Prospecting Letter....

[K-t-F]

I have access to a database and intend to prospect some plans..... Anyone have a good prospecting letter, advice about how I should go at this task?

Thanks!

[david rigby]

Send me your database, and I'll send you a letter.

[K-t-F]

Oh ok...

Meant nothing by the post... and can see how some would feel that their clients would be in jeopardy... if they were not secure with thier relationship.

The database is Larkspur and my access is through a CFP that wants to go after local plans in Massachusetts.

I will create one of my own... I guess I am still learning what to ask here.

[david rigby]

Generally,

- your services (actuarial, recordkeeping, compliance, trust, legal, etc.),

- your abilities / credentials,

- references,

- etc.

[GBurns]

Aren't there severe compliance requirements placed by your state Dept of Insurance and the dept that regulates the sale of securities in your state, the NASD and the SEC etc, that any and all materials are subject to? As a result all the material that I have ever seen (that were legal) were provided by either the Broker/dealer or the Investment product provider. I suggest that you do not try to invent or create your own pieces before checking on the compliance requirements, the penalties are very severe.

[K-t-F]

The letter that I create to solicit a new potential client will need to be approved by the MA state insurance commision, NASD, and possibly the SEC? Is this just in MA? So what I should do is tell the CFP that is going in on this venture with me to have their broker/dealer provide an approved letter?

Or is what you are saying is that only the CFP's part and how the client is solicited for the purpose of selling investments is regulated.... for my part as the TPA (non producing) am I also regulated? I guess if we produce a letter together it would need to be approved since the CFPs services would be on sale in addition to my services.... if I did it on my own (solicit MY services) it would then not need approval.

[GBurns]

Yes, possibly by all or at least more than 2 regulatory bodies and in each state of residence/domicile of the client. At least 1 state regulator and the NASD. Usually the Broker/Dealer and investment providers have "pre-approved" letters etc.

The compliance requirements will vary depending on what you are offering. It will probably be difficult to separate your TPA Admin or record keeping services from the other items involved or related. I suggest that you find out what your State Securities people require for any and all solicitations even for strictly TPA administrative services.