{ "media_type": "text", "post_content": "So I am a W-2 salaried CFP at a small IRA and I have a neighbor who runs his own practice and asked if I knew anyone who would be looking for part time paraplanning work. After thinking about it I got to wondering if its compliant and okay for an advisor to do something like that on the side for extra income or would that be considered a conflict on interest as an OBA?", "post_id": "60079b3d2e7c8d00293702a4", "reply_count": 5, "vote_count": 2, "bowl_id": "599feb177c057d0010be0554", "bowl_name": "Financial Advisors" }

So I am a W-2 salaried CFP at a small IRA and I have a neighbor who runs his own practice and asked if I knew anyone who would be looking for part time paraplanning work. After thinking about it I got to wondering if its compliant and okay for an advisor to do something like that on the side for extra income or would that be considered a conflict on interest as an OBA?

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That definitely needs to be recorded as an OBA.

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I understand it needs to be an OBA but does it present a conflict of interest?

What type of compensation level would each of those positions pay?

Your firm would likely consider it a conflict

It wouldn’t necessarily be a conflict. He could contract you through a financial planning agreement at your current firm. Make your current firm ok the comp.

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