Wraps Salesmanship

I am wondering from those who have considerable experience at wrapping-my understanding is that it is compulsory for the wrappee to seek legal advice and have the contract explained in detail to them.
In my mind, I can picture this scenario. You have found a property and found a wrapee. You have disclosed how much you are to make from the deal-the wrapee is happy to finally have the opportunity to purchase a house. You then send your client with the standard contract for the wrap deal to his/her solicitor. My guess is that 90% of solicitors are going to advise their clients against going into a deal which exposes them to a far higher risk than standard finance ie if wrapper goes broke they may lose everything-caveat or not-no cooling off period (as some contracts dictate)-ability of wrapper to do inspections on house etc, etc. I am guessing here, but I would think many wrappees would emerge from the solicitors office feeling somewhat deflated. No matter how good your intentions and how persuasive your case, as your client is sitting in the solicitors office in a one on one situation, I would be concerned that my deal as the wrapper was looking fairly precarious. [thumbsdown2] Does anyone go with their client to the solicitor? Has anyone lost deals following the wrappees legal advice?

My understanding also is that a licence is required in Victoria to offer finance. How does one procure this?

jmn