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Cold Calling – Know Your Rights - SEC.gov
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Cold calling is used legitimately to find clients for the long term. These callers ask questions to understand your financial situation and investment goals before recommending that you buy anything. Unfortunately, not everyone has your best financial interest at heart. Watch for these signs of trouble: “Aggressive cold callers speak from persuasive scripts that include retorts for your every objection.” Pitches that stress “once-in-a-lifetime” opportunities. Watch out for someone who tells you about a “once-in-a-lifetime” opportunity, especially when the caller bases the recommendation on “inside” or “confidential” information.
Tell intrusive cold callers not to call again. If you’re annoyed by cold callers, stop them before they start their sales pitch. Put your name on the National Do Not Call Registry—and inform the cold caller your name is on the list. Tell the caller to put you on the firm’s “do not call” list. If anyone from that firm calls you again, complain to the firm’s compliance officer, the SEC, FINRA and your state’s securities regulator. “Cold callers often try to “warm up” potential customers with flattery or friendship.” What If I Want to Invest?
When telemarketers, including people from the securities industry, call to sell you something, they must follow these important rules: “Cold Callers Must Check the “National Do Not Call Registry” — With very few exceptions, federal law requires all telemarketers, including securities firms, to search the National Do Not Call Registry every 31 days to avoid calling any numbers that are on the Registry.” Tip: If your number has been on the Registry for 31 days and you receive a cold call from an entity that doesn’t meet any of the exceptions to the cold calling rules, you can file a complaint at donotcall.gov or by calling toll-free 1-888-382-1222. You’ll need to know the date of the call and the company’s name or phone number to file a complaint.
Tell intrusive cold callers not to call again. If you’re annoyed by cold callers, stop them before they start their sales pitch. Put your name on the National Do Not Call Registry—and inform the cold caller your name is on the list. Tell the caller to put you on the firm’s “do not call” list. If anyone from that firm calls you again, complain to the firm’s compliance officer, the SEC, FINRA and your state’s securities regulator. “Say “no, thanks” or “I’m not interested” -- and then hang up.” What If I Want to Invest?
Use the “National Do Not Call Registry” to Reduce Unwanted Cold Calls “The National Do Not Call Registry was jointly established by the Federal Trade Commission and the Federal Communications Commission to give Americans a way to avoid getting telemarketing calls at home.” Online at donotcall.gov, as long as you have a working email address. Shortly after you sign up, you will receive an email confirmation from donotcall.gov that contains a link you must click to complete the process. If you do not click on this link within 72 hours, your phone number will not be registered.
The telephone rings as you’re sitting down to dinner or putting the kids to bed. A stranger is selling something. It’s known as “cold calling.” For many businesses, including securities firms, cold calling serves as a legitimate way to reach potential customers. But sometimes serious trouble and financial losses await you at the other end of the line. You may be pressured to buy a bad investment. Or the investment might be a scam. “you can stop cold callers.” Use the “National Do Not Call Registry” to Reduce Unwanted Cold Calls