Advocis Best Practices Manual Tip:

Client referrals are an important source of new business for many financial advisors.

Although the most common form of referral fee arrangement involves payment of referral fees between appropriately licensed individuals, they also exist when the referrer is not appropriately registered or licensed to provide the advice or product.

Referral fee arrangements can be structured differently depending on the terms and conditions established between the parties. As with many regulatory requirements, consumer protection is paramount.

For more information about referral fee arrangements, please visit the newly updated Compliance section of the BPM under Common Law Principles.

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