A group of friends and I have been investing for awhile and each of us has their own 'area' they focus on. In general for you own portion of capital in a sector you will defer to the opinion of the 'specialist' on where to invest it. There are also friends who follow along with us but do not have the time to research anything and so do not provide insights.

Investment clubs don't need licensing for those who manage investments. The question comes in with the silent members who do not research or invest themselves. If we had 4 people making the decisions and 6 whose money was in the partnership but they made no input, would this mean the 4 'managers' need licensing?

I am aware of the old 'never invest your friends money' saying but we are all adults' with experience and this represents a tiny fraction of each of our net worth's. From my own understanding and research it seems this should be allowed under 'sweat equity' rules but I know investing is subject to special stipulations.
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