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I dont know anything about a series 7 or your line of business but I do know asset protection. Here is a good resource.
maybe that helps?
Probably would need to register as an Investment Advisor but might not need the Ser 7. Here's a link to some interesting info that also covers the liability portion of your question:
Starting Investment Biz Need Help, Welcome
Go to Members page and share some info about your business and YES I will then help answer your questions about contracts and guarding your family.
You can talk to someone at the brokerage. My husband manages my money and I had to sign papers giving him trading access to my account(s). HOWEVER....it seems as though you are in a little deeper than that. Try and find someone at the SEC to talk to, or get some advice from a securities attorney. I just see a lot of red flags here. Get some good advice from a real person, even if you have to pay them.
My husband has been asked by several family members to manage their money and he has steadfastly refused using the series 7 license as his 'way out'. Please check and verify your plans very carefully with the reguatory agency.
DomainDiva is on the right track. I have been away from it for years, but I can't believe for a second that you would be able to do ANYTHING on people's behalf let alone place orders without a license like Series 7 or Series 6 at a minimum for mutual funds.
At best, you MIGHT be able to tell them what to do and have them make their own trades, but even that is dicey.
You would need a Broker-Dealer to sponsor you as well as act as custodian etc. The back office is a huge and costly burden.
You may be better off working with/under someone for some period. This is a complicated and highly regulated industry with STIFF penalties for violations.
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Okay so I live in IL. I want to start a small biz on the side where I manage investment services for individuals using an online brokerage venue such as tdameritrade. I want to start small and as my reputation grows so will my assets under management. I already manage money for some family members. My strategy is simply to maximum return from index funds with strategic asset allocation at the lowest cost to the investor. If they want to own stock its their choice and I simply put in the orders for them. I don't want to get into the details of my biz. My question is can I do this legally and market publicly with out a series 7 or any other licence to grow my base? Also, what contracts should i have in place to guard me from liability? If I establish my biz can I sponsor myself to get a series 7??? Please help I want to do this biz legally to guard my family from liability???