The SEC’s Regulation Best Interest Rule (Reg BI) is causing firms to review and revise marketing materials, which is hinged on their type of firm registration and use of the term “advisor.” According to Founder and President Amy Lynch, broker-dealers are largely impacted, including those affiliated with a registered investment adviser (RIA) or offering financial planning services. Ms. Lynch provides clarification on what is specifically required, including changes from classifying individuals as financial “advisors,” changing the firm’s name to remove the use of the the word “advisor,” and revisions to language describing certain services. Ms Lynch further notes that the greatest efforts required for certain firms will be with their marketing materials and collateral, which would likely necessitate a re-filing with FINRA’s advertising department. See FundFire (subscription required), “New Rules on Advisor Titles Force Brokerages to Revamp Marketing Materials”
