Need Help, stock broker trainee

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Oct 6, 2010 2:16 pm
First off thank you for your time and your help. I have always had an interest in becoming a Stock Broker, and am currently doing my best to get into the field in the Houston, TX area.

I have an excellent sales and management background, and have been recognized in sales on the local, state, and even national levels. twice. I love cold calling, making the sale, and continuing to help clients after the sale.

I have a strong background in sales, customer service, marketing, and management training. My college background is Neuromuscular Science, and Business.

My question is, with my background being what it is and having no relevant background in Finance or Wealth Management. What is the best way to get to be a stock broker? I know I need to pass my series 7 and 63 exams? Do companies hire you, and help you with that? What is a good company in the Houston, TX area to work for that will hire a stockbroker trainee? Any additional information you can provide will help.

Thank you again for your time.

Tyler
Oct 6, 2010 2:23 pm

I think RJ is pretty big in Houston.

Oct 6, 2010 2:27 pm

Excellent, can you get a wall street type atmosphere with a company out of a city like Houston or Dallas? Or would it be more small firms with few employees being stock brokers?

Oct 7, 2010 9:25 am

Go see Mike Robertson with Allied Securities 8431 Katy Fwy # 200
Houston, TX 77024-1999
(713) 647-0063

He is one of the biggest advisors in the US. He can give you advice.

Oct 7, 2010 11:10 am

Thank you, I'll give him a call. What about UBS are they good to start out for?

Oct 15, 2010 11:47 pm

If I take a position as a sales assistant for a team, is that a great stepping stone into the field? or a decent one?

Also, I heard that once you gain a position like this you can feasibly become a Junior Team Member withing 3-4 years, and Junior Team Members can earn anywhere from 100K-500K+. Does that seem accurate? or is that highly overstated?

Oct 25, 2010 8:05 am

IMO, highly overstated.

Oct 25, 2010 11:44 am

[quote=TylerJames]

If I take a position as a sales assistant for a team, is that a great stepping stone into the field? or a decent one?

Also, I heard that once you gain a position like this you can feasibly become a Junior Team Member withing 3-4 years, and Junior Team Members can earn anywhere from 100K-500K+. Does that seem accurate? or is that highly overstated?

[/quote]

Those comp figures for a "junior" team member are very highly overstated, unless you're working for a really big producer.  A Million-Dollar Producer at a wirehouse firm is making around 400k a year, so hopefully that gives you perspective.  It may also make you consider staying away from a wirehouse if you can! 

Also, be careful about the "senior" guy you work for.  Most people in our industry are in this for themselves and most junior guys/gals get used big time.  Most of teams end in divorce, mainly because the junior member is getting abused (i.e., doing all of the work for the senior member who takes half of the business, giving up very little in return to the new person trying to establish his/her career).  Sad, but unfortunately true.

Oct 25, 2010 12:06 pm

Tyler - great questions. I am a career changer and in mid-life, about to join a wirehouse - while that may not be the best place for some, it's where I want to be, a structured environment with strong team members of many years. To do that, I contacted some independents FAs, CPAs, attorneys, those I know are respected in their field, told them I am determining my next career move and would appreciate their insights of this business. Almost all were willing to sit down with me for a meeting, lunch, coffee, in their office. After golfing with a vp at a wirehouse (unbeknownst to me), I now have a mentor who has a group within the wirehouse and decades of experience... and an offer on the table of which I'm about to accept. If you believe you bring value to any company you join, you should go out and "interview" anyone that can give you advice and point you in the right direction. But, just remember, as someone here has already said in another thread, this is 90% sales - day in and day out. But, believe in who you are and if this is right for you, go get 'em!