. finra.org
• FINRA Rule 4511, General Requirements. finra.org
• FINRA Regulatory Notice 10-06, Guidance on Blogs and Social Networking Web Sites (25 January 2010). finra.org
• FINRA Regulatory Notice 11-39, Guidance on Social Networking Websites and Business Communications (18 August 2011). finra.org
• FINRA Regulatory Notice 17-18, Guidance on Social Networking Websites and Business Communications (25 April 2017). finra.org
• FINRA, Social Media key topic page. finra.org
• FINRA, targeted exam letter, Social Media Influencers, Customer Acquisition, and Related Information Protection (September 2021). finra.org
• 17 CFR 240.17a-4, Records to be preserved by certain exchange members, brokers and dealers: (b), (b)(4). ecfr.gov
• 17 CFR 275.206(4)-1, Investment adviser marketing: (a) to (e). ecfr.gov
• 17 CFR 275.204-2, Books and records to be maintained by investment advisers: (a)(7), (a)(11), (a)(15), (e)(1), (e)(3). ecfr.gov
• SEC, Investment Adviser Marketing, final rule, Release No. IA-5653: adoption and entanglement, guidance on social media, transition period. sec.gov
• SEC Division of Investment Management, Marketing Compliance Frequently Asked Questions. sec.gov
• Financial Services and Markets Act 2000, section 21. legislation.gov.uk
• FCA, FG24/1: Finalised guidance on financial promotions on social media (26 March 2024). fca.org.uk, PDF