Best advertising review software for advisers
Seven tools that review, approve or keep an adviser's or broker-dealer's marketing, read against what the SEC and FINRA ask a firm to hold on file: the piece, the approval and the evidence behind every claim. Red Oak and Hadrius are review platforms, Comply and Smartria are compliance suites, FMG (Twenty Over Ten included) is an adviser marketing platform, Hearsay Social is a posting tool and Smarsh is an archive.
Reviewed October 2026
Best overall
Red Oak
Its ad-review page states configurable and parallel reviews, document stamping, a full audit trail, records it calls SEC 17(a)-4/WORM compliant and direct filing with FINRA.
Read the review of Red OakBest for an RIA that must show each version and its approval
Hadrius
Its marketing page logs every review, approval and disclosure as you work, with immutable version history and linked approval logs; its home page names Marketing Rule workflows.
Read the review of HadriusBest when the website and emails already run on one marketing platform
FMG
Website updates and new emails route to the compliance department's inbox on their own, and a dashboard shows where each submission stands.
Read the review of FMG
The comparison table
| Vendor | Review and approval workflow206(4)-7(a); FINRA 2210(b)(1)(A) | Keeps the piece with its approval204-2(a)(11); FINRA 2210(b)(4) | Marketing Rule checks: testimonials, performance206(4)-1(b)-(d) | FINRA filing supportFINRA 2210(c) | Approval of posts before useFINRA 2210(b)(1)(A) | Audit trail of each review |
|---|---|---|---|---|---|---|
Red OakAd review and supervision | Meets Configurable, parallel reviews | Meets Stamping; WORM records | Not stated | Meets Direct filing; comment letters | Meets Pre-approves reps' posts | Meets Full audit trail |
HadriusCompliance platform | Meets Submissions, routing, approvals | Meets Versions and approval logs | Partial Workflows named; checks not | Not stated | Check with vendor Social supervised; approval unclear | Meets Every review logged |
FMGAdviser marketing platform | Meets Edits route to compliance | Partial History; record not described | Check with vendor SEC, FINRA standards; rule unnamed | Not stated | Partial Pre-approved post library | Partial Submission history |
ComplyCompliance suite | Not stated No ad review flow stated | Partial Web and social snapshots | Not stated | Not stated | Not stated Captures posts once published | Partial Log of completed reviews |
Hearsay SocialSupervised posting tool | Meets Approval workflows, pre-review | Partial Archived; approval record unclear | Not stated | Not stated | Meets Approval workflows, libraries | Meets Detailed audit trails |
SmarshFinancial-services archive | Partial Review; pre-use approval unclear | Partial Keeps content; approvals unclear | Meets Testimonials, performance, ratings | Not stated | Not stated | Check with vendor Audit-ready records; log unclear |
SmartriaRIA compliance software | Meets Reviews of marketing materials | Meets Keeps approvals, rejections | Not stated | Not stated | Not stated | Partial Access and activity logging |
One workflow, two rulebooks
Advertising review software earns its keep on three questions an examiner asks: who checked this piece before it went out, what exactly went out, and can you show both today. How much of that the law demands depends on which rulebook the firm answers to. A broker-dealer's rule names the approver:
The adviser rule does not. Rule 206(4)-1 sets what an advertisement may say and do, and its text names no approver and no filing step. The review step comes from the adviser's own written policies, which Rule 206(4)-7(a) requires to be “reasonably designed to prevent violation” of the Advisers Act and its rules (our guide to the Rule 206(4)-7 compliance program covers them). So for an RIA the workflow column asks a narrower question: can the tool prove your own policy was followed, piece by piece?
