Referral fee rules by profession: which rule applies to you and what to check first

The verdict in brief

Your profession decides the rule, not the referral program. Lawyers, CPAs whose firms perform attest work, registered representatives and bank employees face the tightest limits: depending on the client relationship, a referral reward may be barred, or may need written consent, disclosure or employer approval. Consultants, coaches, fractional executives and operators generally face no profession-wide fee rule, but contracts, employer policies and advertising disclosure guidance still apply. Whatever your role, read the primary source for your profession before you accept any SourceX reward.

This is general information, not legal, tax or financial advice. Rules change and vary by state; confirm with your own counsel, tax adviser or professional body before acting.

Side by side: the primary rule for each profession

We have not linked rule text for the insurance, banking and coaching rows because it differs by state, by bank and by credentialing body. Get the current text from your state insurance department, your compliance team or your credentialing body.

Where the rules are tightest

Lawyers

Model Rule 5.4(a) says a lawyer or law firm shall not share legal fees with a nonlawyer, subject to narrow exceptions, and the ABA's state variations chart for Rule 5.4 shows how states differ. Rule 1.5(e) lets lawyers in different firms divide a fee only if the split is proportional to services or each lawyer takes joint responsibility, the client agrees in writing, and the total is reasonable (Rule 1.5 variations). Rule 7.2 deals with giving value for recommendations, and the ABA's chart of state advertising rule differences shows how far states depart from the model.

Where a lawyer would hold a financial interest connected to a client matter, Rule 1.8(a) permits a business transaction with a client only on fair and reasonable terms disclosed in writing, with written advice to seek independent counsel and the client's signed informed consent (Rule 1.8 variations). A SourceX reward is a share of SourceX's fee, not a legal fee, but a lawyer still has to assess it under the rules of every state where they are licensed.

CPAs in public practice

Under ET 1.520, a member in public practice may not accept a commission for recommending a product or service to a client when the member or firm also performs an audit, review, certain compilations or an examination of prospective financial information for that client, and permitted commissions and referral fees must be disclosed. ET 1.510 applies a similar attest-client restriction to contingent fees, as the NYSSCPA's contingent fee explainer sets out. State rules can be stricter: the New Jersey Society of CPAs' guide is one example of a state regime that differs from the AICPA Code. How a particular reward is classified under the Code is a question for your firm's ethics resources and your state board.

Registered representatives

FINRA reported that the SEC approved new Rule 3290 on outside activities on September 15, 2026, replacing Rules 3270 and 3280; FINRA will announce the effective date in a Regulatory Notice, and until then the existing rules apply. Rule 2040 bars member firms and their associated persons from paying compensation to an unregistered person who would need to register to receive it. It governs FINRA members, not SourceX, but it is one more reason to involve your firm's compliance team before registering.

Bank employees

Commercial bankers typically work under a code of conduct that restricts accepting anything of value connected with customers or bank business. Treat outside referral income as something compliance must approve in writing, and do not introduce a borrower whose relationship you manage until that approval is in hand.

Where disclosure is the main duty

Insurance producers

Producer compensation and disclosure rules are set state by state and through agency and carrier contracts. Ask your agency principal and check your state insurance department's guidance before registering, and tell the client about the arrangement in writing.

M&A advisors and business brokers

Exchange Act Section 15(a) generally requires brokers effecting securities transactions to register, and Section 15(b)(13), effective March 29, 2023, exempts certain M&A brokers handling the transfer of ownership of an eligible privately held company. That exemption concerns securities transactions in company sales. It is not a general finder or referral exemption and does not address data-licensing introductions. Separately, the SEC proposed a conditional exemption for finders in 2020 but did not finalize it, as its July 2025 advisory committee notice confirms. If you also work on capital raises or company sales, ask securities counsel how your activities fit together.

Coaches, consultants, fractional executives and operators

Most of these roles have no profession-wide referral fee rule, so the duties come from contracts and disclosure. If you recommend SourceX publicly, in a newsletter, post or talk, the FTC's guidance says a connection that people would not expect and that would affect how they weigh the recommendation should be disclosed clearly and close to the recommendation. In private introductions, telling the owner about the reward is simply good practice. Check engagement letters, employment agreements and any non-solicitation terms as well.

How the SourceX reward fits these rules

Partners earn 25% of the eligible platform fees SourceX actually collects from the referred company's licensing deals, capped at $100,000 per referred company. Rewards become payable only after the buyer pays and SourceX receives its fee; a lead, meeting or signed agreement alone does not trigger payment, and no reward is guaranteed.

Three facts matter when you test the reward against your rules:

• The reward is a share of SourceX's fee and is never deducted from what the referred company receives.
• The partner makes the introduction and gives basic fit information only; partners never export, upload or describe confidential records.
• Anyone can join from any supported country, and licensed professionals are expected to check their own rules on referral fees and disclosure.

The referral fee agreement explainer covers what a written referral arrangement usually sets out.

Before you register: a five-point check

• Identify every license, registration and credential you hold, and the rule source for each.
• Read the current rule text, not a summary or a blog post.
• Check your employer's or firm's policy, and get written approval where it is required.
• Decide how and when you will disclose the reward to each company you introduce.
• Check your relationship with the company: are you its auditor, counsel, banker, broker or adviser of record?

If your rules bar the reward or make it impractical, the company can still apply on its own at sourcex.si/apply. For the threshold licensing question, see do you need a license to receive a referral fee, and for the judgment call beyond the rules, the four-question ethics test.

Next step

Find your row in the table, read the linked source, and settle the five-point check with your compliance team or professional body. Once you are clear, register as a partner.