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Have him get a license, easy.
The only other way I've *heard* to do this right, is it set up an LLC where you and the CPA are managing members, and have all commissions paid into the LLC entity.
I believe that's the foundation of MassMutual's Strategic Alliance program, explained at the bottom of this link:
https://careers.massmutual.com/experienced-producers/expand-your-practice
If it were me, I'd have the CPA either get licensed, or pay for the LLC. Either way, the CPA needs to have some skin in the game.
Your second option works too. I have see a few financial advisors do option one where it didn't pan out since they did everything.
You're right that in the end, for most COI relationships, skin in the game is normally the barometer of success.
I have 3 RIA firms that I met through a trade association who regularly refer me business with no quid pro quo.
I'm currently looking for another 7 or so.....lol.
Yes .