Wealth management business advice

Discussion in 'Entrepreneurship' started by marketlogic, Feb 20, 2018.

  1. This is my first post on this forum, so I'm sorry if this is posted in the wrong place.

    I am a finance student and I am about to take my Series 7 and 66, plus the 57 if I find out that I need it. I have a few years of trading and investing experience, and I'm a profitable Forex trader. I have been trading with my own money since the beginning, but I'm ready to take the next step. Let me break it down so that I'm clear about what I'm trying to do.

    I want to start a business that allows me to trade Forex, stocks, and possibly some other asset classes with my clients' money. I want to be able to pay myself a percentage of my AUM, plus a performance fee while growing my clients' money. I know I can set up an RIA. I've talked to a couple of local wealth managers about that. My problem is, I don't really want to set up retirement plans and help my elderly clients manage investments for a 30-year period. I want to actively trade with my AUM and create high returns. I could go the fund route, but I don't want to limit my investors to "accredited investors" and I would rather manage each client according to the risk level they are comfortable with.
    If this is unrealistic, please tell me. If I should set up a wealth management business and just not offer retirement planning and insurance (cringe), let me know. I have a decent understanding of business structures and finance, so if anyone can explain which type of business I'm talking about I would appreciate it.
    murray t turtle likes this.
  2. kj5159


    I've worked in the wealth management business and by some of the points you make and questions you ask, it's very plain that you know next to nothing about it. I'm not trying to put you down, but I can tell you that working for a BD or RIA is being a sales person. You say "I want to invest money for a living", the firm says "That's great, go get clients".

    Pass your series 7, 65, 66 and 2-15 licenses first and you'll have most of these questions answered, I can tell you right now the answer to most of your questions is either "no" or "that's not how it works". Go on investopedia.com and type in every finance-related term from your post here, or even just google, and you'll have a higher level of understanding than you do now. The fact that you have not yet done this is concerning.
  3. after learning about finance from people who study it, I have to say I see no need for you guys..

    what you want is a free ticket to do as you like, get paid regardless of performance, forecast with peoples savings they need.

    there is a difference to the 5 people who can consistently make money and have anyways shut their doors to wealthy people and even anyone. do you really think you are going no the hand count of the legends when people talk about the "greats"..

    doing the right this is becoming a fee only advisor.. which unfortunately doesn't get you any Bentley down the road.. or creating a new model of .2% regardless of size, vanilla asset management for people who won't manage it themselves, that will surely get you a Bentley and fame!

    "but where are all the customers Yachts". <------- this sums up what you would do to your customers, appetizing?
    murray t turtle likes this.
  4. %%
    WSJ {Wall Street Journal}, about once year ,does the top 100 wealth managers, USA. Like in first quarter,2017[ a year early LOL] they were expecting more vol .....LOL And its like a 77 billion buck +/manager said ,{Palo Alto CA, Morgan Stanley ,if i remember} said something like ''a trend will go farther than you think'' WSJ, 2018:cool::cool: BUT most do not active trade @ all. Congrats on a few years profit, need more than that. Really ,,Market logic,would you trust your money to someone with just a ''few years??. Wisdom is profitable to direct