If I was to manage money for less than 15 clients would I need to have license/qualifications to open an advisor account?
Most of the states do care, it is not state’s problem. National brokerage companies won’t open advisor account for you unless you are exempt. You can do friends and families but significant different than advisory shop.
Account Information Only Advisors who are exempt from registration are eligible to open a Friends & Family account. Generally, most jurisdictions require that an advisor have 15 or fewer clients in order to qualify for exemption from registration. Registration requirements can vary among jurisdictions and often allow fewer than 15 clients and/or limited AUM. For example, advisors residing in the U.S. may be required to register under either State or Federal law if they meet certain criteria (e.g., total assets under management, number of clients, whether they receive compensation, etc.). https://www.interactivebrokers.com/en/index.php?f=46391 slide down the page till you get to F&F.
I've registered a F&F account with IBHK. Why am I not allowed to access TWS with the master account? I understand that I cannot trade on the master account, but how do I trade for sub accounts if I cannot access TWS? Is it not possible to trade for sub accounts with F&F in Hong Kong?
Frankly, not sure about the rules and regulations of Hong Kong but I would suggest getting a license and doing all the paperwork so that nothing goes against you in the coming future.
HK regulators do require restrictions on the F&F account, give the service desk a call during HK hours and they can assist with your issues. The following criteria must be met to open F&F Accounts under IBHK: Master account holder must be an individual over the age of 18 years old. The master account must be an individual account type. Master account holder cannot charge any fees to the sub-accounts. Master account holder must not solicit clients or hold themselves out to be a financial advisor. Sub-account holders must specify the nature of their relationship to the master account holder (eg. spouse, parent or friend).