A recent survey conducted by the CFA Institute and the Investment Adviser Association examined how firms are adapting to Rule 206(4)‑1 (Marketing Rule) under the Investment Advisers Act of 1940. The survey focused on key Marketing Rule pain points, including presentation of net performance, what constitutes “performance,” use of extracted performance and presentation of hypothetical performance. This article synthesizes the key findings from the survey. See “Third Marketing Rule Risk Alert and New Settlements Portend Vigorous Enforcement” (Jun. 6, 2024); and “ACA Compliance Testing Survey: Marketing Rule Remains Top Compliance Focus” (Feb. 1, 2024).