I'm trying to figure out what the minimum requirements are to trade accounts for other people and do it legally. I want to use IB's new FA account. As near I can tell, the only requirement seems to be a Registered Investment Advisor. I know I"ll need a series 65. I looked at www.iard.com which is the Investment Advisor Registration Depository. What a load of beauracratic crap. I could understand if it really protected anyone, but it seems like an excuse to collect a bunch of piddly fees. Form ADV? What is it and do I need it? They keep talking about "advisory firms". Can that be just me, or is that another big bunch of hoops to jump through? Any other paperwork requirments? Any comments or suggestions are appreciated. If anyone has actually done this on their own, I'd be happy to pay you for your time to go over it with me.