Don’t try to solicit based on fear and threats

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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