Legal ramifications of starting an investment advisory?
I am a dual masters student (MBA and MSc. In Financial Risk strategy) at a leading business school. Several friends and I invest in equities and options Independently, and Have Received Many Requests to invest on Behalf of friends. We Would like to start a small investment management service, Where We Would Set up a company trading account, deposit money ours and our clients to the account, and trade on Behalf of ourselves and our clients. What are the steps That We Need to take to do this Legally? Do We Need to register with the SEC as advisors? Do We Need Series 7 certification? Any Would Be Greatly Appreciated Knowledge.