Minnesota Administrative Rules
Agency 120 - Commerce Department
Chapter 2790 - INSURANCE MARKETING STANDARDS
Part 2790.0550 - REGULATION OF BUSINESS OF FINANCIAL PLANNING
Current through Register Vol. 49, No. 13, September 23, 2024
Subpart 1. Definition.
"Business of financial planning" means providing, or offering to provide, financial planning services or financial counseling or advice, on a group or individual basis. An agent or insurer who, on advertisements, cards, signs, circulars, letterheads, or in any other manner, indicates that he or she is a "financial planner," "financial counselor," "financial adviser," "investment counselor," "estate planner," "investment adviser," "financial consultant," or any other similar designation or title or combination thereof, is considered to be representing himself or herself to be engaged in the business of financial planning.
Subp. 2. Prohibition.
No agent or insurer may represent on advertisements, cards, signs, circulars, letterheads, or in any other manner, that he or she is engaged in the business of financial planning unless he or she provides a disclosure document to the client. The document must be signed by the client, and a copy must be left with the client. The disclosure document must contain the following:
"My compensation may be based on the following:
"I am authorized to offer or sell products and/or services issued by or through the following firm(s):
[List]
The products will be traded, distributed, or placed through the clearing/trading firm(s) of:
[List] ";
"I am licensed in Minnesota as a(n):
"The license(s) entitles me to offer and sell the following products and/or services:
Statutory Authority: MS s 45.023; 60A.17; 80A.25; 82.28; 82.47; 82.89
