Boutique Equities Trader

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Nov 20, 2009 7:24 am

I know its kind of a vague question, but I'll ask anyway so I'll expect to be flamed ....Can someone tell me what to expect as an equities trader?  I've got an opportunity with a boutique.  I've never been in securities professionally and they want me to get my 7 and 63, and 66.  I can probably pass the 7 right now so I'm not that worried, but I'm wondering what to expect.  They told me that for the most part I will be handling in-house accounts and maintaining those relationships.  Accounts are inherited by company turnover in employees. 


I asked what expected pay for first year is and they said $55k and with my sales ability they see me making another 50k in commissions. 
 
I'm new to this professionally and wanted to see if that is too vague a question to answer or if it can be answered.  Oh, I haven't done my official interview yet, but pretty sure that won't be a problem..hopefully.  Do most brokerages cover health / life benefits, 401k, etc??  I know the big banks do but unsure about boutiques.  I forgot to ask them.  Thanks
Nov 20, 2009 8:22 am

I've only worked for one boutique firm and to answer your question about benefits - it varies greatly.  The one at worked at didn't have a matching 401k (but still a 401k), but they made up for it with large bonuses and excellent healthcare - and higher salary.  I woman I worked with came from another boutique firm who had great benefits (they even offered to pay 100% for her college), but that was at the cost of working for the world's biggest Asshole owner.

 
I doubt there is any consistency.
Nov 20, 2009 8:55 am
njnewbie:

I know its kind of a vague question, but I'll ask anyway so I'll expect to be flamed ....Can someone tell me what to expect as an equities trader?  I've got an opportunity with a boutique.  I've never been in securities professionally and they want me to get my 7 and 63, and 66.  I can probably pass the 7 right now so I'm not that worried, but I'm wondering what to expect.  They told me that for the most part I will be handling in-house accounts and maintaining those relationships.  Accounts are inherited by company turnover in employees. 

I asked what expected pay for first year is and they said $55k and with my sales ability they see me making another 50k in commissions. 
 
I'm new to this professionally and wanted to see if that is too vague a question to answer or if it can be answered.  Oh, I haven't done my official interview yet, but pretty sure that won't be a problem..hopefully.  Do most brokerages cover health / life benefits, 401k, etc??  I know the big banks do but unsure about boutiques.  I forgot to ask them.  Thanks



Why would you need to get the 63 and 66?  What makes you think you can pass the 7?

And it sounds to me like you are applying for a financial advisor position, not an "equities trader" position.

You should ask them about benefits.

I think you are full of sh1t.

Nov 20, 2009 9:49 am
 


Why would you need to get the 63 and 66?  What makes you think you can pass the 7?

And it sounds to me like you are applying for a financial advisor position, not an "equities trader" position.

You should ask them about benefits.

I think you are full of sh1t.




So don't respond if you think I'm full of sh1t.  I didn't come here to waste my time with you.  In fact, don't you have some paperwork to do while you stand in the unemployment line on your blackberry blasting people who actually have hope?
 
Anyway, I've read the Dearborn/Kaplan book and get an 80%+ on all practice exams.  Rule of thumb is if you score 80%+ on practice you can pass the 7.  I'll go out on a limb and say I have a good chance. 
 
Any useful insight?  I can't believe I even dignified that.  I'm hungover and am on my hour of RRep. 
Nov 20, 2009 10:03 am

Ok.  I guess you didn't read very well the first time.

You don't need to take the 63 and 66 - a boutique firm should know this, which is why you did some internet research and came up with the wrong conclusion.  The 66 is the 63 and 65 combined.

An equities trader generally does not work with clients and boutique firms don't hire a whole lot of them. 

Real estate sales and securities sales are two completely different animals.  Your "sales skills" will need to be adapted and unless they have a training program, you'll be learning on the fly, and those numbers are inflated to get you to come work there.

