Hello, A couple of friends of mine wants me to help them trade options. What's the best way for me to do this? I considered just having them open an account and make trades in them, but that is quite cumbersome. Any suggestions on how I can get all the money into the same account? Thanks, Thirst
If memory serves, Interactive Brokers let you do sub accounts on a main account. I think they refer to it as a Financial Advisor (FA) account. You'll have to dig on their web page or contact customer service to see if that's correct as I have never opened one myself. I'm sure other brokers have something similar but I'm most familar with IB. I wouldn't pool all your cash in to one joint account (I wouldn't put my name on it, anyway) as that just begs the question as to who is responsible for taxes, etc.
Thanks for the suggestion. I may have something like 1MM of AUM and while this is not sufficient critical mass to justify the cost of starting up a hedge fund, I would like to explore that route so that I can have audited financial statements for future reference. Anyone have any idea what the cost is to start up a full fledge fund? Can I run it by myself? and just outsource all the legal and accounting work?