Compliance

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Aug 23, 2008 1:55 am

I've been in production for 18 months.  I've always given prospectuses for MFs or VAs.  I've been told recently that I have to make copies of whatever I give to anyone.  Even if it is client approved literature.  I didn't think this was correct because on the series 7 you are grilled on correspondence, etc. and what has to be copied etc.  So I called compliance and was given an answer and then told to be sure call so and so.  I got three different answers.  The attorney said that copies only apply to mail and any MFs or VA presentation has to have a prospectus.  The other day I presented some bonds to a client, it had the disclosures included.  I made a copy of the solicitation on my  PC so I knew what I presented.  Anyway my office manager got wind of it and said he needed a copy of it and the client/prospect it was going to.  I did so but I said I didn't have to if it was to one person.  I have no problem compling but I talk to so many prospects,...prospecting that I don't want to spend most of time making copies and giving them to my assistant because I'd rather be marketing.

 
What do you guys know about this?
 
Thanks,
Aug 23, 2008 2:12 am

kuj, you are forgetting that if your compliance dept is saying that something is required, it is required for you.  It doesn't matter if it is stupid and the rest of the world doesn't need it.

Aug 23, 2008 9:04 am
anonymous:

kuj, you are forgetting that if your compliance dept is saying that something is required, it is required for you.  It doesn't matter if it is stupid and the rest of the world doesn't need it.

 
what he said.
Aug 23, 2008 10:32 am

Just double your literature orders and give your firm half of what you use.