What’s a easiest way to start a money management company? I expect to have a lot of customers.?
I will recruit money managers. I expect to have a lot of customers. Thanks.
Do I need to get any license for the company? Does the money manager require any license by law?
Well, good money managers make at least $200-300,000 per year. So you’ll need to have that much money ready to pay them.
Then you’ll need to get licenses, pay exchange fees, hire compliance managers ($80-120,000 year) and pay for Bloomberg machines for your money managers ($10,000 each up front and $2500 per month per machine.) You’ll have to have money ready to pay brokerage fees and set up a back office filled with at least 3 or 4 $40,000 per year clerks.
You’ll have to provide them nice offices and advertise to bring money into your fund.
So, have at least 2 if not 3 million of start up capital in mind, gather that together and go for it.
First, get some of those many customers to give you some money to manage.
When you are too busy, hire some clerical people to help you accept their funds.
When you are too busy, hire a money manager to help out with that.
Getting the customers is the hardest part, and since you expect to have a lot of them, there’s nothing left to do, but to do it.
References :
Well, good money managers make at least $200-300,000 per year. So you’ll need to have that much money ready to pay them.
Then you’ll need to get licenses, pay exchange fees, hire compliance managers ($80-120,000 year) and pay for Bloomberg machines for your money managers ($10,000 each up front and $2500 per month per machine.) You’ll have to have money ready to pay brokerage fees and set up a back office filled with at least 3 or 4 $40,000 per year clerks.
You’ll have to provide them nice offices and advertise to bring money into your fund.
So, have at least 2 if not 3 million of start up capital in mind, gather that together and go for it.
References :