There may in fact be laws against him managing your money without any qualifications/certifications for doing so, or against him charging you for such a service. I don't know.
An alternative would be an informal arrangement where he tells you what he's buying and selling, you make the trades in your own online account (which is pretty easy to do), and then you pay him at the end of the year if you've made money.
That way, you bear ultimate responsibility for you trading because you have chosen to follow his advice, and made the trades yourself.
That would be a way to preserve the friendship and avoid legal implications.