Updated Disclosure Guidance

Many interactive analysis tools utilize hypothetical or back-tested performance to provide a comparative analysis of a client or prospect’s existing portfolio against a recommended portfolio. While hypothetical or back-tested performance not being used to compare against existing portfolios is prohibited, these proposal or risk analysis tools are authorized to be used. If you utilize Orion Risk Analyzer (previously Hidden Levers) or Riskalyze, your disclosures have already been updated appropriately. If you utilize any of the other pre-approved risk assessment tools, you will need to work with the vendor to update your disclosure block with the below standardized disclosure:

 

Disclosure Language

The information provided in this report has been supplied by third parties, and although the data is believed to be reliable, no representation is made as to the accuracy, timeliness or completeness of the information contained herein. This report is not intended to replace a clearing firm or other custodian’s periodic account statements and transaction confirmations. Clearing firm and custodian statements should serve as the primary and most accurate data source should a discrepancy in reported information occur. The performance displayed here is hypothetical in nature based on historical scenarios or performance of the assets, and assumes you were invested in these assets for the duration of the period. All other assumptions used to display the hypothetical performance are described within the report sections and additional disclosures. These assumptions may not completely or accurately reflect your specific circumstances. As investment returns, inflation, taxes and other economic conditions vary from the assumptions, your actual results will vary (perhaps significantly) from those presented here. Unless otherwise specified, all performance is displayed as gross of fees and expenses. The information provided in this report is intended to be used as an example and not indicative of future results. Past performance is no guarantee of future results, and all investing involves risks. Investors in mutual funds and ETFs should consider the investment objectives, risks, charges and expenses of the investment company carefully before investing. The prospectus or summary prospectus contain this and other important information about the investment company and can be provided upon request by your financial advisor. Index returns shown are not reflective of actual performance nor reflect fees and expenses applicable to investing. One cannot invest directly in an index. This report does not provide tax or legal advice. For tax or legal advice, you should consult your tax or legal professional. The information and proposed portfolio, if applicable, displayed in this report are based on the information provided by you. If your investment objectives, risk tolerance or overall financial situation have changed, please notify your financial advisor immediately. [Insert Standard Disclosure block[i]. Example: “Investment advisory services offered through Mutual Advisors, LLC DBA [DBA name], a SEC registered investment adviser. Securities offered through Mutual Securities, Inc., member FINRA/SIPC. Mutual Advisors, LLC and Mutual Securities, Inc. are affiliated companies.”]

 

SOCIAL MEDIA DISCLOSURES (Including LinkedIn with Endorsements)

With the new Advertising Rule, we reviewed the various standard disclosure blocks and have developed the updated disclosure language to apply to your social media accounts:

 

Standard Social Media Account

[Insert Standard Disclosure blockⁱ. Example: “Investment advisory services offered through Mutual Advisors, LLC DBA [DBA name], a SEC registered investment adviser. Securities offered through Mutual Securities, Inc., member FINRA/SIPC. Mutual Advisors, LLC and Mutual Securities, Inc. are affiliated companies.”] The views expressed are the views of the advisor(s) on this page and do not necessarily reflect the views of Mutual Advisors, LLC or any of its affiliates.

 

LinkedIn with Endorsements

[Insert Standard Disclosure blockⁱ. Example: “Investment advisory services offered through Mutual Advisors, LLC DBA [DBA name], a SEC registered investment adviser. Securities offered through Mutual Securities, Inc., member FINRA/SIPC. Mutual Advisors, LLC and Mutual Securities, Inc. are affiliated companies.”] The views expressed are the views of the advisor(s) on this page and do not necessarily reflect the views of Mutual Advisors, LLC or any of its affiliates. Endorsements are able to be publicly made by clients or non-clients without input from the advisor(s) on this page and may or may not represent views of current clients or prospects. The endorsements are not actively curated and should not be construed as being representative of the opinions of all clients or prospects.

 

REVIEW SITE DISCLOSURES (Ex: Google Reviews or Yelp)

In order to be able to respond to reviews on public review sites, advisors can choose to claim the review site if it can be archived through Smarsh. If an advisor chooses to claim a public review site, this is the disclosure language that should be applied to the business profile/about section:

 

Disclosure Language

[Insert Standard Disclosure blockⁱ. Example: “Investment advisory services offered through Mutual Advisors, LLC DBA [DBA name], a SEC registered investment adviser. Securities offered through Mutual Securities, Inc., member FINRA/SIPC. Mutual Advisors, LLC and Mutual Securities, Inc. are affiliated companies.”] The views expressed are the views of the advisor(s) on this page and do not necessarily reflect the views of Mutual Advisors, LLC or any of its affiliates. Reviews are able to be publicly made by clients or non-clients without input from the advisor(s) on this page and may or may not represent views of current clients or prospects. The reviews are not actively curated and should not be construed as being representative of the opinions of all clients or prospects.

 

ADDITIONAL INFORMATION

Additional information on the Advertising Rule can be found on the Power Portal Knowledgebase. This includes the Advertising Rule Policy, Advertising Rule Guidance, Advertising Rule FAQs or the Testimonial Guidance materials.

 

If you have questions about this guidance or any particular advertising scenario, please reach out to Compliance and schedule time with us.

 

Thank you,

 

The Mutual Compliance Team