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May 22, 2005 10:31 am

If you pass the 66, are you a registered investment advisor?


If you pass the 66, what can you do that 7 holders can't do?


Does the term "money manager" imply registered investment advisor....and/or that he/she passed the 66?

May 22, 2005 10:50 am
NOVA:

If you pass the 66, are you a registered investment advisor?


If you pass the 66, what can you do that 7 holders can't do?


Does the term "money manager" imply registered investment advisor....and/or that he/she passed the 66?



Series 66 qualifies you as a "Registered Investment Advisor Representiatve."



Not all states require it yet, but they will.  What it does is
make you "legal" to share in wrap acconts and other such arrangements.



It is a tricky test--very tricky--because it was written by the state
regulators rather than the NASD committees that work on things like the
Series 7.



In talking to people who take Series 66 the most common comment is,
"It's different."  When pressed farther they are pretty much
unable to expand on that.



It is relatively difficult to find really great study material for it
because it's pretty hard to get a feel for what the "different"
questions actually look like.



In other words none of the vendors are able to provide sample questions
that look much like the real questions because it's hard to expand a
"It's different" comment into something meaningful.



When they first introduced Series 65/66 one of the major wirehouses had a string of 113 failures before somebody finally passed.

May 22, 2005 11:16 am

OK, thanks. 


It's interesting and consistent with your comments that the offer I just accepted stipulates that I pass 7 on the first try and pass 66.....but no mention of passing 66 on the first try.

May 22, 2005 11:21 am

oh and another question...does RIA rep mean that I can legally manage accounts with discretionary authority?  or somethng else?


Put, what are examples of "other such arrangements" you mentioned?

May 22, 2005 11:37 am
NOVA:

oh and another question...does RIA rep mean that I can
legally manage accounts with discretionary authority?  or somethng
else?


Put, what are examples of "other such arrangements" you mentioned?



Discretionary accounts that you manage will be up to your B/D and local
manager's impression of you and your maturity--as well as management's
impression regarding the client and why they are willing to grant
discretion.



On the other hand if you're turning money over to somebody else to
manage for you it's expected that the client will grant that manager
discretion--but that manager is not you.



If you are thinking that becoming a registered rep in a branch office
somewhere is a road to portfolio management you need to realize that it
is not.  Registered reps in branches are salespeople--nothing less
and nothing more.



They get pigeon holed and will spend their entire Wall Street career
doing the exact same thing day after day after day.  If they're
good they'll build a base of clients that will (essentially) take care
of itself and they will collect trails and other forms of ongoing
compensation.



Other than the potential for unlimited income being a stock broker is a
dead end job--but if you're unambitious and relatively dull witted it's
as good a job as any.

May 22, 2005 11:49 am

I'm not thinking it's a road to portfolio management and that's not where I'm headed anyway.

May 22, 2005 2:33 pm

"Other than the potential for unlimited income being a stock broker is a
dead end job--but if you're unambitious and relatively dull witted it's
as good a job as any."

C'mon Put, now you are trashing the career choice that has supposedly
treated you so well over the years? A career that has risen you to the
"highest ranks of our profession?" You've got issues my friend...

May 22, 2005 4:43 pm
blarmston:

"Other than the potential for unlimited income being a stock broker is a
dead end job--but if you're unambitious and relatively dull witted it's
as good a job as any."

C'mon Put, now you are trashing the career choice that has supposedly
treated you so well over the years? A career that has risen you to the
"highest ranks of our profession?" You've got issues my friend...



Nah, the brokers are the journeymen of the industry.



The royalty are the investment bankers and the analysts.



I clearly said if you're unambitious and relatively dull witted being a
stock broker is a pretty good job--but if you're ambitious or have an
above average IQ the routine nature of the daily grind will drive you
crazy.



What will you do tomorrow that is completely different from what you
did on Friday, or from what you'll be doing on May 23, 2006?

May 22, 2005 6:13 pm

Blarmston-Puttrader is an issue, plain and simple.

May 22, 2005 6:51 pm
blarmston:

A career that has risen you to the
"highest ranks of our profession?" You've got issues my friend...



If it were a profession there would be no way in hell kids who dropped out of college would find the hiring manager's door open.



It's a sales job, like being an insurance agent is a sales job.

May 22, 2005 7:21 pm
Put Trader:
blarmston:

A career that has risen you to the
"highest ranks of our profession?" You've got issues my friend...



If it were a profession there would be no way in hell kids who dropped out of college would find the hiring manager's door open.



It's a sales job, like being an insurance agent is a sales job.





I am a "broker" ans Salesman as
you put it.  I have a CFP and a CIMA and have passed 2 levels of
the CFA.  I barely got my bachelors degree on time due to a failed
class my last semester.  I never got A's in school and can line my
faults and weaknesses up for miles.  Look up "average" and my
photo should be there.  I am, however, an excellent salesman and proud ot it.



I manage the assets for a bunch of foundations, most of which serve
children who have found themselves in horrible situations for which
they had no control.  This has brought me to many very wealthy
families for which I was able to apply my sales
skills to manage a portion of their personal wealth as well as
integrating their charitable intentions as they pertain to their estate
planning.  I now see first hand how these foundations and many
children benefit from what I (and my group) do along with the families
avoiding millions of dollars in federal taxes.  I feel very
confident in our process and the results we provide.  This
confidence and experience breeds lots of sales work as we have networked into this niche. 



