I live in US and have been trading my own money with success for a while. Recently my business partner and I decided to apply this to other people's money as well while keeping a percentage of gains. So how do we go from here to there?
We are considering a fiduciary account approach: where the funds in an account belong to the client, but I have access and permission to trade the account. This will probably be done through Interactive Brokers that allow fiduciary accounts.
We are considering consulting a professional to help us navigate all the legal and logistical hurdles. Should we be speaking to an accountant or a lawyer?And which type specifically?
On our end, do we need broker licenses? And which specifically? Series 7, etc.
If US has too many hurdles, can we take this abroad? If so which counties would you recommend?