My mom owns 3 banks in 3 counties. They don't have wealth management/asset mangement. I planned on using them as a revenue generater/major referral platform but is there any way I can get in trouble

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Your mom owns three banks and she won’t make a wealth management division for you?

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Potential conflict of interest but shouldn’t be a big deal if properly disclosed but I’m no lawyer

I’d really like to know more about these 3 banks that your mom owns. Who owns banks? I’ve never heard of such a thing.

You are highly regulated as are banks. Talk to your broker and dont skip any questions on your U4. :)

I have had several Bank relationships. You can sign a revenue sharing agreement with the bank and compensate the bank for the leads they provide. (A set percentage of revenue from referrals) They are not allowed to give you any personal or account information unless you are an employee of the Bank, but are allowed to give you referrals and make introduction. I found that most bank managers are pretty stingy with their deposits unless they can see revenue for the intro. I would talk to your BD and ask about Bank revenue sharing.

One a side note, there are lots of independent banks. They are all owned by someone, looks like some of them are even owned by moms.

A single owner of 3 banks in 3 countries. Wow. We need a whole lot more information. Ignore all advice you have gotten thus far

COUNTIES... not Countries

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