The end results from my sales
work benefit more people that Put Trader could ever imagine.  It
is certainly a better ingredient in this world than the toxic ignorance
her or she spews.



For you newer folks out here: If you are a good salesperson  take that talent seriously!  Build something of value and go Sell It!  You can be proud of that. Put Trader does not know what you do, so do not let him or her trip you up.

May 22, 2005 7:36 pm
blarmston:



I manage the assets for a bunch of foundations, most of which serve
children who have found themselves in horrible situations for which
they had no control.



Do you believe that the directors of those foundations ever talk among themselves about moving their accounts elsewhere?



I do not believe that you just stumbled into a niche like that. 
The world of foundations and the super wealthy who support them is very
closed to all but their own.



It's ridiculous to think that J Withering Witherton, IV is going to
decide to trust the foundation's assets to Joe Bagadoughts from the
other side of town.  It just doesn't happen.



There is nothing wrong with what is known as "directed business,"
nothing at all, but you have to admit that niche marketing is all but
impossible without an entree into the niche.

May 22, 2005 7:48 pm

I know they talk about moving it.  Their responsibility to to the foundation, not me.  I have to earn it to keep it.



I did not stumble into it.  The only wealth client I had wished to
set up something to benefit a particular charity, and they introduced
me to their attorney who's firm specialized in such things.  This
is how it started...from there my sales skills with the attorney and
her partners made it grow.



I am not Joe Bagadoughnuts, although I do have more money tied up in
the motors of my boat that I do in my truck and my wifes car.  I
do live on the poorer side of town.  It does happen, but it does
not just happen.



A good salesperson can make that niche happen.




May 22, 2005 7:53 pm

A man's IQ is inversely related to his desire to drive a truck.

May 22, 2005 7:59 pm

I think you just showed us all who you are.  You actually serve a
purpose out here, but you just don't know what that is...which makes it
even better.

May 22, 2005 10:47 pm
blarmston:

"Other than the potential for unlimited income being a stock broker is a
dead end job--but if you're unambitious and relatively dull witted it's
as good a job as any."

C'mon Put, now you are trashing the career choice that has supposedly
treated you so well over the years? A career that has risen you to the
"highest ranks of our profession?" You've got issues my friend...





Blarm....the career choice of FA or broker didn't serve Put
well...being a management leech who made his money off the backs of the
folks who did the REAL work served him well.  Serving on NASD
boards....home office committees.  Read his posts.....he's the
classic example of why your payout keeps getting cut....to support the
oppressive cost structure embeddded in most wirehouses these days....

May 23, 2005 2:49 am
Put Trader:
blarmston:


I manage the assets for a bunch of foundations, most of which serve children who have found themselves in horrible situations for which they had no control.


Do you believe that the directors of those foundations ever talk among themselves about moving their accounts elsewhere?

I do not believe that you just stumbled into a niche like that.  The world of foundations and the super wealthy who support them is very closed to all but their own.

It's ridiculous to think that J Withering Witherton, IV is going to decide to trust the foundation's assets to Joe Bagadoughts from the other side of town.  It just doesn't happen.

There is nothing wrong with what is known as "directed business," nothing at all, but you have to admit that niche marketing is all but impossible without an entree into the niche.


Once again the "traveling manager" proves he knows nothing about the business. Competing for the managed money business of trusts and foundations is anything but “directed business”. The vast majority of them have boards that understand their fiduciary responsibilities and take them seriously They know what sharp financial advisors look like and know how to kick out a RFP.  It’s highly competitive and there’s no “Bagadonuts” types earning it.<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

May 23, 2005 2:49 am
joedabrkr:
blarmston:

"Other than the potential for unlimited income being a stock broker is a dead end job--but if you're unambitious and relatively dull witted it's as good a job as any."
C'mon Put, now you are trashing the career choice that has supposedly treated you so well over the years? A career that has risen you to the "highest ranks of our profession?" You've got issues my friend...



Blarm....the career choice of FA or broker didn't serve Put well...being a management leech who made his money off the backs of the folks who did the REAL work served him well.  Serving on NASD boards....home office committees.  Read his posts.....he's the classic example of why your payout keeps getting cut....to support the oppressive cost structure embeddded in most wirehouses these days....



May 23, 2005 2:58 am

To all you New Yorkers back there, I suggest you all carpool into the
city one evening, pick up Put at his luxurious mansion on the Lower
East Side, and drop him off in Brooklyn. I recommend Bedford-
Stuyvesant.. I heard they like racist old white men there....

May 23, 2005 7:10 am
blarmston:

To all you New Yorkers back there, I suggest you all carpool into the
city one evening, pick up Put at his luxurious mansion on the Lower
East Side, and drop him off in Brooklyn. I recommend Bedford-
Stuyvesant.. I heard they like racist old white men there....



Yep, that lower east side is the lap of luxury--alphabet city is known for it.



Morons should never try humor.