/biz/ - Business & Finance

>>712913
It's a good business. What do you want to do? I can answer questtions

>>712919
Well this one company is looking for investment advisor they will let me obtain the 7 and 63 license but there is no pay for like 3 months, then after 3 months I will get paid but it's commission based. Is this something I should get in and is this a standard procedure no pay for 3 months since they say, they need to train me and i need to get licensed which they provide ?

Depends if they are going to give you a solid book of business, or if you'll have to build your pipeline from scratch. If the latter, I wouldn't recommend it unless you either know a fuckton of people, or you are older and have business connections. My girlfriend was an FA at Edward Jones, and it's pretty much like running your own business.

>>712948
I see hmm but is having the tests done something useful if I wanted to to work somewhere else and how hard is to get jobs in this field?
The place is close to wall street so I would assume the company has some potential but no pay for 3 months kinds suks and it's long hours too. Any suggestions what should I do ?

>>712913
series 7/63 are good qualifications if you want to get into the industry. 3mths without pay and 100% commisions is not even a trading job, sounds more like an arcade to me. If you had some 15 yrs experience and are sick and tired of IB or brokerage, it's a nice place to settle down, cultivate your (transferred) own client base and come to work with khaki shorts instead of suit and tie. But as an inexperienced youngfag without network and trackrecord, you are going to be eaten alive - then raped.

Look out for a job/trainee position in a bank or a brokerage (e.g. Cantor Fitzgerald, tullet, tradition) get some experience and move on from there. Even a mid-tier IB will get you further than this. >>712924


Look for a proper job. Once you have an arcade in your CV, the doors of Investment banks are shut. Forever.

Good luck, anon.

>>713023
>the doors of Investment banks are shut. Forever.

Who cares? The top tier wants to work for Apple, Google, Amazon or Microsoft nowadays. You are living in the past.

>>712919
This is prolly a stopid question but I'll bite anyway. On average how much a year would one be able to make after working for about three or five years?

At the three to five year mark you should be earning around $100k.

Commissions are on the way out, by the way. Fees are the future.

Makes it harder to get in the business and build a book of business, but it is a fact.

>>712924
The arrangement you describe is normal in the business. Be prepared to work your ass off if you want a career in the industry. Go do something else if not. Good money and lots of fun, but not easy.

>>713067

OP here but someone said this is kinda a arcade game. I mean why no pay for 3 months ?

>>713084
There is typically no pay for the first three months because you are building you business, acquiring clients and getting the portfolios set up. That takes awhile to show up as pay. It isn't like the firms say "we make you work for free for the first three months". It is a technical issue with the lag of getting new clients. There is nothing wrong or unethical about it, but it freaks out a lot of people.

>>713101
do you work as a stock broker and did you had to do the same thing ?

>>713102
I started in the business and at the three year mark switched to owning my own business as a Registered Investment Adviser. And yes, the arrangement you describe is exactly what I had when I first started as an employed broker at a major firm.

I think I did make money for the first three months, but it wasn't much. I did around $75k for the first year and was top in my group of 10 guys/gals. Second year was $120k and third was $155k.

Be prepared to put in at least 60 hour weeks the first two years. Also, be prepared to get shoved into a group practice the first year. That is a new thing that I didn't have. I'm not sure it is a good or bad thing, but all the firms do it now.

>>713112

Nothing is easy I see, is there anything that I should know before starting this job and, does having trading account helps with this job

>>712924
Thats the business. If you can't bring new accounts you shouldn't be paid for.

>>713058
This is my first year, and it was 50k. Next year I will hit much higher. Because I have all these clients already and ones to come in the future.

After 2 years, you should have $10m AUM

Mind you for competitive edge I'm getting my CFA

>>713156

but how hard it is to get new accounts ?

>>713112
Why didn't you move to an indie b/d get the 65 and your life insurance license and work a hybrid practice? Managed money always seemed kind of light on the compensation.

>>713158
>$10m AUM
>AUM

What's AUM?

If it's like normal dolares then holy shit. Are you saying that after three years of work you will have reached a salary of ten million dolares each year?

