Conflict of Interest in Consulting Fees

Michael is a senior investment advisor at a financial services firm. Recently, he received an offer from a hedge fund to be paid a consulting fee for referring clients to them. Michael is excited about the potential extra income but is aware that some of his clients might not benefit from the hedge fund's aggressive strategies. To ensure he complies with the CFA Institute's Standards of Professional Conduct, he must assess whether accepting the consulting fee creates a conflict of interest that could compromise his responsibilities to his clients.

Which of the following actions should Michael take to ensure he aligns with the ethical and professional standards regarding this potential conflict of interest?