I have a few relatives (3) and 1 friend who want me to run some money for them. I really want to do this, but I do not want to set up a hedge fund (the expense isn't worth the amount I'd have under mngx). Is it legal to manage money for them? If so, what is the structure I need to set up? Do they give me the money to trade or do they simply open up accounts at the broker I specify and I log on to those accounts? If you think I need a Securities Attorney for advice on this, can anyone recommend one? Hoping someone can give me a few pointers, thanks!