Discount Vs Full Svc

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Jul 28, 2006 11:37 pm

I am new to this, I'm trying to do some research and figure out what I want to do.



Can someone tell me what its like to work for a Discount broker as opposed to a full Service broker. . . . I know the basic dictionary difference, I want the dirt. Give me what you would consider the pros and cons.



i.e.what kind of salaries are being made/ growth potential/ cold calling/ high pressure sales and finally----as a woman where am I most likely to be taken seriously.

Jul 28, 2006 11:51 pm

I can't speak to life at a discount house, never having worked at one.  As I understand it though, it's more of a 9 to 5 job, with a base salary.


Full service has the potential for unlimited income, but that coincides with almost unlimited work, at least at first.  (There's a guy named Steve Anderson, aka the Cold Call Cowboy.  The only thing I ever heard him say that was true was, "Work like no one else will for five years.  Then, live the rest of your life like no one else can.")


Given your gender, geography and demographics can be your friend.  If you're near a retirement community, there are loads of widows needing your help, and you will find that being a woman gives you a leg up (no pun intended).

Jul 29, 2006 12:19 am

???

jokes aside----I have read a number of posts on this forum and I get the impression that this is still a "male dominated" field. Do you believe this is because male coleagues assume women are not credible or clients??



I expect this will be diffcult in many levels, but I need candid opinions.



How many successful women do you personally know in this field? What characteristics do you feel attributed to their success?

Jul 29, 2006 6:52 am

When I  worked at a wire  the top broker of the branch was a
woman.  The real beauty of it was that she  was self made.
Not inherited accounts, family $, etc. She's on the job 24/7. I can
also think of 3 other women brokers in my community that have done
exceptionally well.

The characteristics that attributed to their success is the same for
successful men. Focus, drive, determination, work ethic, etc..

Jul 29, 2006 9:31 am

On the job 24/7. That sounds like a terrific life! I would sure like to be her. NOT!!!!

Jul 29, 2006 10:54 am
Riley26:

???
jokes aside----I have read a number of posts on this forum and I get the impression that this is still a "male dominated" field. Do you believe this is because male coleagues assume women are not credible or clients??

I expect this will be diffcult in many levels, but I need candid opinions.

How many successful women do you personally know in this field? What characteristics do you feel attributed to their success?


I'm a woman. Yes, it's a male dominated business. I've been licensed for over 16 years and now run an independent office.  


I think most women don't make it in this industry because they think like "girls" and aren't able to shake off crap that comes from the other brokers, management and the clients. You know....get all emotional.  I don't know exactly how to describe it.  You don't need to be a shark and grow a dorsal fin, but you as a woman, do need to be tough, smart, stubborn and have a good sense of humor.  If you can do all this and not get labeled as a queen bitch you are going to make it.


It also doesn't hurt to be older than 30.  And no fishing from the company pier.  That's a sure way to end your career.  There are much better fish in the ocean than the egocentric types you will encounter in this industry.

Jul 29, 2006 1:11 pm

looney your in this industry also. does that make you egocentric as well?

Jul 29, 2006 1:21 pm

Brotha-


How'd the ML interview go?  Did you ace it?

Jul 29, 2006 1:45 pm
brothaK:

looney your in this industry also. does that make you egocentric as well?


Absolutely....that's why I am married to someone not in the industry who has his own egocentricities.(sp?)  Ones that don't conflict with mine.  :-)  In fact we compliment each other very well and with no competition in each others jobs....we make a great team.

Aug 3, 2006 8:54 am

Im currently at a discounter.  I am making the move to full-service simply because it would be more fullfilling and more financially rewarding.


i don't know what it's like at other discount firms but at my firm there is a lot of pressure to meet some pretty steep numbers only to get a couple grand (if you're lucky) thrown at you at the end of the quarter and a pat on the back.  then you get to start all over the next quarter.  feels like hopping on a hamster wheel every day.


i'd rather work my @ss off for a few years so that I can one day make the money I want to make.  It's never going to happen here.

Aug 5, 2006 12:12 pm

I have both full svcs experience and discount experience.  I think in general full svcs is a much more competitive environment and that's why people who cannot elbow the way through gets left behind. 


Then, of course, there is still the perception by clients of who can do a better job.  This in the financial services industry is no different from most other industries.  Why are most board directors male?  Why are we only having the first female evening news anchorperson?


I think a good path for a woman is to work for discount brokerage for a few years, learn the ropes, maybe even rise to team leader or branch manager rank, then move over to full service to build a practice.  One can even take a few clients along to form a foundation.

Aug 5, 2006 1:44 pm
bluestar:

Why are we only having the first female evening news anchorperson?



There has never been a female news anchor before?

Aug 5, 2006 2:38 pm
bluestar:

I have both full svcs experience and discount experience.  I think in general full svcs is a much more competitive environment and that's why people who cannot elbow the way through gets left behind. 


Then, of course, there is still the perception by clients of who can do a better job.  This in the financial services industry is no different from most other industries.  Why are most board directors male?  Why are we only having the first female evening news anchorperson?


