Lack of Experience Barrier

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May 23, 2005 7:53 pm

I'm a new grad, fully licensed, but do not want to go the Financial Advisor track until later in my career.  Many other positions that I can use my 7 & 66 for require 2-3 years experience like in banking etc. Any suggestions?

May 23, 2005 7:57 pm
callup-putdown:

I'm a new grad, fully licensed, but do not want
to go the Financial Advisor track until later in my career.  Many
other positions that I can use my 7 & 66 for require 2-3 years
experience like in banking etc. Any suggestions?





Are you saying in this, and another post, that you joined AXA, got your tickets and left without having anywhere to go?



If so I would throw your application in the trash--you show exactly zero loyalty to AXA and why would you show any more to me.



You'll be lucky to find anybody to hire you if you're unemployed at this moment.

May 23, 2005 8:45 pm

The exact opposite.  I live in New York City and have been contacted by Morgan Stanley, Bloomburg, Northwestern Mutual, NY Life, Met Life, Bank of New York, and several others, and have turned down two offers.  I can see where you are coming from, however, that has not been the case in my situation.  My goal is to hold an Investment Specialist position which requires experience.  That's my barrier. 

May 23, 2005 9:47 pm

What do you mean by the word "Specialist?"

May 24, 2005 9:03 am

Callup, I also don't know what you mean by "investment specialist", but other areas you might consider to gain experience in the industry would be jobs like an internal wholesaler for a mutual fund company, a junior research analyst position with a b/d (or maybe having to start as an admin assistant to an analyst), or even a junior compliance officer.  Compliance can be a great training ground to learn the industry (which is often why there's so much turnover in these departments).

May 24, 2005 9:50 am
Duke#1:

Callup, I also don't know what you mean by "investment
specialist", but other areas you might consider to gain experience in
the industry would be jobs like an internal wholesaler for
a mutual fund company, a junior research analyst position with a
b/d (or maybe having to start as an admin assistant to an analyst), or
even a junior compliance officer.  Compliance can be a great
training ground to learn the industry (which is often why there's so
much turnover in these departments).





It is parsing words but there is "internal wholesaling" and there is "wholesaling."



Internal wholesalers are the folks who work the regional or HQ level
with the duty of informing the sales force of certain products,
strategies and the like.  I was one of the very first internal
wholesalers of options strategies, although it was not a term that was
used at time. Instead I was known as a regional options marketing
manager--but the reality is I was an internal wholesaler.



Then there are wholesalers.  Last night MoneyMom appeared and
discussed a previous life in which she was a wholesaler for a fund
company.  With full respect that it might not have been her gig,
most wholesalers operate like this.  They are assigned to a
geograpic area--say Atlanta.  This is where they live and where
they often maintain a home office.



A sort of typical week for them would be to spend Monday and Friday at
home arranging appointments on Monday and sending reports, ordering
things, etc. on Friday.  On Tuesday, Wednesday and Thursday they
will be out there in their territory talking up their product with
whomever they can find to listen.  They are available to accompany
a broker on a sales call, many of them are very good at the podium and
will conduct large seminars for an entire branchfull of brokers who
made calls like, "Why don't you come to the Marriott next week and hear
about the Smegma funds, I think they'd be something that would work
well for you....."



Most--no from my experience, all--of them are physically attractive and
very well spoken.  They have soicial graces and can move in and
out of any environment.



One of the "neater" ones I ever encountered was a woman who wholesaled
(wholesold?) for a huge fund family.  She and I held down some bar
stools at a conference in Boca Raton one year.



She said her key to success was that she had gone to college on a golf
scholarship.  Apparently anytime she met a branch manager of a
firm she was to "cover" she would see if she could get him on the golf
course.  She's offer up a challenge--if she could beat him
straight up would he allow her to arrange a sales contest for  her
funds in his branch.



Apparently a good many of them thought, "How good can this girl be?  Straight up?" and they accepted the challenge.



They knew they had been had when she whipped her driver around on the first hole.



But I digress into my vast vault of experiences--and that pisses off
the boys who think that they're the Alpha and Omega of a Wall Street
firm.  Sorry boys, let's get back on topic.



I agree that wholesaling--either internal or external--is a great way
to make a living when you're young.  The reason it's best when
you're young is the thankless travel.  If you lived in Atlanta
you'd probably leave home Monday afternoon and drive to Birmingham
where you'd call on firms all day Tuesday. That afternoon you'd head
for Nashville where so you could be at Merrill for an 8 AM breakfast on
Wednesday, that afternoon you'd head for Knoxville so you could call on
the University of Tennessee endowment fund manager with a broker from
the UBS office in town who has a shot at that business at 8:30 on
Thursday morning.  Finally when there was nobody else to talk to
in Knoxville you'd head back to Atlanta.  If you're lucky you'll
be home in time to catch a bit of TV and have a glass of wine.



