The SEC has adopted sweeping changes to its decades old advertising and solicitation rules for investment advisers. These changes repeal the prohibitions on testimonials and past specific recommendations, expand the scope of the solicitation rule to noncash compensation arrangements and marketing of private funds, and permit many types of performance advertising that were previously prohibited. The new rule also imposes a new requirement that advisers produce to the SEC the evidence for any factual assertions in advertisements. These changes are likely to impact materially the $97 trillion advisory industry.