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Jun 3, 2007 10:23 am

 Hi guys, recently I've been offered a stockbroker job at a intermediate sized firm. However if i take this position now that means i would not be able to go to college, I'm currently a senior in HighSchool and will be graduating in a few days. Do you guys think i should go to college or is this opportunity a better one? does being a stockbroker give you a large opportunity to earn a lot of money? Thanks !

Jun 3, 2007 10:33 am

Forget college. It's a waste of time. You can be the only 18 year old making north of $400,000 in your first year.

Jun 3, 2007 10:40 am

Bobby,



Just out of curiosity, are your parents siblings?

Jun 3, 2007 11:19 am
bankrep1:

Bobby,

Just out of curiosity, are your parents siblings?


Yes, they are. I call them Aunt Mom and Uncle Dad.

Jun 3, 2007 11:37 am

You were born because your mother didn't believe in abortion; now she believes in infanticide.

Jun 3, 2007 11:45 am

You must go to college. You are too young to be successful in this industry.  If you go join that firm you will be nothing more than a cold calling hack and they will burn you out.  They don't care about you only about the leads you might be able to generate.  When you burn out, they will snag the next young idealistic guy out of high school.


If you are truly interested in this business, you should go to college and get a degree in business, finance or some other related field.  While at college you should try to get a part time job that involves sales.  Sales is what this biz is all about.  You can be the smartest fincancial wizard in the world but if you can't convice people to buy your idea or product you are dead in the water.


Being a successful stockbroker/financial advisor does give one the opportunity to make a lot of money.  Unfortunately you have next to zero chance of being a successful stockbroker at the age of 18....or even at the age of 24.  Your odds are better if you have a degree and some credentials from a named college and have had some experience in the hard knocks world of sales.


GO TO COLLEGE!!!

Jun 3, 2007 11:59 am
bankrep1:

You were born because your mother didn't believe in abortion; now she believes in infanticide.



Any respect I had for you is now gone.  That was seriously lame.

Jun 3, 2007 12:06 pm

I've heard that firms do burn new people out, however this firm is all friends, my good friend is going start working there (just passed his series 7) and the guy who hired me is my good friends good friend lol. ANd everyone in the firm knows each other and are all friends. The only thing im afraid of is will this really give me the opportunity to make a living thats good? i mean the guy who hired me is 19 years old, didnt go to college either and he just purchased a mercedes sl500. 

Jun 3, 2007 12:12 pm

BNT wealthy people do not invest their money with 19 year olds. He is as likely to get his SL repoed as he is to succeed.

Jun 3, 2007 12:18 pm
BNT1120:

I've heard that firms do burn new people out, however this firm is all friends, my good friend is going start working there (just passed his series 7) and the guy who hired me is my good friends good friend lol. ANd everyone in the firm knows each other and are all friends. The only thing im afraid of is will this really give me the opportunity to make a living thats good? i mean the guy who hired me is 19 years old, didnt go to college either and he just purchased a mercedes sl500. 



Why he couldn't afford the SL65 or the SL600?


This whole thing screams "boiler room".

Jun 3, 2007 12:19 pm

Wow, sounds like you guys are all going to sit and sing Kumbaya.   NOT.


My crystal ball tells me that you and your friends will be out of business and out of a job within 2 years.  You will regret that you gave up the opportunity to go to college and learn what you really want to do.  If being a stock broker is what you really really want to do, I suggest you do it the right way and not because you can buy some bling.

Jun 3, 2007 12:30 pm
Bobby Hull:

Forget college. It's a waste of time. You can be the only 18 year old making north of $400,000 in your first year.


She said, " Lift your left palm upward, and extend your baby finger. That's it - Bobby's unit is only that big. Now you understand - unlike most men, poor fellow has a pencil schlonk!"

Jun 3, 2007 12:42 pm

What is the name of this firm?  Are they paying a training salary?  Is it some form of independent.  There are alot of independent firms out there that are very shady.  There is no reputable firm in the industry that is going to hire a person straight out of high scool to be a Financial Advisor.  Could you make 6 figures next year?? I am not saying it's impossible, but inless you have millionaires in your family you have a better chance at winning powerball.  Get the degree first, either work in sales during college or take a few years after college to work in sales, then try and break into the industry. 



Jun 3, 2007 1:24 pm

1 - What kind of sales experience have you had?



It's not the ability to sell 'ice to eskimos.' That's short term success, long term trouble in this industry. It's more like: 'if this is what you want to achieve this is the best pathway to get there' kind of sales experience.



