As a financial advisor I'm on the look-out for opportunities to buy "leads"; lists of people who may looking for financial planning help.

On February 25 2010 I received an email from Select Marketing Solution soliciting the sale of leads of “PROSPECT’S UNHAPPY WITH MORGAN STANLEY AND MERRILL LYNCH TARGETED AROUND YOUR OFFICE.” The email spoke of three different lists and I purchased two of them at a total cost of $500.

One of the purchased lists was promoted as “…423 retirees that (are) interested in Retirement Planning. They have responded by mail or phone in the last 2 weeks, indicating they are looking to speak to a local adviser…” The other was sold as “…671 people that are 25-50 year’s of age and they’re interested in obtaining a life insurance policy, They (sic) have been surveyed in the last 2 week’s and would like some-one (sic) to contact them back.” As others have found, these have obviously turned out to be completely worthless lists.

Two lists and one thousand people later we’ve discovered what many other buyers have; Select Marketing Solution is utterly misrepresenting the “product” they are selling and they are doing so knowingly. When contacted, without exception these “prospects” have zero interest in what they are described to have had an interest in. Many don’t know who Morgan Stanley is let alone are “unhappy” with them. When asked, none of these “prospects” admit to being surveyed, having responded to ad’s or calls or have any interest at all. Fewer than 15 per cent of the addresses of these people ‘targeted around my office” were in my town of Red Bank or the surrounding area. And, of course, there is all manner of bad numbers, fax numbers for phone numbers, ‘Do Not Call’ people, etc. throughout the over one thousand names.

I have recently requested, in writing, the money back guarantee that was advertised with the email solicitation and featured on their website and other marketing material. I also returned to them the CD’s containing the names they sold me. I have heard nothing in response. This company is hiding behind the fine print of the detailed phone record language in their agreements.

The consumer watchdog websites need to document this sleazy outfit’s tactics. It is my judgement that Select Marketing Solution is an indifferent violator of the public’s trust and consumer laws.