Pay for referrals
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Jul 9, 2009 2:51 am
Do any of you IAs pay use solicitors to obtain referrals? If not, why not? If so, what do you pay?
I have seen .50% as an average. Some will split the fee 50/50. I breifly looked into this, then realized I couldn’t find any “true” solicitors in my area outside of the hedgefund world. Seems most of the 3rd party markerts want hedge fund business.Are you looking more at an attorney/cpa solictor or a 3PM?
I’m thinking in terms of other financial professionals (accountants, real estate agents) and non-pros as well. The results of a web search for solicitor disclosure documents indicates a range between 20% and 70% of the advisers fee.