Starting my shop

If I want to cold call and find investors, is it legal to use Robinhood to start a shop? I mean it's free right so if I keep track of cost basis and number of shares each client owns and then charge them less then the typical 1% fee because Robinhood is free. Let's says I charge (random percentage) .3% annual fee for my troubles to research stocks for my customer. Robinhood allows trading to be free so I drop the $7 trading cost everytime and taking a lower percentage is my choice because it's based off of what I feel my self reseach value is worth then would this be legal? Would I need a series 7? I understand Robinhood only trades american stocks so a down side would be lack of variety, but technically could I make this happen or is this a horrible idea?

 
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bboydgv:
If I want to cold call and find investors, is it legal to use Robinhood to start a shop? I mean it's free right so if I keep track of cost basis and number of shares each client owns and then charge them less then the typical 1% fee because Robinhood is free. Let's says I charge (random percentage) .3% annual fee for my troubles to research stocks for my customer. Robinhood allows trading to be free so I drop the $7 trading cost everytime and taking a lower percentage is my choice because it's based off of what I feel my self reseach value is worth then would this be legal? Would I need a series 7? I understand Robinhood only trades american stocks so a down side would be lack of variety, but technically could I make this happen or is this a horrible idea?

Just go with IB, no one will take you serious when you'll mention "Robinhood". It's like trying to offer private jet flights and fly your customers with a CESSNA SKYHAWK.

 

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