Part-time opportunities

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Oct 19, 2006 1:54 pm

I am currently trying to locate a firm that caters to someone who wants to be a registered rep part-time. I wanted to see if anybody had any good recommendations of firms that do not have production requirements, or low requirements for that matter, so that I can build my business over time. So far I have only located Brokersxpress and Quest Capital, and I wanted to see if anybody had any other ideas out there. Thank you. 

Oct 19, 2006 3:59 pm

You could join an existing branch of an indy b/d who is interested in bringing on p/t advisors.

Oct 19, 2006 4:39 pm
famd:

I am currently trying to locate a firm that caters to someone who wants to be a registered rep part-time.


Is it your understanding that this is a career that affords opportunity for somebody who wants to do it part time?

Oct 19, 2006 5:19 pm

Yes, DA, it can be done as a second career as long as your clients understand so, of course, and that you are able to perform to if not exceed their expectations, along with some flexibility in your first job. I have been doing it for the past couple of years but I need to sign up with a B/D in order to retain my licensing. That is why I am looking more so to joining an online B/D that somebody might be able to give me feedback on. Either the ones I listed above or any others.

Oct 19, 2006 5:23 pm

So you're looking for a place to park your license?  What licenses do you have?

Oct 20, 2006 1:43 am
Oct 20, 2006 1:45 am
Oct 20, 2006 8:53 am

Yes, DA, I am looking to park my license (at this time I have the 7 and looking to join a B/D to get my 66, etc.) as well as slowly build my business. If it gets to a point where I have more clients than time to afford to spend with them and meet their needs, then I will seriously look at doing it full-time.

Oct 20, 2006 8:56 am
famd:

Yes, DA, I am looking to park my license (at this time I have the 7 and looking to join a B/D to get my 66, etc.) as well as slowly build my business. If it gets to a point where I have more clients than time to afford to spend with them and meet their needs, then I will seriously look at doing it full-time.


Why would a client want to do business with a broker who was not paying attention to the markets and what is going on?

Oct 20, 2006 10:11 am

I am very intune with the market as I read in the morning and watch the market news, keep tabs on the market throughout the day via the Internet, and look at technical and fundamental research in the evening. My point is that this process can work fine for a small client base but if that base grows then of course the demands on all aspects of the business grow and thus that is when a decision to go full-time must be made. Of course if you day trade then part-time is not an option.

Oct 20, 2006 10:22 am

Would anyone trust a part-time doctor?


Why would someone trust you with their life savings if you're off doing a different job all day?


It's like those people who try to be part-time Realtors; if you focus only part-time on your business you'll never make it full time.


Being a financial advisor is a full-time job.  What if we do have a huge correction and your customers want to liquidate, or even just change their holdings?  Can they call you at your day job to do it?  Or are they forced to either call some nameless, faceless 800# where they aren't given any advice, or wait until the market has closed to talk to you that night?


Just curious, what is your "day job"?

Oct 20, 2006 11:40 am

This can work if your full time job is very flexible.  You don't have to tell them if your plan is to transition full time. 

Oct 20, 2006 2:15 pm

Looks like JimmytheRocker understands my point. I just came out of the Brokerage business and have seen first hand alot in instances where clients are very happy with their brokers talking to them a few times a year since they can see the results in their account first hand. These brokers arent buying on the rumor and selling on the news but rather looking for trends, which as we know are established over time. They are trading in portfolios that have a core of its holdings in ETF or Mutual Funds, or both, so that reduces the volatility/risk you would see with single equity holdings. With the invention of the cellphone it has made people that more assessable so therefore I am a phone call away. I would say never advise someone to not do it part-time if that person wanted to test the waters to see if that is really what they wanted to do. Besides, if the client is not getting what he signed up for then we all know they have a choice. Sure, I would go to a part-time doctor. That doctor might be more effective and make a more accurate diagnosis of my condition than possibly a full-time doctor could because of his training, thought process, etc.   

Oct 20, 2006 2:17 pm

The only people who compare our profession to doctors are people in our profession.


We are not the same.

Oct 20, 2006 5:36 pm

check out repstradingplaces.com


I'm in the same position as you. There are many reasons why someone would want to do this part-time. I am a P&C Insurance Producer and want to be the "one-stop shop" for all my clients' personal and business needs. Like you, I'm already licensed, and have previously worked in the industry for a short time. There are many B/D's that will work with you. The site I mentioned works similar to Lendingtree.com where they send your information to b/d's free of charge. I must have had like 4 or 5 emails just a few hours after I signed up. They have contacts for almost everyone from Merril Lynch to brokersXpress.


Good luck.


Oct 20, 2006 6:03 pm
BankFC:

The only people who compare our profession to doctors are people in our profession.


We are not the same.



The reality is that it's not a profession.  Professions have educational requirements.


This is a career choice, a selling career.  It's not unlike any other sales career.


But to call it a profession is a stretch.  In previous months this forum has witnessed near bragging about how uneducated the participants were.


Just read what is written and you'll know it's no profession--doctors, lawyers and Indidan Chiefs can spell.

Oct 20, 2006 7:53 pm

[quote=Devil'sAdvocate

Just read what is written and you'll know it's no profession--doctors, lawyers and Indidan Chiefs can spell.


[/quote]


Now that is funny as hell.

Oct 20, 2006 7:55 pm

Oops...


Just read what is written and you'll know it's no profession--doctors, lawyers and Indidan Chiefs can spell.


...there.


Oct 21, 2006 8:42 pm

Hasn't it been said that sales is the oldest profession?


I wasn't comparing our jobs to doctors; I was just stating that I would not trust my life savings to a part-time financial advisor any more than I would trust my life to a part-time doctor.  I firmly believe that being a financial advisor is a full-time job.


As for educational requirements, those of us who are CFPs can attest to the educational aspects that were necessary in order to even sit for the test.


If investing were so easy that a part-timer with a cell phone could handle his clients investments while holding down a full-time job elsewhere, then why wouldn't those same clients just do it themselves and save the fees/commissions?


What if something major happens and those clients want to talk to their financial advisor but he's too busy working elsewhere?


I'm curious -- anyone on these forums start out part-time and are now successful as full-timers?

Oct 22, 2006 6:25 pm

I was looking at becoming a RR, I currently have series 7, 63, 55 licenses, what other licenses would be needed. I primarily would be dealing with clients in NJ, NY, GA, and maybe CA.  I currrently trade equities and would look to dual register.  What firms allow dual registration?