Who signs, what is kept, how long
| Duty | Adviser (SEC) | Broker-dealer (FINRA) |
|---|---|---|
| Who approves | The rule names none; the firm's written policies set the step | A registered principal, before use or filing |
| What is kept | A copy of each advertisement disseminated | The piece, its dates of first and last use, the approving principal's name and the approval date |
| How long | At least five years from the end of the fiscal year it was last published or disseminated, the first two in an appropriate office | The Rule 17a-4(b) period: at least three years, the first two in an easily accessible place |
| Content rules | Rule 206(4)-1(a) to (d) | FINRA Rule 2210(d) |
206(4)-7(a); 204-2(a)(11), (e)(3)(i); FINRA 2210(b)(1)(A), (b)(4)(A); 17a-4(b)
A firm registered as both answers to both columns. The full rule, in plain words, is in our guide to the SEC Marketing Rule for small advisers, and the broker-dealer side in the FINRA Rule 2210 guide.
What a reviewer checks under the Marketing Rule
Whatever tool a firm buys, a person still reads the piece against the rule. For an adviser that reading runs down the Marketing Rule's general prohibitions and its conditions on testimonials, ratings and performance. Nine checks cover most small-firm pieces:
The reviewer's nine checks
- No untrue or unsubstantiated statement of material fact, no misleading inference206(4)-1(a)(1)-(3)
- Benefits shown with fair and balanced treatment of material risks and limitations206(4)-1(a)(4)
- Specific advice and performance periods presented in a fair and balanced way206(4)-1(a)(5)-(6)
- Testimonial or endorsement: clear and prominent disclosures, a reasonable basis, a written agreement unless unpaid or de minimis206(4)-1(b)
- Third-party rating: a survey as easy to answer favorably as unfavorably, and the rating's date and period disclosed206(4)-1(c)
- Gross performance only beside net performance of at least equal prominence206(4)-1(d)(1)
- Portfolio performance for one-, five- and ten-year periods (not private funds)206(4)-1(d)(2)
- No statement that the Commission approved or reviewed the performance206(4)-1(d)(3)
- Hypothetical performance only with policies on the intended audience and its assumptions disclosed206(4)-1(d)(6)
The second prohibition is the one that turns a review into a record:
An approval means little if the evidence behind each claim is not filed with it. Among the seven vendors, only Smarsh's page names testimonials, performance claims and ratings as things its product reviews, and Hadrius names Marketing Rule workflows without listing the checks. The rest leave the checks to your reviewer. To run them on a piece today, use the Marketing Rule ad review checklist.
What the file for one piece must hold
The record column is where the tools differ most. An examiner does not ask whether a firm owns review software; it asks for the advertisement and what stands behind it. Pick the firm type and what a piece contains to see what the rules put in its file. It starts on a common case: an adviser's newsletter that quotes performance.
The adviser's file
- A copy of the advertisement as disseminated204-2(a)(11)
- Evidence the review your written policies require took place206(4)-7(a)
- The working papers that show how each figure was calculated204-2(a)(16)
- Net beside any gross figure; one-, five- and ten-year periods for a portfolio206(4)-1(d)(1)-(2)
- Keep the ad and its performance backup from the end of the fiscal year it was last disseminated5 years204-2(e)(3)(i)
From the SEC and FINRA rule text read October 22, 2026. Not legal advice.
The two clocks run differently. Both bars are drawn to scale.
Year 0: the end of the fiscal year the ad was last published or disseminated
- In an appropriate office of the adviser2 years
- Rest of the period3 years
17 CFR 275.204-2(e)(3)(i)
- In an easily accessible place2 years
- Rest of the period1 year
FINRA Rule 2210(b)(4)(A); 17 CFR 240.17a-4(b)
A dual registrant keeps both. Rule 204-2(h)(1) says a record kept under the broker-dealer rules “which is substantially the same” as the adviser record is deemed kept in compliance with the adviser rule; which clock then governs a given piece is a setting to agree with your compliance counsel. The books and records retention calculator turns a fiscal year end into a keep-until date, and the Rule 204-2 guide lists every adviser record.
