Let's say that a friend or two wants to give me x amount of dollars and asks me to invest in things. I charge them a fee or percentage even though I have no license to be a financial advisor or stockbroker etc.. Is this legal?
Edit: Of course, I forgot to add the country. This pertains to the US, US friends, dealing with any securities a US citizen can trade. Also, this I think would have to be under my account (e.g., with Scottrade) for risk of impersonating my friends.