The Status of Refer-a-Friend Programs Under the RIA Marketing Rule

Published on November 11, 2026

If an advisor provides clients with standardized promotional materials for mass distribution, republishes client recommendations in their own marketing (even if the clients are unpaid), or otherwise turns the testimonial into a communication to more than one person, the analysis immediately changes. Then, the communication may very well be an advertisement.

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The Build May Get Harder. The Need Does Not Go Away.

November 11, 2026
Voters sent a clear message about data centers on Tuesday. We take it seriously. But data centers are one node in a larger AI-infrastructure build: chips, networks, power, cooling, sites and the capital that funds them. We have to look past the heavy rhetoric to what the policy can actually do.

The Best Exit Planning Doesn’t Start With the Exit

November 11, 2026
An advisor doesn’t have to wait for an owner to announce an exit. They can begin with existing clients, bring the business into the financial plan, and start a conversation most other professionals are not positioned to lead. The work creates value whether the eventual outcome is a third-party sale, a family transition, an internal succession, or no transaction at all.