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ML revenue sharing with cpa's & attorneys

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Nov 16, 2005 4:17 pm

does ML have a structured program/revenue sharing when working with
cpa’s and attorneys to get referrals/introductions to their clients. If
so can i get a quick overview of how it works.

thank you


Nov 16, 2005 4:55 pm

I'd imagine so, but be wary that some states require the CPA that you're doing business with to have his Series 7.

Nov 16, 2005 9:35 pm

At ML it's called the Professional Alliance program.  You do share in fees witht he CPA or Attorney.  It is a formalized agreement (not legal in all states, but is in mine and most around me) that allows the CPA/Lawyer to actually share in the revenue generated WITHOUT being licensed.  I can't remember, but I think you share part of YOUR commission (not ML's) but I could be wrong.  Not sure how it works from a legal standpoint (nor do i care), never set one up, just know that it does exist.

I tried to cold call on that for a couple days when I was at sucks.  It may seem like a good deal to us, but they (CPA/Attorney)are very wary to create any type of arangement like that.

Nov 17, 2005 1:44 am

The program is pretty much as Bank FC says.  The fee sharing is
only in fee based managed products (managed money, private managers,
mutual fund wraps, etc…).  I work extensively with attorneys and
a few CPA folks, and they don’t get real excited about the fee
sharing.  The good ones feel, as they should, they are above that
and in fact they just want their clients represented well, which
reflects well on them.

Where this program does work well is with professional sports agents
(firms) and smaller independent CPA’s.  There are a few other
niches, and if any ML advisors are interested, they can PM me.

Nov 17, 2005 4:07 pm

thanks guys very informative.

it’s good to know that the “better” attorneys and cpa’s are above the
potential conflict of finders fees/rev sharing.  but i’m curious
as to what the list of benefits are to the attorney/cpa when i try to
pitch them?

thanls again