02-15-2023, 09:32 PM
How do you go about investing other people's money?
<!-- SC_OFF --><div class="md"><p>I am interested in doing some basic financial planning as a side job.</p> <p>I have an engineering and business degree and currently work in fin tech. I don't have any accounting certifications or anything, i just enjoy my own budgeting and financial planning. I have some friends and family who are interested in me managing their finances. I will be advising them on budgeting and simple low-cost index funds and tbills. I'm not looking for advice on if working with friends and family is a good or bad idea. I am just looking for advice on how to go about it and what is required legally. </p> <p>What is required to manage other people's finances legally and with limited liability? </p> <p>If you don't work at a bank and are an independent financial advisor/planner, how do you open accounts such as brokerage accounts, ira, etc... for clients? Are there special account types that allow a separate person to manage them, or do you just share passwords? Or do you just advise them, and they do all the actual trades? </p> <p>I've seen people mention cfa and series 7 exams. Are those actually necessary for what I am talking about or just good to have to increase credibility and get clients? </p> <p>Thanks!</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/GaroldWilsonJr"> /u/GaroldWilsonJr </a> <br/> <span><a href="https://www.reddit.com/r/investing/comments/112m5b6/how_do_you_go_about_investing_other_peoples_money/">[link]</a></span> <span><a href="https://www.reddit.com/r/investing/comments/112m5b6/how_do_you_go_about_investing_other_peoples_money/">[comments]</a></span>
<!-- SC_OFF --><div class="md"><p>I am interested in doing some basic financial planning as a side job.</p> <p>I have an engineering and business degree and currently work in fin tech. I don't have any accounting certifications or anything, i just enjoy my own budgeting and financial planning. I have some friends and family who are interested in me managing their finances. I will be advising them on budgeting and simple low-cost index funds and tbills. I'm not looking for advice on if working with friends and family is a good or bad idea. I am just looking for advice on how to go about it and what is required legally. </p> <p>What is required to manage other people's finances legally and with limited liability? </p> <p>If you don't work at a bank and are an independent financial advisor/planner, how do you open accounts such as brokerage accounts, ira, etc... for clients? Are there special account types that allow a separate person to manage them, or do you just share passwords? Or do you just advise them, and they do all the actual trades? </p> <p>I've seen people mention cfa and series 7 exams. Are those actually necessary for what I am talking about or just good to have to increase credibility and get clients? </p> <p>Thanks!</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/GaroldWilsonJr"> /u/GaroldWilsonJr </a> <br/> <span><a href="https://www.reddit.com/r/investing/comments/112m5b6/how_do_you_go_about_investing_other_peoples_money/">[link]</a></span> <span><a href="https://www.reddit.com/r/investing/comments/112m5b6/how_do_you_go_about_investing_other_peoples_money/">[comments]</a></span>