I am new to this forum but I am looking for some advice. I have been in the finance industry for 6 years, and have been maintaing a personal portfolio for three years. Recently I have been asked by a few of my family members to manages some of their money. Do I need to register as an IRA to do this? If so what is the processes to get an IRA off the ground. I have read a few of the requirements for filing with the SEC and the required licences (63, and 24), but if this is for family am I still required to go through all of these hurdles? I am not planning on leaving my job any time soon so this would be a side gig for the time being with plans to eventually grow the business when I have a longer track record and more experience. Thanks in advance for the advice I really appreciate it.
Unless you plan on dumping their money into your account, an Individual retirement account would be useless.
As for being a RIA, setting up is alot more than just registering and going...honestly, if you're just doing it for a couple family members...probably not worth it.