I had reached out to an advisory a while ago to introduce myself, and tell them about my search criteria, and they pitched a deal to me. That one didn't work out but now they're dangling a deal that fits my requirements, but they seem to want a buy-side agreement first since they don't have the selling party committed to them yet.

The terms are fairly open in that I can cancel the agreement at any time, etc., but it does come with a 5% commission on any deal they bring to me. Is this standard, or good terms?

I've never used a buy-side advisor before, and they don't want a retainer or anything else, but 5% seems high.

Thoughts, advise?