If you have a spouse who also travels it is not so bad because you
don't really know each other are not at home because you're not there
either--but when you get a little older you want to settle into a
career that lets you sleep in your own bed.



Like being a broker at Merrill--armed with several years of experience and honing your skills.

Jun 25, 2006 2:51 pm

OK, now this really sounds interesting,P-trader. I am 26 years old, i
yr out grad, now a "financial rep" working for a good insurnace compay
which also does investments. Been doing it for 9months. Up and down
sucesses. I's stick with it but I feel out of place at this point in my
carrer. I want to gain more experience in a wholesale or analyst role.
Then a had a company call me to do interview for a
wholesaling(external) position. I got the interview this wed. I think
this would be a great oppurtunity to gain exposure to the industry and
experience. What do you guys think? Plus they are offering a nice
package and $45,000 starting salary plus bonus, and etc. hit me
up.........

Jun 25, 2006 3:43 pm
The day:

OK, now this really sounds interesting,P-trader.........


Put no longer resides here.  Perhaps you may want to ask NASD Newbie.  They seem to think alike.

Jun 25, 2006 6:11 pm

PUT TRADER is back... 

This should liven this forum up.  Put Trader, try not to get booted again.  It is boring without your commentary….   

Jun 26, 2006 9:38 am
Put Trader:
callup-putdown:

I'm a new grad, fully licensed, but do not want
to go the Financial Advisor track until later in my career.  Many
other positions that I can use my 7 & 66 for require 2-3 years
experience like in banking etc. Any suggestions?





Are you saying in this, and another post, that you joined AXA, got your tickets and left without having anywhere to go?



If so I would throw your application in the trash--you show exactly zero loyalty to AXA and why would you show any more to me.



You'll be lucky to find anybody to hire you if you're unemployed at this moment.



That's one way of looking at it. Another is I don't feel an obligation as an indentured servent, making cold calls ten hours a day for 300 dollars a week. Just because somebody was 'gracious' enough to sponsor you, doesn't mean you owe them your first born.

I didn't see anybody at my firm missing any meals. I have 25 grand in student loans I have to pay back, on top of all my other costs of living. For me to stay at my sponsoring firm, I would have to sell narcotics on the side just to make ends meet.

There are alot of good people on this MB, but there are also alot of haughty jokers who are constantly judging new and/or young aspiring FA's, with condescending comments and character assassination. I'm not naming names, but I have no doubt that half of the posters that engage in this punk behavior, inherited their books, and probably have kids that won't even talk to them. The other half are probably failures themselves, but put on this front behind some BS internet persona that they are god's gift to investment banking.

Hey, like John Lennon said when he left the Beatles:

I don't owe you f**kers anything and all I gotta say is F*ck you.

Good day Sir. I SAID GOOD DAY SIR.



Jun 27, 2006 3:10 am
Slim2None:
Put Trader:
callup-putdown:

I'm a new grad, fully licensed, but do not want
to go the Financial Advisor track until later in my career.  Many
other positions that I can use my 7 & 66 for require 2-3 years
experience like in banking etc. Any suggestions?





Are you saying in this, and another post, that you joined AXA, got your tickets and left without having anywhere to go?



If so I would throw your application in the trash--you show exactly zero loyalty to AXA and why would you show any more to me.



You'll be lucky to find anybody to hire you if you're unemployed at this moment.



That's one way of looking at it. Another is I don't feel an obligation as an indentured servent, making cold calls ten hours a day for 300 dollars a week. Just because somebody was 'gracious' enough to sponsor you, doesn't mean you owe them your first born.

I didn't see anybody at my firm missing any meals. I have 25 grand in student loans I have to pay back, on top of all my other costs of living. For me to stay at my sponsoring firm, I would have to sell narcotics on the side just to make ends meet.

There are alot of good people on this MB, but there are also alot of haughty jokers who are constantly judging new and/or young aspiring FA's, with condescending comments and character assassination. I'm not naming names, but I have no doubt that half of the posters that engage in this punk behavior, inherited their books, and probably have kids that won't even talk to them. The other half are probably failures themselves, but put on this front behind some BS internet persona that they are god's gift to investment banking.

Hey, like John Lennon said when he left the Beatles:

I don't owe you f**kers anything and all I gotta say is F*ck you.

Good day Sir. I SAID GOOD DAY SIR.





dude you have serious issues!

Jun 27, 2006 11:12 am
joedabrkr:
Slim2None:
Put Trader:
callup-putdown:

I'm a new grad, fully licensed, but do not want
to go the Financial Advisor track until later in my career.  Many
other positions that I can use my 7 & 66 for require 2-3 years
experience like in banking etc. Any suggestions?





