The best company to start with
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I am very interested in starting in the securities business and am wondering what the better/best companies are to interview with. I interviewed with Waddell and Reed and have turned them down. Edward Jones is not hiring in my immediate area.<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
A little background, my town has a population of approx. 16,000 with old money. There are towns with in a 60-mile radius I have contacts in that could be easily reached.
I do have an opportunity to go independent with a company right here which is fee based. However, I do not have enough living expenses saved to get on my feet so a beginning salary is necessary. Local company is not interested in providing that. Risk is ok but I have a family of 5 so my risk is must be calculated.
What is the good and bad? Door knocking does not scare me but is not a long term option either.
Since it sounds like you live in a mostly rural area, opportunities to work with the large brokerage firms are probably nil, if they're located there at all, which I doubt. To do this full-time with a training salary, you'll need to move to a metro area where these brokerages are located.
If moving isn't an option and given that you have a family of 5, you could consider keeping your present job and working part-time as a broker. But I would only do that if your contacts in the community were good. Being a broker is really a full-time job, if you're going to have any measure of success at it.
Conceivably, you could work part-time to build your book, then do it full-time, as an indy or get on with a wirehouse.
Quest Capital @ www.qcwelcome.com allows you to be a part-time broker while you work full-time at your real job. However, they don't pay a salary and you pay any and all expenses associated with being a broker. I don't offer an opinion on the company, as I'm not associated with them.
The poster "radarnation" is affiliated with Quest and could give you more info than I can. You might want to send him a PM, if this interests you.
Good Luck!
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Eric:
I would check with the NASD before I register with Quest Capital. Check their complaint history.
I you get licensed with a firm that has a shady record, then the wirehouses and any respectable independent firms ex. (Jones & Edwards) may be reluctant to consider you for employment.
I would go the W&R rout before I looked at Quest Capital. Plus, they want a ballpark figure of $1100 just for the licensing fees. I think you can work with W&R part time.
Shmer33[quote=Shmer33]
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Plus, they want a ballpark figure of $1100 just for the licensing fees.
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If you are asked to pay your own training and licensing fees you should be VERY careful about going to work there.
It is the first of several red flags that are warning you that you're likely to be getting involved with a boiler room.
A reputable firm will be prepared to invest some money in you--or at least reimburse you after you pass your exams and background check.
Our firm often required brokers to pay their own state licensing fees, but would reimburse them if the broker did a certain amount of business in the state. We never wanted them to put up the money for taking the exams, and normally didn't ask them to pay for a study course.