Question

"an investment adviser representative obtains a list of all 263 members of the local kiwanis club and sends a coupon to 52 leads on the list, along with a letter, offering a 20% discount on services to new clients that are club members. aside from retaining a copy of the letter, under the provisions of the investment advisers act of 1940, the investment adviser must keep:"

Answer 1

In addition to retaining a copy of the letter, the investment adviser mus also keep a memorandum describing the list and the source of the list as per the investment advisers act of 1940

So, the answer is "a memorandum describing the list and the source of the list"