A solicitor is a person or entity that solicits clients for an registered investment advisor (RIA).
A solicitor does not provide personalized investment advice to the client, but merely markets the RIA’s services and refers the client to the RIA to get the advice
Who can be a solicitor?
Under most states laws, “soliciting” for an investment adviser is deemed to be acting as an investment adviser representative (IAR), and thus must be done by an RIA or IARs only.
Thus, individuals must be registered as IARs
Except for NY, MI, MN and WY which don’t register IARs
Why be a solicitor?
Being a solicitor allows you to receive an ongoing portion of the investment advisory fee, without:
Having to be responsible for the investment advice provided
Possibly not having to have a qualifying exam
Learn about our Professional Partners Program- designed to attract CPA’s, EA’ s and other financial professionals for client referrals.
Learn how to set up Solicitor relationships with professionals in your area.
Solicitor Relationships
What is a solicitor?
Who can be a solicitor?
Why be a solicitor?
Learn about our Professional Partners Program- designed to attract CPA’s, EA’ s and other financial professionals for client referrals.