<p>I am under the age of 18 and I am opening a brokerage account so I can begin trading. Should I open a custodial account or an individual account under a parent's name? If I open a custodial account, the earnings are reported as my income and the account technically has to be managed by a parent, which means I can trade online but they will know it is not the parent if I call them when their online system goes down or when I need assistance. When the account is under my name it apparently makes it hard to get financial aid when it is college-time because the assets are mine. On the other hand, I can open an account under a parent and act as the parent having full ability to make trades and such. But then the money is theirs and it is reported as their income.</p>
<p>Need response by market open. Please advise.</p>
<p>You should discuss that with your parents and an investment adviser. I am one but I would not give advice to a minor without his/her parents or guardian involved. The adviser can also assist you with a college savings plan.</p>
<p>Unless you are making huge bucks, the fin aid will hardly be effected.</p>