I can offer my financial advisory service as I have been actively analyzing stocks as a part of my hobby. I want to know a website where I can simply sign up and link to my preferred payment method. I can pick up a client’s portfolio there and manage is for a fee. Likewise clients can be there asking for advice or looking for someone professional to manage their portfolio.
This is what you have to do.
1. Call FINRA and tell them what you want to do.
2. Take and pass your Series 65 Exam. May now be called the Series 66 (Combined 63 and 65).
3. Because you plan on soliciting the general public for business and intend to be paid, you have to register with your state as a “Registered Investment Advisor.” Contact your state securities regulator or state dept of corporations and they will tell you what you have to do.
4. You will need to be background checked, fingerprint checked and file a lengthy form called, “Form ADV.” You only have to file this with the SEC if you are managing over $25M; if you are managing under that then you must file it with your state.
5. You will also want to get bonded (prob required now), show that you have so much in cash or a insurance bond (state regulators will tell you how much and what to do).
6. If you do not do all the above, you could be be fined and your clients could actually sue you for not being registered. They can also sue if they lose money.
7. Once all of the above is done and approved by the regulator, only then can you solicit clients, have a website, advertise, etc. You have to disclose the website and be mindful of your statements. Be sure not to promise any returns, or say how much people can make with you. This is a guaranteed law suit, and your career will be over before it starts.
8. I would seek someone maybe a business consultant in this area on how to reduce your liability as a RIA, and help you with your Form ADV.
9. There is another way to do all this, but you can’t make public solicitations, and it is highly restrictive. This is a long answer, and this is where a consultant comes in.
10. Keep in mind that money management is not just about investing. It it is also about running a business, and also understanding law and compliance. Many states also require certified audits and will have a state securities auditor come and visit you every 2 years. CPA certified audits are very expensive. They can exceed your entire college tuition. Know the costs and handle the risks before jumping in the water.
Once all this is done, you will find it to be very challenging to get people to place money with you with no experience, esp as a student. You can make it however, and do well if you are naturally talented or have an amazing background with an impressive verified track record. Just cover all your bases first.
why dont u get emplyed ur self in some company of mutul fund,insurance,stocks trading
u take insurance agency and become ur self a insurance adviser in this way u can offer ur services fo managing a portfolio of clints and clint will trust u on ur knowldge of insurance because u had to start with that subject because most of the people need portfolio managers but they cant take a rick with freshers but as u will be adviser to them after taking a policy from them their is no quistion of douth on ur ability that u can make profits in their portfolio.byeeeeeeeeee
If you are in the US you need to pass a couple of exams administered by FINRA and be registered with the state you operate in. I dont think there are any websites that let you do that anyway.
Why would investors seeking “professional investment advice” pay for a student’s advice?
I’m curious to know what type of analysis you do on stocks.