Business PracticesPregunta 83 de 100
An investment adviser pays an accountant a fee for every client the accountant refers. Under NASAA rules, this arrangement requires that:
a.Nothing be disclosed, because the client pays no additional fee
b.The solicitor register as an investment adviser in every state
c.The arrangement be in writing and disclosed to the client in writing, so the client knows the referral was compensated
d.The referral fee be capped at five percent of the first year's advisory fee
Explicación
Compensated solicitation arrangements must be documented in a written agreement and disclosed to the prospective client in writing so the client can weigh the referral's independence. Whether the client pays more is beside the point; the conflict itself is the material fact. The rules impose disclosure and documentation requirements rather than a universal percentage cap, and a solicitor is not automatically an investment adviser in every state.
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