How do i setup a stock brokers account to where i can trade stocks for clients i setup?

Answer 1

First of all, be mindful that investment management is a regulated profession. If you are going to manage $25 million or more, you have to register with Securities and Exchanges Commission (SEC), unless you don't "hold yourself out as an investment advisor" (that's what the law says) AND all your clients are accredited investors (individuals with assets exceeding $1 million or annual income exceeding $300,000, or companies with assets exceeding $5 million) and you have written statement from them to that extent. If you are going to manage less than that, you may have to register with state authorities (rules vary by state, exceptions noted above usually apply).

Assuming you are in the clear regulation-wise, you should look for brokers that offer advisor accounts. One such broker is Interactive Brokers:

http://www.interactivebrokers.com/en/accounts/advisors/advisorsMain.php?ib_entity=llc

This is convenient, because you can trade first and allocate trades to clients second.

Alternatively, you can have your clients open accounts at any brokerage, but give you a limited power of attorney, so that you can trade the account, but cannot transfer funds out of it.

Answer 2

You need to go to a clearing house broker such as Fidelity or Goldman Sachs who will hold the accounts that you manage for your clients.

Answer 3

Have your clients set-up their account with a broker like Scottrade first, and then convince them to give you their password

Answer 4

particular, you like a broking provider. you ought to use a chit broking provider. they're going to fee purely low commissions for each commerce. you do no longer want an entire provider broking provider. certainly, all you like is a qualified broking provider it particularly is able to make the commerce on the marketplace for you. less expensive, online brokers are the main inexpensive thank you to pass. in case you intend on procuring and advertising penny shares, no longer all brokers will commerce penny shares. So, on your seek, make particular the broking provider will commerce in penny shares.

Answer 5

You will need a series 7 and 63 licenses or SEC will come look for you.