Filing broker-dealer pieces with FINRA
The text of Rule 206(4)-1 has no filing step for an adviser. A broker-dealer files some retail pieces with FINRA's Advertising Regulation Department, and a new firm files more:
Red Oak is the only vendor here whose page states filing support: it automates “the direct filing with FINRA process” and stores FINRA's comment letters. Every other tool leaves the filing to a person, which is workable at a few pieces a month.
Content rules differ too. A broker-dealer communication may not “predict or project performance”, with listed exceptions, and FINRA's rule text now includes an exception for projections and targeted returns, subject to conditions: written policies on the intended audience, and enough information on the criteria, assumptions, risks and limitations. The FINRA Rule 2210 guide sets out the filing lists in full.
What to ask for in a demo
Most cells in the table read Partial or Check with vendor because vendors describe workflows, not records. Six requests turn a demo into evidence:
Six things to ask for
- A sample approval record: does it show the reviewer, the date and the version approved?FINRA 2210(b)(4)(A)
- An export of one piece with its approval, as an examiner would receive it204-2(a)(11); 204-2(g)
- How retention is set: five years from fiscal year end for an adviser, three for a broker-dealer204-2(e)(3)(i); 17a-4(b)
- Where testimonial disclosures and performance backup are attached to the piece204-2(a)(15)-(16)
- Which channels can be routed: website, email, social, video, print206(4)-1(e)(1)
- For a broker-dealer: its 17a-4(f) storage mode and undertaking, in writing17a-4(f), (i)
If ad review is one item on a longer list, compare it inside a full suite: RIA compliance software for advisers, or compliance software for small broker-dealers. For a broker-dealer, review of correspondence sits under FINRA Rule 3110.
Each vendor, read against the rule
Red Oak
Ad review and supervision- What it is
- Compliance software whose advertising-review product lists “Parallel Reviews”, “Document Stamping” and a “Full Audit Trail”, and says the platform is “100% books and records compliant”. It will “Automate the direct filing with FINRA process as well as the retrieval and storage of FINRA comment letters”. A separate page offers to “Monitor, pre-approve, and archive registered representatives’ social media activity”.
- Who it fits
- A broker-dealer or dual registrant that files retail pieces with FINRA, and any adviser that wants one queue for ads, websites and reps’ posts. Its home page names RIAs and broker-dealers. Its pages also say Red Oak and MirrorWeb are combining.
- What the rule requires, and whether it meets it
- Review and approval workflowMeetsConfigurable, parallel reviews
- Keeps the piece with its approvalMeetsStamping; WORM records
- Marketing Rule checks: testimonials, performanceNot stated
- FINRA filing supportMeetsDirect filing; comment letters
- Approval of posts before useMeetsPre-approves reps' posts
- Audit trail of each reviewMeetsFull audit trail
- Not verified by us
- Whether the stamp records the approving principal's name and the date, whether its checks cover Marketing Rule items such as testimonial disclosures and net performance (not named on its pages), and its 17a-4(i) undertaking.
Hadrius
Compliance platform- What it is
- A compliance platform for SEC and FINRA firms. Its marketing page says “Every review, approval, and disclosure is logged automatically as you work”, with “Immutable version history and linked approval logs” and WORM retention. Its home page names “Marketing Rule workflows” for RIAs.
- Who it fits
- An RIA, or a firm with both an RIA and a broker-dealer, that wants the advertisement, each draft and each approval in one place for an exam. Its demo form starts at 1 to 50 employees.
- What the rule requires, and whether it meets it
- Review and approval workflowMeetsSubmissions, routing, approvals
- Keeps the piece with its approvalMeetsVersions and approval logs
- Marketing Rule checks: testimonials, performancePartialWorkflows named; checks not
- FINRA filing supportNot stated
- Approval of posts before useCheck with vendorSocial supervised; approval unclear
- Audit trail of each reviewMeetsEvery review logged
- Not verified by us
- Whether the approval log names the reviewer and the date, which Marketing Rule checks its AI runs, whether social posts can be approved before they go out, and how a FINRA filing is handled (not stated).