>>713130
Just do it. Give it 100% and try to see it through. Much better than asking what if.

which firm is this BTW?

>>713173
assets under management, this is biz not r9k

>>713175
it just says in the ad investment advisor firm. It is in NY.

What should I expect on the first day ?

>>713130
You need to be able to put yourself in a position to talk to a lot of people and convince them to invest with you. You also need to be able to convince them to stay the course when shit hits the fan.

Just do it. If you aren't cut out for it, it looks great on a resume and can leads to a bunch of other stuff.

>>713159
Thats all up to you. I'd say it's not easy but not impossible. It just takes practice and consistency

>>713176
Ohh I see

>>713165
I wanted to only get paid in fees, not commissions.

I don't have anything ethical against commissionable business, but I don't want to get paid and then NOT get paid to service the business. Fees make sure that doesn't happen.

A pure fee only firm is much easier to manage and my compliance is much easier and more straightforward than if I were with a BD.

>>713179

but who I'm gonna be calling ? Some random people from the phone book ?

>>713186
Don't worry at all about that - the firm will make sure you have some sort of leads to work.

>>713178
>investment advisor firm
If you're in the city let's have a chat over email I may be able to hook you up.

>>713183
Interesting. I'm going to spend another year at this firm and leave with my book, probably go indie. I plan on getting my CFA

>>713189
dom777@inbox.com thanks

>>713188

As long as I know what to do, I should not have any problems but like I said this is something new

>>713186
No. They're generally rich people who invest in the market.

Pick a firm with the best training OP. That is very hard to figure out, but try to focus on tit during the interview process.

http://newyork.craigslist.org/mnh/acc/4941253681.html

http://newyork.craigslist.org/mnh/acc/4955767886.html

http://newyork.craigslist.org/mnh/bus/4960340653.html

>>713201
Training is all the same imo.
Read the book once take 100000000 practice tests
memorize the pitch/rebuttal book by going over it 1000000000
open 20-40 accounts by calling 100000000 people
be a boss manage your book and meet clients the normal way.

>>713209
what accounts ? like an etrade account, is it in my name or company name?

OP here i gotta leave for like 50 minutes and I will be back

>>713221
E-trade is an online brokerage. It is a bank. You as a Stockbroker set up bank accounts for customers with money used for investing and then making recommendations essentially.

Look just go and get the job. If you want to do business with the richest people on the country get tjis job. If you want to be so far down the food chain you don't know the owner of your company making minimum wage, don't.

>>713237
I will go to the interview and get the job, I will post how it was if the thread does not die

>>713189
lol what, how so

>>713382
His firm is probably hiring newbs at the moment.

Do I have to live in NYC to get a job similar to this? Cause I live in SE Michigan and I was wondering if i could get something like what OP is describing but in my area.

>>713452
No, not at all.

You want to look for firms hiring for financial planning. There are a ton of terms, but broad financial planning would be what to look for.

See if the following firm has offices in your area:

http://www.hantzgroup.com/careers-financial-consultant.aspx

They are one of the best companies for training in the country.

Are they in your area of Michigan?

>>713461
It's a half hour drive, but that's not too bad. It's a shame I need a bachelor's degree, because I'm only finishing up my 1st year of school now. Thanks though.

>>713467
If you're seriously interested in the industry after graduation, make sure to get a part time sales job or two before you graduate. Telemarketing would be even better.

>>713474
Thanks. What would you recommend for part time sales besides telemarketing?

>>712919
Hey can I email you? I have a ton of questions to ask you but my kik is laxbro688

>>713488
Anything - truly anything at all. Sales is sales is sales. It will make a fucking HUGE difference during the interview process.

>>713493
The thought of car sales always seemed interesting, but I don't think I could do that part time, could I?

this girl would be a great stock broker..
http://alunka.com/tag_replies.php?id=433

>>713512
Depends on the owner of the lot.

Do some telemarketing. Some of it isn't so bad - credit cards and misc offers to business owners.

>>712913
>I want to be in the Finance business as a stock broker. How hard it is to pass and obtain the series 7 and 63 tests ?

Do you know what a stock is? Do you know what a bond is? Do you know what backs various municipal bonds? If you don't know these things, you have a long uphill road of studying.

