I’ve been managing Separately Managed Accounts at Interactive Brokers for some friends and family. Since it is less than five people, I’ve been exempt from state registration as a Registered Investment Advisor in the state I/we are located (also I’m not currently charging fees).
As I’m close to exceeding five “clients”, I’d like to formalize the structure and form probably an LLC that will act as the Registered Investment Advisor. I’m just trying to get a sense from anyone whose managing money under this structure currently, what their start-up and ongoing expenses are/were? Just general figures. I’ll obviously hire a lawyer but would love to have some more concrete idea of expenses before starting down that route.
Any info on this would be extremely appreciated. Thanks.