I told you that you should ask them about benefits.  What kind of sense does it make to come ask a board full of complete strangers if the "boutique firm" you are thinking about working at will provide benefits.  Because in their experience a lot of them do?  Or don't?  Why would that have any bearing on your situation?  Boutique firms are by nature unique.

I'd go out on a limb and say you don't have a good chance if you don't know the difference between an equities trader and a financial advisor or that the 66 is a combined form of the 65 and 63.

Once again, you are full of sh1t.  And as for why I am responding?  I am amusing myself as I sit in my free-from-Edward Jones independent office. 

I believe you are the one unemployed, who fell for a ponzi scheme.  Correct?

Nov 20, 2009 10:50 am

Yes, I am the same guy who fell for the scheme, but that doesn't make me a bum... For the sake of this post and to correct myself, I texted a friend of mine and he said I will only need my 7 and 63, not the 66 which was my mistake.  I don't know why the 66 was in my mind.  I'm new man...I have a possible opportunity and wanted feedback from a board, which may have been my mistake.  I know my decision is to go forward but I was looking for things to expect.  Sure I understand I may fall flat but I can outwork most people so I have to take my shot.  Thanks for calling me out though.  Just looking for opinions, I guess in teh wrong place

Nov 20, 2009 10:57 am

You'd have known you didn't need the 66 if you read my answer to your other thread on the same topic 2 days ago...why did you start a new one?  If you say your title will be "equity trader", how do you expect to get commissions?  By having the best ratio of mistake-free equity trades?? You've barely been given an offer and just now asked them what you'll get paid you and you're telling us you've ALREADY read the series 7 book and taken practice tests??? 

Nov 20, 2009 11:06 am

...and Jethro wanted to be a brain surgeon.

Nov 21, 2009 5:16 pm
njnewbie:

I know its kind of a vague question, but I'll ask anyway so I'll expect to be flamed ....Can someone tell me what to expect as an equities trader?  I've got an opportunity with a boutique.  I've never been in securities professionally and they want me to get my 7 and 63, and 66.  I can probably pass the 7 right now so I'm not that worried, but I'm wondering what to expect.  They told me that for the most part I will be handling in-house accounts and maintaining those relationships.  Accounts are inherited by company turnover in employees. 


I asked what expected pay for first year is and they said $55k and with my sales ability they see me making another 50k in commissions. 
 
I'm new to this professionally and wanted to see if that is too vague a question to answer or if it can be answered.  Oh, I haven't done my official interview yet, but pretty sure that won't be a problem..hopefully.  Do most brokerages cover health / life benefits, 401k, etc??  I know the big banks do but unsure about boutiques.  I forgot to ask them.  Thanks
 

"Trader" Being a stock broker in recent times is anything but "trading" To be able to trade you first require a repeatable/definable edge. A person getting a job "trading" isn't about selling. Having been a prop trader there was no selling whatsoever it was all about making $$ for the firm. If you didn't you were history.
 
So in brief ... do you have an edge? Can you even describe how to get a good fill? I'll give you a clue, you use the VIX, EPREM, PREM, TRIN, TICK, TICKQ, Floor Pivot Points and the Eminis.
 
I pretty much pay my clients fee's with good fills and price improvement.
 
 
I'm certain your answer is no. Ask the head "equities trader" the same question. If he doesn't know he full of it and blowing smoke up your skirt.
Nov 22, 2009 1:13 pm

I know FA's are called by alot of different names... but never heard as being called and Equity Trader. In fact. the first 3 years, you dont even have to know anything about the stock market. Just building relationships and getting the money in the door.

Nov 22, 2009 2:05 pm
aeromaks:

In fact. the first 3 years, you dont even have to know anything about the stock market. 

 
If that were true what an indictment of the entire industry.
Nov 22, 2009 7:29 pm

seriously though. you can delegate out marketing, management and the markets.

building relationships is all that it is about. i am exagerating on the 3 years, but first 2, yes.

My buddy, the joke was... he didnt know half of what I knew about markets and all, yet at the end of every year, our numbers were tied. why? He didnt care and just went out there and talked to people.