I'm not sure if this is the perfect board but I couldn't really find one that would be any better. Anyway, here is my situation:I currently manage a retirement portfolio for my father and for my stepmother (two separate accounts); a taxable account and a retirement account for myself; I provide advice for my mother's retirement account to such an extent that I am effectively managing it; and I have a friend who wants me to start managing his retirement and taxable accounts as well.It's getting to be a bit too much work to manage each individual account, and so I am considering opening a "Friends and Family" account with Interactive Brokers, which would allow me to make a trade that would be distributed automatically to the other accounts. However, my understanding is that there is a certain limit to the number of accounts you can attach with this setup. I am not a Registered Investment Adviser, so I think this puts further restrictions on the number of accounts I can manage. I would like to be able to add more in the future. Not a lot, but my sister and brother in law may ask to join at some point, or other friends/family, etc. Note that pretty much none of these people would be accredited investors. My question is, is this the best type of account for what I'm talking about, or should I be thinking about starting a Partnership of some kind instead? I am good with the investment side of things but the legal side is not my forte. If anyone can give some advice on what sort of setup would be best it'd be much appreciated.
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