It sounds like if you have more than 5 members you might need some sort of hieracheal structure. There is also always the risk of thefts, disputes, and many opportunities to ruin friendships. One option is to run a club that meets and discusses investments etc. but does not actually invest on behalf of its members. To me it still seems like an interesting concept- each week one member has to present their reccomendation of a stock for example- run it kind of like a toastmasters meeting. It could help to avoid many of the isues that arise when dealing with other peoples money.