My friend went for a series 7, I drilled him and I wound up knowing more than he did. But he had no idea what an option was before he started studying.

>Is this a good career to be in, because most of the money comes from commission I think. ?

No. Prior to 1975, broker commissions were fixed. Now people can use deep discount online accounts to buy stocks. You're competing with mutual funds, portfolio managers who manage people's portfolios etc.

Also, Facebook's market cap when it IPO'd was $100 billion. It is now worth around $250 billion. If it quadruples, it will be worth $1 trillion. Odds are that won't happen any time soon.

The point is, most of the growth of high-flying stocks is kept in private equity until the stock reaches a massive level. So there's less reason to buy stocks. About the only stocks worth buying are utilities like Verizon or Con Ed with a 4-5% dividend yield.

Senior in college here.

Currently studying for my 7 and 55. I'll be going into prop trading this summer. Starting at roughly $150k/year. Happy to answer questions that aren't potentially identifying.

>>713573

Don't even bother. I'm a prop trader myself and tried to give some serious advice here. (>>713023)

The guys in this thread seem to be overly keen to get used-car-sales experience as training in order to sign up for a cold call slop shop.

>>713584
Ok. Realistically. If i could pass those tests do i have a shot at a job if my degree is in something completely different?

>>713189

I also have a couple of questions, care to help?

>>713584
You're talking about apples and oranges. Sales skills don't matter at all for traders. Consultants in the industry who work face to face with clients need nothing but sales skills.

And the sales guys often make much more than the traders to anyway. There are outliers of course, but it's a fact.

>>713173
>dolares

>>713869

Traderfag here. (>>713584 >>713023)

Due to shitty upgrades my pc restarted and I might have another ID, just to clarify.

I'm not talking apples and oranges here, I'm just trying to save anon from a severe mistake.

I have extensive experience in both roles, as a trader and as a broker. And both position are far away from what OP and others describe here.

Let me point this out for you (and OP).
a prop trader has his own book/portfolio, where he trades on behalf of the bank/fund/market maker and every buck of profit is raising the equity of his employer, while losses are decreasing it.

eg banks: GS, JPM, BofAML, SocGen, Barclays, UBS, Credit Suisse, DB

eg funds: blue crest, d.e.shaw, citadel,

eg. market makers: Optiver, IMC, SIG, Mako, Timber Hill, Tibra

There are brokers who trade securities on behalf of clients. They execute trades but don't take investment decisions. Clients are funds (see above) institutionals or HNWI (or their respective advisors/family offices in most cases)

Every bank (as stated above) has a brokerage department.
But there are also Inter-dealer brokers, arrangeing transaction between institutionals, funds and market makers.
(e.g. Tullet, Tradition, Cantor, Voltrex, sunrise, Link et. al.)

All of said jobs have one thing in common. You are a member of the respective exchange, you work on a real trading floor, you get trained by professionals.

And there are slop shops. They have their offices "close to Wall St." they lure inexperienced youngfags with series 7 sponsorship and if you work there, you end up being a useless middleman between a client and an online broker such as e*trade or Schwab. You will get a list with names and basically cold call until your fingertips are soar. Even in a shit tier IB /IBD you are better off than in one of these advisers who recruit their employes from craigslist. (should say it all!)

Or try and see it from the client's view.
cont...

>>714045

>cont.

Here is an imaginary phone call with one of your prospective clients:
male, white (maybe asian) 55-65 yrs old, retired or soon-to-be, has a wife, 1.7 kids, 3 cars , a mansion, at least one holiday home and investable assets of min. 750k$

Here's how your call will go:

>i will translate in greentext

Hello Mr. richfag, my name is anon youngfag calling from 4chan investment advisors
>Hey, I'm hassling you because my boss gave me your number.
You should listen to this very interesting investment proposition I have for you
>My company calls you for almost 7 years now, since you always declined to invest with us, I'm just trying along because I think I might get rich, so shut up and give me your money.
Take a look at the stocks of random inc. this stock is currently undervalued and should skyrocket very soon
>I am 24 yrs old, barely able to wipe my own ass and have no clue what I'm talking about. I just passed series 7 two weeks ago because it was illegal if I didn't and try to sell you share on the phone. But hey, you never met me in person but still I have the strange idea you will invest you hard earned cash according to my advice, because I WANT TO BE RICH!

