In 2024, the SEC settled charges against nine registered advisers (Settlement Orders) as part of its ongoing sweep targeting violations of Rule 206(4)‑1 under the Investment Advisers Act of 1940 (Marketing Rule). The takeaways from that sweep remain highly relevant in light of the current retailization push, however, because they address tactics fund managers will likely adopt to lure retail investors. Specifically, the Settlement Orders focused on marketing materials and other information on public websites, as well as untrue or unsubstantiated statements in testimonials, endorsements and third-party ratings. The article summarizes the key features of the Settlement Orders and provides additional insights from interviews with several industry experts. See “New Marketing Rule FAQs Offer Safe Harbors for Using Extracted Performance and Certain Metrics” (May 1, 2025).