Cdawg569 not quite sure what you mean but i take a guess.
There is nothing wrong with managing money on behalf of someone else - if you both agree to it. And they sign an affadavit.
But like I have said it is very difficult if you want to start a fund with many peoples money.
The regulators arent so much worried about them losing money, more that you could run off with their funds.
Thats why it is much simpler with managed accounts where the trader really only gets access to place the trades on behalf of the client - if there are multiple clients it is best through Lamm or Pamm software - which many brokers will provide
But most if not all brokers will need you to have limited liability before you get a PAMM account.
Also you are not allowed to advertise your services.
And I do believe over a certain amount managed you must notify the regulators
There are no special licences needed - at least in UK.
There is I believe a very simple FX broker qualification that may be worth taking.
Note - the laws may well have changed - I am no lawyer - so dont take my word on anything.
Also I do think maybe this is harder to do the US, certainly in Uk are laws for this type of thing are more relaxed.