The "client" has not said a word so far. He will probably just hang up on you. One out of 473 call will actually result in a trade. Your bosses are just to lazy/cheap to make all the other 472 calls in between. And since there are always youngfags like OP who fall for this, why should they bother calling themselves?

Again, OP. You said you want to be a stock broker. Choose wisely.

>>714055
Wow, thanks for all the insight.

I guess I did it wrong - RIA CFP with 20 years experience, $175M in assets and 40 clients.

I wonder where I would be now if I would have received your advice before I picked this route.

>>714055
Sounds like you're a bitter failure to me.

OP here, just came back from NY..

Since I live in NJ the tolls to NY are totally a nightmare $14 just for crossing the bridge and traffic...

Anyway went to the interview, they guy said I can start working immediately, the job starts at 7:30 and ends at 6:30. There is no pay for the first 3 months but they will pay to get my series 7 done. After 3 months I will be working on commission that would get me from $300-$500 depending on the sale

I honestly don't know what to do because no pay and long hours is the worst thing about it and I still have to pay bills plus it cost a lot to get from NJ to NYC.

I would appreciate anyone help because I really want to be in the Finance business.
domingo232@inbox.com

>>714225
Where do your parents live? Maybe you could stick with them for the first three months?

Something that could with those long hours are to manage your sleep cycles. Use sleepyti.me and punch in what time you need to wake up. Getting to bed early is not going to hurt you since you seem to be a strict budget you could just as well forget or at least cut the expenses of your dolares to get along those three first months.

At least you got a job now. But until you start getting paid you should really be careful.

>>714245
I'm from NJ, 20 miles from NY. Parents live in another sate so this is not an option :/
I'm already cutting my expenses as low as possible.

OP here, I would love to get help from someone that works in this field

>>714508
>>714508
What do you call the advice you've already received in this thread? Shit.

>>714658
I thought someone can bring me into the right door, I don't really know anyone that works in this field and I thought about this whole thing and I can't afford not getting paid fro 3 months plus >>714045 pretty much what this guy said, sounds like I won't be able to make it without the right connections

>>714763
I'd like some help too in the stock market field . my email is anonymous828.aa@gmail.com

>>714763
That guy is a fucking idiot, but if you need to listen to him in order to fabricate an excuse for yourself regarding why you shouldn't be in the business, then so be it. Let another candidate who is willing to do whatever is necessary be the one who succeeds.

>>714789
The problem is that I don't know if I can afford it, just the tolls are $280 a month plus gas that's like $500 a month and other expenses as well like food rent etc (keep in mind I'm not getting paid for 3 months) and working 12 hours a day plus driving time 4 hours that's 16 hours a day !

>>714791
Yes, yes, yes, I know it isn't practical. The money for people who do make it is fucking amazing and the job satisfaction is so high I can't believe it is real.

There are huge barriers to the industry - the ones you mention and the mental ones you don't even know about yet. Lots of people aren't willing to do it. Make your decision and live with it.

>>714798

do you work in this field ? if yes how long you been doing this ?

>>713489
>laxbro888
I'm a college lacrosse player and I still think you are a homo

>>713573
You are not starting at 150k faggot

>>713540

Private Placements are the way to go

>>714225
Which firm was this? If they're interviewing I'll sniff around

>>712913
>How hard it is to pass and obtain the series 7 and 63 tests
Not sure for 63, but 7 is really easy if you have a general finance background

>Is this a good career to be in
Brokers are increasingly being automated. This job will more than likely be non existent in the next 15 years

>>716044
>Private Placements are the way to go

Any idea how could i get in because I don't have any connections with people in the finance business

>>716056
investment advisor firm, on broad street, and this is basically a division group that works for one company.

I did not take the job since, I don't think I can afford commuting to NYC everyday that cost a lot and not get paid for 3 months while paying regular bills, to much of a gamble for me