I think a good path for a woman is to work for discount brokerage for a few years, learn the ropes, maybe even rise to team leader or branch manager rank, then move over to full service to build a practice.  One can even take a few clients along to form a foundation.



Just curious, were you an English major in college?  Journalism maybe?

Aug 6, 2006 12:52 am
NASD Newbie:
bluestar:

Why are we only having the first female evening news anchorperson?



There has never been a female news anchor before?



NASD, let me clarify what I do believe was meant.


Katie will be the first SOLO national news anchor that is female.   If memory serves me there were two famously failed attempts with women as co-anchors.  


First in 1976 Barbara Walters teamed with Harry Reasoner on ABC that lasted about a year.    The in the early 90's CBS's Connie Chung parternship with Dan Rather didn't work and she was gone after a few months. 


I imagine you could count Liz Vargas also but this was even shorter lived.


scrim

Aug 6, 2006 3:08 am
NASD Newbie:
bluestar:

Why are we only having the first female evening news anchorperson?



There has never been a female news anchor before?



OK I should be more technically correct:


There has never been a LONE female evening news anchorperson at the NATIONAL level.


Connie Chung once shared CBS evening news with Dan Rather but the format did not perform to expectation and she was dropped.

Aug 6, 2006 3:14 am
joedabrkr:


Just curious, were you an English major in college?  Journalism maybe?


Nope I have no relations to journalism.  Just trying to grab a current example off the top of my head of the female glass-ceiling.

Aug 6, 2006 9:02 am
bluestar:
NASD Newbie:
bluestar:

Why are we only having the first female evening news anchorperson?



There has never been a female news anchor before?



OK I should be more technically correct:


There has never been a LONE female evening news anchorperson at the NATIONAL level.


Connie Chung once shared CBS evening news with Dan Rather but the format did not perform to expectation and she was dropped.



Was Connie Chung the only female co-anchor?

Aug 6, 2006 9:08 am
bluestar:

Nope I have no relations to journalism.  Just trying to grab a current example off the top of my head of the female glass-ceiling.



As long as girls continue to get pregnant and quit their jobs--or demand lots of time off--they're going to be considered second class candidates for significant responsibility in the corporate world.


As long as girls continue to have problems with math and  other critical skills they're going to be considered second class candidates for significant responsibility in the corporate world.


There is no "glass ceiling," what there is is an expectation to make your career more important than your personal life.

Aug 6, 2006 12:18 pm

Interesting.  My husband and I were just discussing this topic this morning, because our local fish wrap had an editorial bemoaning that there were not enough (whatever enough means) women represented in positions of power or executive positions in our area.


Is there a glass ceiling in the corporate world and in the industry that we are in?  Yes and no. 


No, in that anyone, not just a woman, needs to make their career a top priority. It takes ambition, education, desire and dedication. Having a family and children is a wonderful thing, however if those responsibilities interfere with or take you away from your job (executive, bank teller, waitress, truck driver) you are no longer a desirable employee.  Unfortunately, women and now men too, seem to think that having a family entitles them to special time off, extra days during Christmas, time off to take little Johnny to soccer practice and ad nauseum.  If you have a spouse who is picking up all the responsibilities of the family then you can concentrate on the business.  If not, then it is impossible to have both.  It's like you are told you can have one of two apples.  Pick one and forget about the other.  I was fortunate in that I started in this industry when my child was older and more self sufficient.  I think it is almost impossible to be successful when you are distracted by small children at home. (Or a dissatisfied and clinging spouse.)


It is also true that most women don't have the math skills or critical thinking skills and the cojones to stand up to the pressures of being in the corporate world.  When I was asked what my advice would be to women/girls who are getting into the financial advisory industry, it was "Don't whine".


Is there a glass ceiling? Yes. In that there is still an "old boys" network at the top levels and it is very difficult to be included as a woman.  You are excluded from social and "bonding" types of activities.  Men will not speak frankly when there is a woman present.  I suppose that is some sort of remnant of chivalry, but it is a fact.  When you are excluded from the full experience of being an executive by societal conventions, you are hitting a glass ceiling.


But ......that is the way it is.....Don't whine about it.  Just get on with your business.  


Success is the best revenge.

Aug 6, 2006 2:23 pm

There are plenty of companies that are ran by women CEO's and the executives tend to be mostly women, is this a coincidence? I think not. The fact that there are more men in successful positions than women is because more men care about success than women, plain and simple.



I think it is easier for a women to become successful these days than for a man simply because she doesn't have the competition (How many men stay home). Take our career, What is it 90+% men (I am guessing)? So if you're a women you have less competition among women FA's, and some clients are only going to deal with a woman, just like some will only deal with a man, however, a man has all that competition. I realize that a female FA still competes with a male FA, but like I said there are some clients that will feel more comfortable with a woman FA and those are the prospects a female FA should target, why try to compete in an oversatured arena when you have a built in niche.