Since a family member is not likely to sue you I say let them open one up!
You can oversea and manage and make suggestions without a stupid series 7, I've been doing that for years and years. Once you show them good returns all the formalities are forgotten. The only catch is you have to be willing to work for $10,000 a year-- the amount one family can give another as a gift without being taxed--
To make up for a low income stream trade relentlessly yourself.~stoney