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.