FMG
Adviser marketing platform- What it is
- An adviser marketing platform (websites, email, social). Its One-Click Compliance page says that “anytime you update your website or create a new email, it will automatically route to your compliance department’s inbox”, and offers a library of “pre-approved emails, social posts, and e-books”. Its Overwatch AI flags risks while advisers draft, and “may not be available at all firms”.
- Who it fits
- An adviser whose website and newsletters already run on FMG, where the review step should sit where the content is made. It includes Twenty Over Ten: that site says “All the best features of Twenty Over Ten are now officially part of the new FMG” and that existing customers keep logging in the same way; its Compliance Core login names compliance tools and no more.
- What the rule requires, and whether it meets it
- Review and approval workflowMeetsEdits route to compliance
- Keeps the piece with its approvalPartialHistory; record not described
- Marketing Rule checks: testimonials, performanceCheck with vendorSEC, FINRA standards; rule unnamed
- FINRA filing supportNot stated
- Approval of posts before usePartialPre-approved post library
- Audit trail of each reviewPartialSubmission history
- Not verified by us
- Whether each approval is kept with the reviewer's name and the date, how long the history is kept and how it exports, which archive receives the website and social content, and whether Overwatch is available at your firm.
Comply
Compliance suite- What it is
- A compliance suite (Comply for RIA, formerly RIA in a Box, and Comply Platform, formerly ComplySci). Its archiving page offers “Websites: Snapshot and retain web content to support marketing compliance” and “Social Media: Capture and store firm & employee posts from LinkedIn and X”.
- Who it fits
- An RIA already on Comply for its program and code of ethics that needs a copy of what went out. Its pages describe keeping published content, not approving an advertisement before use.
- What the rule requires, and whether it meets it
- Review and approval workflowNot statedNo ad review flow stated
- Keeps the piece with its approvalPartialWeb and social snapshots
- Marketing Rule checks: testimonials, performanceNot stated
- FINRA filing supportNot stated
- Approval of posts before useNot statedCaptures posts once published
- Audit trail of each reviewPartialLog of completed reviews
- Not verified by us
- Whether any review and approval of an advertisement before use exists in its products, and how website snapshots and captured posts are kept as 204-2(a)(11) records.
Hearsay Social
Supervised posting tool- What it is
- A social publishing tool for advisers, now presented on Yext’s platform pages. Its FAQ says “Automated supervision, lexicon-based review, approval workflows, and detailed audit trails provide end-to-end oversight” and that “Every social interaction is supervised, archived, and auditable”.
- Who it fits
- A firm whose advertising is mostly advisers’ social posts, built from a firm-approved library. Its page names “Fortune 500 banks, asset managers, and insurers”; small RIAs are not named.
- What the rule requires, and whether it meets it
- Review and approval workflowMeetsApproval workflows, pre-review
- Keeps the piece with its approvalPartialArchived; approval record unclear
- Marketing Rule checks: testimonials, performanceNot stated
- FINRA filing supportNot stated
- Approval of posts before useMeetsApproval workflows, libraries
- Audit trail of each reviewMeetsDetailed audit trails
- Not verified by us
- Its archive or archive partner and storage mode, its retention settings, the social networks it supports (its page says only all networks), and whether approvals export with the posts they approved.
Smarsh
Financial-services archive- What it is
- A capture and archiving platform for financial firms. Its Marketing Rule page says you can “Capture and retain marketing content” across websites, email and social, and “Review and supervise testimonials, performance claims, and ratings”.
- Who it fits
- A firm that already archives with Smarsh and wants its published marketing kept and supervised in the same place. Pre-use approval is listed on that page as a best practice for firms, not as a product step.
- What the rule requires, and whether it meets it
- Review and approval workflowPartialReview; pre-use approval unclear
- Keeps the piece with its approvalPartialKeeps content; approvals unclear
- Marketing Rule checks: testimonials, performanceMeetsTestimonials, performance, ratings
- FINRA filing supportNot stated
- Approval of posts before useNot stated
- Audit trail of each reviewCheck with vendorAudit-ready records; log unclear
- Not verified by us
- Whether approval of an advertisement before use is part of the product, whether each approval is kept with the captured piece, and the export format of the marketing record.
