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Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7023
Experience:  Extensive Experience with Tax, Financial & Estate Issues
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I operate an income tax service. A wealth management consultant

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I operate an income tax service. A wealth management consultant has approached me about refferring clients. I would have to pass a background check, get finger printed and so forth. Do you see anything illegal about such an arrangement should any remuneration be paid to me.

Stephen E. Grizey :

Hi & thanks for using our service. I'll do my best to give you a complete & accurate answer. Please ask me to clarify anything you don't understand.

Stephen E. Grizey :

Are you license as an accountant or anything like that?

Stephen E. Grizey :

If there was a problem, it would be a problem for the guy who is paying you.

Stephen E. Grizey :

What kind of a deal is he offering you?

Stephen E. Grizey :

I'd be more concerned about his fingerprints if I was referring my clients to him.

Stephen E. Grizey :

You know how it works, everything is great as long as everyone is making money.

Stephen E. Grizey :

After they lose? some money with him (its only a matter of time) & they fire him, who are they going to see every year

Stephen E. Grizey :

You.

Stephen E. Grizey :

so you're the one that needs to get comfortable with him & how he operates; you're the one with the clients;

Stephen E. Grizey :

What happens when the first client who you want to refer to him asks you "what's in it for you"

Stephen E. Grizey :

So you need to be real careful before entering into a deal with anyone involving referral fees; I'm not saying absolutely don't do it; I'm saying think in through in terms of your clients & what you're comfortable with; just don't jeopardize your livelihood for some referral fees that may or may not materialize;

Stephen E. Grizey :

I never did it, despite constant offers & when CPAs finally were allowed to sell products and I may have not made the quick bucks that some of my peers did, but when the market went South, I was still sleeping at night & I didn't spend all day on the phone listening to irate clients.

Stephen E. Grizey :

I hope that just gives you some food for thought; obviously you have to make your own decision...............

Customer :

I appreciate your advice

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