Tor - I guess I view managing OPM on your conditions that you are still the boss. You are the boss of your biz. You can hire and fire clients at will. Of course if you are good at what you do, they will do just about anything to stay on board.
Darth does bring up a valid point in managing just friends and family money as well. I know many would say just do it, get a letter of intent or something and be done, but if you want it done right, these additional ways to set up your biz should be a consideration. When it comes to money, esp friends and family, I am by the book no questions asked. I would argue that managing friends and family is worse than taking on strangers. Just be careful going this route. That's why a formal CTA, Hedge Fund, etc. is essential. Everything is laid out in black and white. This serves to cover YOUR butt.
I guess it's all about where you want to take your biz. Many just trade their own money and that's fine. Some want to take it a step further and leverage their work hours with OPM. And some of us just have a scratch to WANT to run a business....
