Essentially I considered doing some kind of venture like this.
- Friend or Family member gives me some amount of money to put into the market and play around with for X days/weeks/months. I would be using a newly created portfolio account separate of my own for these situations to avoid any confusion
- At end of agreed term, if I come out positive, I keep Y% of the gains and return the rest of the money to them. If at loss, I compensate the difference with my own money so in the end they lose nothing (outside of not having access to that money for the agreed upon time limit)
I understand the potential for me to lose my own money and being a poor model for myself to actually make money, I wanted to make it as enticing as possible for them. If I lose, I lose and I'm not gonna sweat over it. If I win, we both win.
I was doing a little research and most of what I saw was to get a Series 7 or 65, but I wasn't sure if that applied to this kind of situation. I wouldn't be using anyone else's account. I'd have some kind of contractual agreement to protect them. Money would be transferred to the account, or to a separate checking account and then into the portfolio, would be played around with and ideally come out on top, money would be returned minus the % we agreed upon.