19-07-2013, 03:18 PM
(19-07-2013, 03:04 PM)d.o.g. Wrote:KopiKat Wrote:If you really want to help others + you are trustworthy + have gone thro' a couple of bust cycles and still have a positive enough XIRR, how about helping your immediate family members? Just an informal fund based on trust.. not sure if it's illegal...
The Securities and Futures Act no longer makes no exceptions for family members. That means you cannot manage money for your family, at least not professionally i.e. no fees allowed. Previously you could manage money as an individual for your immediate family (spouse, parents, children, siblings) but not any more.
However, even ASSUMING it is legal to manage money for your family and not collect fees, I would counsel that blood is thicker than water and when (not if) you lose money (however temporarily) it will affect your family relationships.
Thanks! I now have a very good legal reason for declining such requests, especially more so during bullish times...

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