I would suggest steering clear. There’s a potential conflict of interest there – does it matter to them if they make you money? Are they more interested in their own fees? You’re far better off looking for an FX/CFD provider that gives you help and assistance on how to trade yourself rather than advising/trading for you, IMO.
luckystrike23
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I once had the displeasure of interacting with one such spread betting/CFD manager - he wasn't any better than the average joe even if he had a huge ego. I would advice you to steer clear of advisory brokers. They will likely either churn your account for commissions or manage your account irresponsibly.
hhiusa
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That is highly illegal in the US. In the US, spread betting/CFD manager is not a proper title. CFAs are at the higher echelon for individuals. What kind of advisor was he? In the UK, I know there are IFAs and RAs. I looked into becoming a CFA and found that it was much easier to attain the equivalent title in the UK than in the US.
A true money manager will have a fiduciary duty to choose and manage investments prudently for his or her clients. Registered investment advisors are not registered with the SEC and have the least regulation. Even for these advisors, they are supposed to take a management fee so that they won't overtrade your account for commissions.
Tjere are people like Bernie Madoff who have pyramid schemes, but you would not likely have dealt with him because they tend to target the rich and not the poor or middle class. In the US, most money managers I can think of will not even touch you if you have less than $100,000. I would be interested in hearing about firms that manage small accounts.
