Well, it's not a bad idea, I just don't know how large a pool of traders one will get to try it out.
My sons are wealthier than I primarily from the standpoint of cash-on-hand. Some years back, in an effort to put aside moneys for college we (and don't do this at home, kids, I was reluctant myself) bought them each a pile of 14% Zeros.
I hate Zeros. They tax you every year on income you don't get.
So those Zeros are worth a ton, today. I've made them money in the market as well but it's the Zeros that make up the bulk of their cash.
I hate Zeros, I hate the IRS, I hate my kids, and I'm not too pleased about the cards I got during the gin games last night.
But seriously, the bulk of their money comes from a lucky conservative gamble a dozen years ago. The funny thing is, there is another fund set up for their college which eliminates the need for the Zeros, so the damn money is theirs to spend once they are of age. That really stinks.
But anyway, I probably would take a shot at it if you could form such a group. One problem, each trader would have to have POA over the account. You really would have to sit down with the person(s) at the House to explain the deal. Also, you may find one trader that trades options, another stocks, another futures and so on. Now, a good stock house may not be a good options house and neither would be a Futures house.
Unless you had a lot of money you would have to shuttle the funds back and forth each time you changed traders. |
