Compliance
FINRA Rule 2210, explained for advisor outreach
FINRA Rule 2210 governs the content, approval, and supervision of a FINRA-registered firm's communications. For outreach, the key idea is simple: the rule sorts your communications into categories, and the category decides whether a registered principal has to approve a message before it goes out.
The three categories
Correspondence. Written or electronic communication sent to 25 or fewer retail investors within any 30 calendar-day period. Lighter handling: generally no pre-use principal approval, but it must be supervised and retained.
Retail communication. Any written communication distributed to more than 25 retail investors within 30 calendar days. This generally requires principal approval before use and must meet content standards.
Institutional communication. Communication directed only to institutional investors, with its own handling.
The practical trigger: 25 retail investors in 30 days
The line that matters most for outbound is the 25-retail-investor / 30-day threshold. Stay at or below it and your messages are generally correspondence. Cross it, and the same outreach is usually treated as retail communication that needs principal approval before sending. At any real outbound volume, you cross it quickly, so the practical answer is to build review and recordkeeping into your process from the start.
Content standards (all categories)
Communications must be fair and balanced, must not omit material facts, and must not be misleading. No promises of specific results, no exaggerated or unwarranted claims.
How Finterest helps
Finterest keeps messages reviewable before they send and maintains a record of outreach, which supports the approval and supervision Rule 2210 expects. Finterest supports your firm's compliance process; principals and compliance teams remain responsible for approval and supervision.
Related questions
Up to the full guide: Compliant outreach for financial advisors
Last reviewed: June 2026