Dear forum members, please help if you have experience in managing money for friends and family or small accounts. I'm looking forward to find out all options available to properly and cost efficiently setup a structure and identify what are initial and running costs in doing so. Myself and F&F accounts are non-US, non-EU persons and overall money will be around $1mm to start with (5-6 names). Please advise as much details as you can on your experience - structure (just account, fund, trust, etc) registered jurisdiction (offshore? which one, etc), cost experience (initial, running), any company you would recommend to set it up in particular jurisdiction, etc. P.S. I'm aware of IB friends and family accounts, but it is only for US persons. Also I have seen other topics on the web and found little value there - links are welcome though, as I've certainly missed some.
IB just advised that it is possible to have F&F account for non-US persons. However I'm still interested in registration, jurisdiction experiences, etc.. both for F&F and standard, but tiny funds. Thanks
dtalaka, If you would like some help with this, email me (Not Private Message) your name and contact information and we can set up a time to discuss your needs. Bob
When I was a young trader a friend asked me to trade his funds. I thought it'd be easy. Just buy more of what I was buying. Well, after just a couple of days I returned his money. The reason was that I felt a sense of responsibility to my friend that I wouldn't have felt as deeply if I were a fund manager trading an unknown investor's funds. I also caught myself looking to take more risk than normal in an effort to please my friend. I explained to him why I wasn't comfortable trading his money, and I guess he either felt I was being selfish, or that I was of no further use to him, as he stopped calling and I haven't heard from him since. Some friend!! Now I can imagine that if you don't produce the enormous results that your friends and family are imagining (oh yes they are!!), your status will decline significantly. And should you lose their money, it's bye bye friends and the family will disown you! Here's wishing you don't encounter such problems.
This is a path of discovery and uncovering: Whatever issues you have with money yourself, will be peanuts compared with all the issues others might have! Quick advice: Just don't do it! Just don't.. Be brave. PS.: Also lost a "friend", when I "wouldn't" (read: couldn't) disclose any secret trading formula while just beginning to read about TA on the WWW 7 years ago. It doesn't matter how enlightened the persons, if they have issues, they keep'em. Certain triggers can take out anyone.
For this business or any business? I was thankful my parents lent me $30k back in 1985. Gave me the opportunity to support my family for 25 years. Very short sighted to draw lines like that.