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Thread: Family Fund?

  1. #1

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    Default Family Fund?

    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


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  3. #2

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    Default Re: Family Fund?

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

    LINK

    Good Luck!
    THIS IS WHERE I WOULD PUT SOMETHING TO REPRESENT MY THINKING, BUT THEN THEY SHOW UP!
    Tracker =
    Check my position

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  5. #3

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    Default Re: Family Fund?

    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.

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  7. #4

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    Default Re: Family Fund?

    Quote Originally Posted by bmneveu View Post
    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. Have a notarized agreement warning of any potential loss or catastrophic market event.
    Don't bias your charts. Show support and resistance. My comments and charts are not trading recommendations.

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  9. #5

    Default Re: Family Fund?

    Quote Originally Posted by Frixxxx View Post
    I've referred a few peeps to this one page of advice:

    LINK

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

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  11. #6

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    Default Re: Family Fund?

    Quote Originally Posted by Birchtree View Post
    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!

    Quote Originally Posted by Bquat View Post
    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. 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?
    THIS IS WHERE I WOULD PUT SOMETHING TO REPRESENT MY THINKING, BUT THEN THEY SHOW UP!
    Tracker =
    Check my position

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  13. #7

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    Default

    Quote Originally Posted by Birchtree View Post
    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

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  15. #8

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    Default

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

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