Smartria
RIA compliance software- What it is
- RIA compliance software that says it will “Streamline reviews of marketing materials”, keeping records of all rejections and approvals, with “access and activity logging for every employee”.
- Who it fits
- A small RIA that wants marketing review inside its compliance calendar: its page says it makes compliance “easy and cost effective for new and small RIA firms”.
- What the rule requires, and whether it meets it
- Review and approval workflowMeetsReviews of marketing materials
- Keeps the piece with its approvalMeetsKeeps approvals, rejections
- Marketing Rule checks: testimonials, performanceNot stated
- FINRA filing supportNot stated
- Approval of posts before useNot stated
- Audit trail of each reviewPartialAccess and activity logging
- Not verified by us
- Whether the approval record names the reviewer and the date, whether websites and social posts can be routed for review, and what its SmartArchive product keeps (not read).
How we read these vendors
Questions firms ask
Does the SEC Marketing Rule require compliance to approve every ad?
The rule itself names no approver. It sets what an advertisement may and may not do, and the only approval it mentions is a ban: no statement “that the calculation or presentation of performance results in the advertisement has been approved or reviewed by the Commission.” The review step comes from the adviser's written policies under Rule 206(4)-7(a). How strict to make it is a decision for your compliance counsel.
17 CFR 275.206(4)-1(d)(3); 17 CFR 275.206(4)-7(a)
How long must an adviser keep its advertisements?
At least five years, “the first two years in an appropriate office of the investment adviser, from the end of the fiscal year during which the investment adviser last published or otherwise disseminated” it. The same period covers the working papers behind any performance figure. By our reading, an ad last used in 2026 at a firm with a December year end is kept until at least December 31, 2031.
17 CFR 275.204-2(a)(11), (a)(16), (e)(3)(i)
What must a broker-dealer's advertising record show?
For retail and institutional communications: a copy of the piece and “the dates of first and (if applicable) last use”, “the name of any registered principal who approved the communication and the date that approval was given”, and the source of any statistical table, chart or graph. They are kept for the Rule 17a-4(b) period “in a format and media that comply with SEA Rule 17a-4.” That is the test the record column applies to each vendor.
FINRA Rule 2210(b)(4)(A)
Can a broker-dealer's ad show projected returns?
Only inside an exception. Communications “may not predict or project performance”, but FINRA's rule text now includes an exception for projections and targeted returns, subject to conditions: written policies that tie the piece to its intended audience, and enough information for that audience to understand the criteria, assumptions, risks and limitations. By our reading, the approval record in a review queue should show both were checked. Our guide to FINRA Rule 2210 covers the other content standards; confirm your approach with compliance counsel.
FINRA Rule 2210(d)(1)(F)
Is any advertising review software approved by the SEC or FINRA?
No. Neither regulator approves review software, and FINRA retired its Compliance Vendor Directory effective March 19, 2024. A vendor's “SEC” or “FINRA” wording is its own claim, which is why each card above names the document to ask for.
finra.org/industry/cvd
Social posts: approved first, or supervised after
For a broker-dealer the line is static against interactive. FINRA's Regulatory Notice 10-06 (2010) says a registered principal “must approve all static content” on a social site before posting, while interactive content needs no prior approval: “Of course, firms still must supervise these communications.” The current rule text says the same, exempting from prior approval “any retail communication that is posted on an online interactive electronic forum”.
For an adviser the test is the definition. A post that offers advisory services to more than one person is an advertisement, and Rule 204-2(a)(11) keeps a copy of it. Red Oak and Hearsay Social state approval of posts before they go out; FMG offers a library of pre-approved posts; Comply and Smarsh capture what was published. For keeping the posts themselves, see the best social media archiving software.