2 - What kind of life experience have you had?



Do you feel comfortable telling 40 yrs + people with $1MM in net worth that what you're suggesting is absolutely the best thing for them & that they should entrust 5 - 25% of their net worth to you? Do you feel comfortable that this client will believe you?



3 - Do you trust that your friends are business people?



That they have the life experience to run a very complicated & regulated business during one of its greatest transitional periods? Also, you want to know beyond a doubt(and especially with friends) that they will be able to support you while you find your hands?



4 - Are you committed to work 65 - 75 hrs a week including 2 nights per week until 8PM & all Saturday's for the 1st year & at least 2 out of 4 Saturday's afterwards.



5 - Many of us who have done this for a while are going back to get more education, a further degree, and a greater understanding of the technical aspects of handling people's wealth. Why do you think that is, and why do you feel that you can do without that?



Finally, Primerica, WFI, and other firms like that are about getting more reps into the system and less aboutselling financial services. They're not 'scheme's' per se, but they're not highly regarded by the rest of the community.

Jun 3, 2007 2:14 pm

The firm is called Nation Securities LLC. Yes im willing to work 65-75 hrs , i am very hard working. I believe i can sell, and i love working off commission instead of a fixed income. The only thing Im wondering is if this opportunity as a broker is better than my opportunity of going to college. In my lifetime im hoping to make at least 600grand a year, and im wondering if being a broker at this young age will give me the opportunity to do that by age 28-30. And yes they are paying a salary for my training. I will open 20 accoutns for the guy who hires me ( getting paid 55 dollars per account), after 20 accounts I will be on my own. Thanks for the comments everyone i appreciate it a lot.

P.S.  Cant you lie and say your like 35 years old when your on the phone?( from boiler room )

Jun 3, 2007 2:44 pm
BNT1120:

The firm is called Nation Securities LLC. Yes im willing to work 65-75 hrs , i am very hard working. I believe i can sell, and i love working off commission instead of a fixed income. The only thing Im wondering is if this opportunity as a broker is better than my opportunity of going to college. In my lifetime im hoping to make at least 600grand a year, and im wondering if being a broker at this young age will give me the opportunity to do that by age 28-30. And yes they are paying a salary for my training. I will open 20 accoutns for the guy who hires me ( getting paid 55 dollars per account), after 20 accounts I will be on my own. Thanks for the comments everyone i appreciate it a lot.

P.S.  Cant you lie and say your like 35 years old when your on the phone?( from boiler room )


The answer to your question of wondering if you will be able to jump from what is an obvious boiler room at the age of 18 to becoming a respected knowledgeable financial advisor by the age of 28 to 30 is.....NO.  Where you work is forever etched on your U-5.  If you have worked at the SlamBam Brokerage house in the past your chances of getting on at a major firm are very slim.


You need an education.  In college and in real life to be able to succede in this business. 


Sure you can lie, but what are you going to say when Mr. Client sees your boyish face, or do you plan to be a phone stock jock (lowest of the low) for the first 10 years of your career.


I guarantee you that after a few months of people hanging up on you and calling you names on the phone, the glamour will have worn off and the rest of your friends are enjoying a fun and rewarding college experience.


Your call. 

Jun 3, 2007 2:50 pm

national securities*, Dust bunny that is what i thought when i first got offered to the job. The only thing that makes me want to do it is because the people there around all around 18,19. They all have nice cars and wallets stacked.  The only thing is a lot of them went to crappy colleges so they can risk not going to college, the thing im afraid of is because i have a decent university to go to (syracuse university) and in order to do this i would have to take college off. 

Jun 3, 2007 3:02 pm
BNT1120:

the thing im afraid of is because i have a decent
university to go to (syracuse university) and in order to do this i
would have to take college off. 





Syracuse aint all that great. IMHO you should get a job doing something
else, and take a few classes at community college/build up a GPA. Then
using the money you saved/good GPA, roll it again for college.



As for not going to college, you have a capital opportunity to throw away your best chance for sucess in life.



If you really want to be a sucessful stockbroker, you'd need a college
degree. Starting out at some boiler room, is not the way to go about
life.

Jun 3, 2007 3:06 pm

syracuse is rank 52 on usnews which is pretty decent. and why would national securities be a boiler room? 

Jun 3, 2007 4:04 pm

The only thing that makes me want to do it is because the people there around all around 18,19. They all have nice cars and wallets stacked. 


Same thing can be said about meth and cocain dealers.