confused man wrote:
- quote -

If you'd be getting paid then your state would probably require that you
register as an investment advisor. If it's for free, your main concerns
would be liability for losses, and resulting "black sheep of family"
status (and possible lawsuit if they're really ticked off!).

That's just regarding investments. One thing to consider is that
financial planning involves a lot of technical areas that you may not
have any expertise in. No doubt as a finance major there are some areas
you could be helpful, but be realistic. If you're helping them pick a
few mutual funds, that's one thing. Individual securities, quite a bit
more difficult - and you can't have had much experience with it.
Advising on tax issues, or insurance...more so. The last thing you'd
want to do is be Confused when working with OPM, family member or otherwise.

-Tad

Hello all,

I am a senior finance major who plans to graduate in May 2005. I do invest
on my own now, and when asked I offer advice to my family.

However, I have one married family member who asked me to help him with his
financial planning. I told him sure, but I'm curious... is it legal for me
to open an Ameritrade IRA Account(for instance) for him and his wife, have
them sign the forms and then handle their portfolios for them. Would I be
able to do that or would I enter into some legal problems?

Thank you all for your help,
Confused Man