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Don’t try to solicit based on fear and threats

crazyeyes

Probably one of the best things about being married besides my lovely wife is that I’m not part of the dating scene. I was the shy and nervous type and it’s not something I enjoyed. One thing I knew not to do was to attack someone I was interested in. If I saw someone I liked, I wouldn’t disparage them or make threatening remarks because that wasn’t nice and people would think I’m a creep.

So I’m kind of shock and appalled how plan providers can make threats in their client solicitation letters. I saw one that someone posted on LinkedIn. It went like: I am writing this letter because your 401(k) plan is not compliant with the Department of Labor (DOL). I would hate to see you go through the headache of a lawsuit. I say this with peace and love, peace and love; don’t make any threats of any kind to any potential client. Don’t talk down to them like they’re some petty thieves. The only people that can say a plan is not compliant with the DOL is the DOL.

Plan sponsors will hire you because they like you, not because you’re selling them a bucket full of fear.

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