1. Public Communications and Compliance
Adam Wolff & Susan Pohlman

2. General Standards - FINRA 2210
Applies to all communications
Is the first consideration when communications are reviewed by compliance
Refer to General Standards Handout

3. IARs
The SEC places additional communication Rules on Investment Advisors
The big one: no client testimonials
The SEC defines advertising as any communication sent to more than ONE person
Refer to Handout

4. Correspondence
Written Communication that is distributed or made available to 25 or FEWER retail investors within any 30 day calendar period
Any communications written on letterhead with the Broker/Dealer disclosure must be reviewed, even if it is not related to securities
All incoming client correspondence regarding securities must be reviewed
Any correspondence written by an unregistered staff person is not to be securities related in any form – including mailing prospectuses

5. Retail Communications
Communication that is distributed or made available to more than 25 retail investors
All securities business related retail communications must be reviewed by compliance Prior to use and may be filed with FINRA

6. Social Networking Social Networking sites must be archived
FHC utilizes
Social Network pages must be reviewed promptly once the pages are created and the pages must be added to the Global Relay archiving service once approved

7. Online Communication Breakdown
Communication via:
Publicly available websites – is considered Retail Communication
– may be correspondence or Retail Communication
Chat Room discussions – prohibited by FHC
Instant Messaging/Texting– Prohibited by FHC

8. Websites
All websites must be approved by FHC compliance prior to going live and will likely need to be filed with FINRA
The website must contain a link to FINRA’s Brokercheck and the appropriate securities disclosures
Broker Check Link – must be readily apparent and appear on the websites home page and any “professional profile” page for registered persons
A professional profile page is considered to be any page highlighting the registered person and discloses any more info aside from contact info and address.

9. Public Appearances/Seminars
Same compliance guidelines apply
A “seminar worksheet” must be completed and submitted to FHC Compliance before final approval will be given.
All seminar materials must also be approved prior to use
Invitations, presentation, handouts, etc…
When deciding to make a public appearance advisors must submit the following information to FHC:
Name of organization to which they are speaking
Time and place
Name and address of the program chairperson or sponsor
Name of those in attendance
Topic and outline
Powerpoint presentation, if applicable
Literature used and/or distributed

10. Business Cards/Stationary
Must be approved by compliance prior to first use or reprint
signatures should also be submitted for approval prior to use

11. Disclosure
All securities related communications and materials must contain the following disclosure
Securities offered through First Heartland Capital Inc. Member FINRA/SIPC Advisory Services offered through First Heartland Consultants Inc. [DBA name] is not affiliated with First Heartland Capital, Inc.
First Heartland Capital, Inc. must be bolded
Member FINRA/SIPC must be displayed in 8pt font or larger
The advisory portion of the disclosure should only be included if the rep has a 65/66
FINRA 2210 (D)(3)(a) requires the name of the Broker/Dealer be the most prominent feature of the disclosure – This is why FHC must be bolded
Member FINRA/SICP may not be smaller than 8pt font
Mention other applicable disclosures such as prospectus, VA, and website disclosures

12. Marketing Resources
FMG Suite
Marketing Pro

13. What is Wrong With This Ad?

14. Issues:
Mentions specific Variable Annuity without any annuity disclosures
Use promissory/misleading language when describing the advisor
First Heartland Capital, Inc. is not bolded in the disclosure and the font of the disclosure is too small
There is promissory/misleading language in the Safe Withdrawal Rate article
John Refers to himself as a “Registered Investment Advisor” in the Safe Withdrawal Rate article
Use of client testimonial when the rep is an IAR
There is no branch office address listed on the ad