Hello everyone,
I have a trading system that works very well and have contemplated starting a Managed Accounts business. An executive friend of mine is encouraging me to pursue the idea and to learn more about it. I am highly experienced in matters of business, having owned and operated businesses. Even have invented a product that has gone global in sales.
I realize running a conventional business is vastly different than starting a Managed Accounts business, here are my questions if anyone has knowledge of this and can help answer them;
(a) To run Managed Accounts, is licensing required by any Federal or state agencies?
(b) What is the typical fee charged for a Managed Account?
(c) I have heard of companies asking clients to open their own account and then signing a Limited Power of Attorney over to the Manager to allow the Manager to access the account and allow trading to begin. Has anyone heard of this?
Those are the first few questions and if anyone wants to add thoughts or comments that I have missed, please feel free.
Thanks in advance,
Mark
I have a trading system that works very well and have contemplated starting a Managed Accounts business. An executive friend of mine is encouraging me to pursue the idea and to learn more about it. I am highly experienced in matters of business, having owned and operated businesses. Even have invented a product that has gone global in sales.
I realize running a conventional business is vastly different than starting a Managed Accounts business, here are my questions if anyone has knowledge of this and can help answer them;
(a) To run Managed Accounts, is licensing required by any Federal or state agencies?
(b) What is the typical fee charged for a Managed Account?
(c) I have heard of companies asking clients to open their own account and then signing a Limited Power of Attorney over to the Manager to allow the Manager to access the account and allow trading to begin. Has anyone heard of this?
Those are the first few questions and if anyone wants to add thoughts or comments that I have missed, please feel free.
Thanks in advance,
Mark