Can a financial advisory firm use an appointment-setting service?
Yes. A firm can have a service phone the people on its own list to book meetings, and Greetsby serves financial advisory firms for this purpose.
Two things decide whether the arrangement is sound. The first is who signs up: the firm, not an individual representative. The second is what the caller does on the phone: book a meeting and nothing more. The sections below cover each, along with the Do Not Call rules.
Who can hire the service: the firm or its representatives?
The firm must hire it. Greetsby takes sign-ups from the firm only, and an individual insurance agent or financial adviser representative cannot sign up on their own.
MAS Notice FAA-N02 is titled Appointment and Use of Introducers by Financial Advisers, and MAS states that it applies to licensed financial advisers and exempt financial advisers.
Whether a particular calling arrangement counts as an introducer appointment depends on what the caller does. Ask your compliance officer to confirm this, and which version of the Notice applies, before you order. Keep the answer on file.
What do the Do Not Call rules mean for a financial advisory firm?
The PDPC runs an online service for checking numbers against the Do Not Call (DNC) Registry, and Greetsby asks you to make that check on your list before you send it.
The PDPC publishes Advisory Guidelines on the Do Not Call Provisions. Read them against your own list and your own message, and check again if your calls start some time after your last check.
This is general information, and a lawyer can advise on your specific list and message.
What should the call be limited to?
For a regulated business, the narrower the call, the easier it is to supervise. The caller should say who the firm is, give the reason for the call and ask for a meeting. The advice itself belongs in the meeting, with a licensed representative.
Agree the opening and the reason for the call in writing before any calls start. Ask to hear recordings of the calls, so you can check what was said against what you approved. Ask who is accountable for the campaign and how they can be reached. Ask how a request not to be called again reaches you. You will then have a record of what was said in your firm's name.
How does Greetsby work for a financial advisory firm?
Greetsby is an appointment-setting service in Singapore that serves financial advisory firms among others. It calls the people on your own list and books meetings into your calendar. It books meetings only. It does not give product advice and does not offer gifts.
You approve the opening and the reason for the call before calls start. Every call is recorded, including the ones that did not book, and you can play any call on your list. A named Greetsby caller is responsible for your campaign and every call on it, and is reachable during working hours. Calls show a Singapore number, and each person sees the same number every time.
You check your list against the Registry before sending it and confirm that you have when you upload it. Greetsby does not run the check for you. Anyone who asks not to be called again is not called again, and Greetsby passes that on to you. Your list is used only for your campaign, is never resold or added to another client's campaign, and is deleted when you ask.
Each person gets up to 4 call attempts on different days between 9.30am and 6.00pm. Pricing is S$1.80 a number, covering up to 4 attempts each: 1,000 numbers cost S$1,800, 2,000 cost S$3,600 and 3,000 cost S$5,400. You pay before calls start, for the batch you choose. There is no contract and no monthly fee. Greetsby does not guarantee a number of meetings. The first batch shows what your own list produces. Enquiries go to hello@greetsby.com.
Questions
Can an individual financial adviser representative hire Greetsby?
No. The firm must be the one to sign up. MAS Notice FAA-N02 applies to licensed and exempt financial advisers, so your compliance officer can confirm how it applies to the firm.
Do I need to check my list against the Do Not Call Registry?
Greetsby asks you to check the list before you send it and to confirm that you have when you upload it. Greetsby does not run the check for you. Check again if calls start some time after your last check.
Will the caller give financial advice or discuss products?
No. Greetsby books meetings only and does not give product advice. The advice is given by your representative at the meeting.
Do I have to sign a contract?
No. You pay for each batch before calls start, and when it is done you decide whether to order another. There is no monthly fee.
Who is responsible for the calls made on my campaign?
A named Greetsby caller is responsible for your campaign and every call on it. You approve the opening and the reason for the call first, and you can play any recording afterwards.
Sources
- MAS: Notice FAA-N02 Appointment and Use of Introducers by Financial Advisers
- PDPC: Check Numbers Against Do Not Call (DNC) Registry
- PDPC: Advisory Guidelines on the Do Not Call Provisions
General information for businesses in Singapore, not legal advice.