Raphael, an investment adviser for Enright Financial Solutions (EFS), enters into an understanding with a friend who is

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Raphael, an investment adviser for Enright Financial Solutions
(EFS), enters into an understanding with a friend who is a
lawyer regarding the referral of clients. Raphael will refer
EFS clients needing legal services to the lawyer in return for the
lawyer recommending clients needing financial advisory
services to Raphael and EFS. This arrangement
Select one:
A. requires no disclosure because there are no payments
involved.
B. is acceptable as long as EFS is aware of Raphael’s agreement
with the lawyer.
C. is unacceptable if Raphael made no disclosure to his
clients or employer.