Family Fund?

[bmneveu]

Does anyone here manage a portfolio with monies from family and/or close friends? I have some family interested in having me manage some funds for them. I'm wondering how it would work. Mainly just worried about taxes/ legality of it. Thanks

[Frixxxx]

I've referred a few peeps to this one page of advice:

LINK (http://www.investopedia.com/articles/younginvestors/06/investingforfriends.asp)

Good Luck!

[Birchtree]

If you have a PIN number and password you should be ready to go - it's no one's business if you have proper access.

[Bquat]

Does anyone here manage a portfolio with monies from family and/or close friends? I have some family interested in having me manage some funds for them. I'm wondering how it would work. Mainly just worried about taxes/ legality of it. Thanks Do you think it might be worth it? The cost of having a lawyer on call may eat up the profit. When dealing with friends and family, they are right there with you while your making money. When you lose, they hold you liable it's just business, nothing personal.:notrust: Have a notarized agreement warning of any potential loss or catastrophic market event.

[Scout333]

I've referred a few peeps to this one page of advice:

LINK (http://www.investopedia.com/articles/younginvestors/06/investingforfriends.asp)

Good Luck!

Frixxxx, Everything the article says about helping friends goes double or maybe triple for family. Great advice!
:)

[Frixxxx]

If you have a PIN number and password you should be ready to go - it's no one's business if you have proper access. Sounds Easy!


Do you think it might be worth it? The cost of having a lawyer on call may eat up the profit. When dealing with friends and family, they are right there with you while your making money. When you lose, they hold you liable it's just business, nothing personal.:notrust: Have a notarized agreement warning of any potential loss or catastrophic market event.
There are many risks involved in doing this, the trick is to understand the law, understand the client, understand their goals. Yes, you could just trade their account, BUT, some investment houses require you have some sort of license to initate trades on behalf of someone else.

Did you get a notarized agreement from TSP? :nuts:

[bmneveu]

If you have a PIN number and password you should be ready to go - it's no one's business if you have proper access.

I never thought about it like that. Thanks :)

[bmneveu]

After some google research, maybe an LLC is the way to go