The SEC’s Marketing Rule – Rule 206(4)‑1 under the Investment Advisers Act of 1940 – came into effect in November 2022. A year later, Seward & Kissel conducted a study of more than 120 investment advisers to assess market participants’ perspectives on the practical effects of the Marketing Rule. The survey results suggest that the much-heralded modernization of the SEC’s rules for advertising and client solicitation has not resulted in significant changes in how advisers market their services but has created significant challenges, particularly with respect to performance advertising and client communications. This article discusses the study’s findings, with commentary from Seward & Kissel partner Paul M. Miller, who co-led the study with partner Daniel Bressler. See our two-part series on the Marketing Rule: “Key Takeaways for Private Fund Managers” (Mar. 18, 2021); and “Next Steps for Legal and Compliance” (Mar. 25, 2021).