Research, field notes, and product thinking from Quillmark.
Quillmark publishes the editorial layer. Compliance Flag is currently the dominant subject because it is our flagship product and the clearest expression of the grounded-content thesis. Over time, this archive can hold writing from additional Quillmark products and adjacent research areas without splitting the publication itself.
38% of SEC-registered RIAs have five or fewer employees. More than half manage under $500 million in assets. The same compliance pressures that drove small broker-dealer consolidation are building in the RIA space — and the SEC Marketing Rule is already in effect.
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Fewer than 10% of SEC-registered advisers report using online reviews or testimonials. The ones that do — many through Google reviews — may be creating compliance exposure without realizing it. Here's where the line is between a passive review and an SEC-regulated advertisement.
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Generic compliance checklists tell you what to worry about but not how to check. This post walks through 24 checkpoints covering the SEC Marketing Rule — organized by the rule's own structure — so you can review what your firm actually publishes.
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The SEC's Division of Examinations published its fiscal year 2026 exam priorities. Marketing compliance, AI supervision, and compliance program effectiveness are all on the list. Here's what matters for RIAs and what to review before an examination.
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