Give the adviser a decision-focused, bounded scope before asking for an introduction to investors. Insist on a written statement of financial interests, placement fees, current clients and whether the adviser will receive payment if you accept the offer.
The SEC explains that locating investors, facilitating securities transactions and receiving transaction-contingent compensation can trigger broker-dealer registration requirements. Do not assume that calling a fee a “success bonus” avoids those requirements; have counsel classify the actual work. Broker-Dealers — US SEC