What Is a Solicitor?
A solicitor is a person or company who makes referrals to an RIA firm such as Magnifina in exchange for compensation. Traditionally the compensation is a share of the investment management fees the advisor collects.
Solicitors are often accountants, attorneys, or other professionals who deal with financial matters separate from managing investments. Their clients are often in need of investment advisory services, and collecting referral fees is an excellent source of passive income.