I was hoping to get some direction as to how to set up the following? Who do I contact? Do I need a tax attorney? A CPA? A financial advisor? I was hoping you could tell me about the steps required to set up an investment fund for costumers/clients? Im working on a start up business. I cant mention the specifics. Basically, out of every payment that the costumer makes about a percentage will go towards a long term investment account for that costumer/client. My understanding is that I need the following: "1. Each customer needs a separate taxable investment account.
2. Each customer has to grant legal authority for 3rd party access to the account to make deposits.
3. Who chooses the investments? A commission based broker or fee only, fiduciary advisor? Separate contract for every customer.
4. The business owner will have custody of client funds possibly creating legal issues with the SEC or the state equivalent.
& that’s off the top of my head… "