Are you saying in this, and another post, that you joined AXA, got your tickets and left without having anywhere to go?



If so I would throw your application in the trash--you show exactly zero loyalty to AXA and why would you show any more to me.



You'll be lucky to find anybody to hire you if you're unemployed at this moment.



That's one way of looking at it. Another is I don't feel an obligation as an indentured servent, making cold calls ten hours a day for 300 dollars a week. Just because somebody was 'gracious' enough to sponsor you, doesn't mean you owe them your first born.

I didn't see anybody at my firm missing any meals. I have 25 grand in student loans I have to pay back, on top of all my other costs of living. For me to stay at my sponsoring firm, I would have to sell narcotics on the side just to make ends meet.

There are alot of good people on this MB, but there are also alot of haughty jokers who are constantly judging new and/or young aspiring FA's, with condescending comments and character assassination. I'm not naming names, but I have no doubt that half of the posters that engage in this punk behavior, inherited their books, and probably have kids that won't even talk to them. The other half are probably failures themselves, but put on this front behind some BS internet persona that they are god's gift to investment banking.

Hey, like John Lennon said when he left the Beatles:

I don't owe you f**kers anything and all I gotta say is F*ck you.

Good day Sir. I SAID GOOD DAY SIR.





dude you have serious issues!



No, to qualify with "serious issues", I'd have to have at least two usernames on this MB. Because one just isn't enough to berate people 24/7 about their spelling and grammar.

Jun 30, 2006 11:35 am

Hi callup , please how you became certified ?

Jul 2, 2006 12:02 am
jak1:

Hi callup , please how you became certified ?



sounds like he joined a firm. got licensed and bounced. i think alot of people have done that. because alot of places wont even consider you without your series

Jul 2, 2006 9:55 am
wanna_be_FA:
jak1:

Hi callup , please how you became certified ?



sounds like he joined a firm. got licensed and bounced. i think alot of people have done that. because alot of places wont even consider you without your series



Would that be the GI series?


At the risk of being accused of repeating myself.  If you are reading this because you're a young person and wondering about a career in Wall Street hear me and heed me.


Do NOT take the easy way out and sign on with a quick ticket to the exams.  Reputable firms do not do that, and making the transfer from a place that does to a reputable firm is almost impossible.


The reality is that reputable firms will not hire you if they don't think that you are capable of passing the qualification exams.


Never forget that you will, for the rest of your career, have something known as your CRD file.  It is where the NASD keeps track of everywhere you worked, the most minute customer complaint, the exams you took, how many times you took them before you passed and a host of other information.


If you have a sleazy broker/dealer listed as your entry point into the industry you will never be considered employable by the premier firms.

Jul 2, 2006 7:42 pm

Gee that’s funny.. That’s exactly what I did.  Now I am at a wire house. 



Granted this particular branch manager told me no 4 times before he eventually said yes..   


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Jul 2, 2006 8:29 pm
Shmer33:

Gee that’s funny.. That’s exactly what I did.  Now I am at a wire house. 



Granted this particular branch manager told me no 4 times before he eventually said yes..   


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I'm curious.  What firm sponsored you for the Series 7 and if you would please list four wirehouses, including the one that hired you.


Thanks.

Jul 2, 2006 10:39 pm

Yea yea yea… I will wash out in 2 years… bla bla bla


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It’s the same nonsense day in and day out.  You are too young; the production levels are too high, go sell hotdogs…  God forbid a new grad post a genuine question or seek advice on this forum and get anything that is close to an insightful answer. 



Axa sponsored me…       



 

Jul 2, 2006 10:46 pm
Shmer33:

Yea yea yea… I will wash out in 2 years… bla bla bla


 <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />


It’s the same nonsense day in and day out.  You are too young; the production levels are too high, go sell hotdogs…  God forbid a new grad post a genuine question or seek advice on this forum and get anything that is close to an insightful answer. 



Axa sponsored me…       



 



'Nuff said,Shmer.


If you want to open a serious dialog without the nonsense, PM a couple of posters so you can converse with people without the interference from narcissist neophytes who have little to no connection with your situation.

Jul 2, 2006 10:59 pm
Shmer33:


Axa sponsored me…       



 



OK, AXA is the answer to part one.


AXA is not a "fast track" employer that I am thinking of--they are a legitimate firm that can offer a guy a legitimate career.


What I am warning against is associating with a bucket shop--a boiler room, that type of place.


AXA is actually what I would recommend a young person do--anybody who reads what I've had to say would realize that my theme is to suggest that young people sell insurance first.