Series 7 B/D Sponsorship

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Nov 30, 2008 11:39 pm

As I'm trying to enter the FA profession, I'm finding some options (mostly with banks) that would be available if I already had my Series 7.  These employment options do not offer training time for me to get the Series 7 after employment.  If I was willing to pay the costs, are there options to get a broker/dealer sponsorship so I can sit for the Series 7 even if I have no intention of working for that broker/dealer?

Nov 30, 2008 11:51 pm
iceco1d:

Probably only if you lie...why would someone take the time, expense, and liability to do nothing more than cultivate a future competitor?

 
That is outstanding insight Joe.
Nov 30, 2008 11:54 pm

Yes?

Dec 1, 2008 12:02 am

I had a feeling I was caught in a catch 22 (can't get the job w/o a series 7...can't get a series 7 w/o the job).  Thanks for the reality check.

Dec 1, 2008 12:05 am

Have you asked the banks that you may have an opportunity with if they will sponser you for the test at your own expense, then hire you?

Dec 1, 2008 12:16 am

One "opportunity" company has a financial planning division which WILL NOT hire you unless you already have a series 7 but their related brokerage division will (not much planning or selling, mostly order taking).  The rub is that it isn't easy to move over once in the company (so say a few of the employees I've talked to).  Other companies seem to be using that requirement to only get seasoned advisors so they don't have to incorporate a training program.  I really can't blame them.

Dec 1, 2008 12:21 am

In this business, you have to start at the bottom with nothing (most of the time) and work your way up.  Wish I had better news Joe.

Dec 1, 2008 1:06 am

You can get hired by Ameriprise, get your licenses and then leave. You'll have to pay for all the expenses yourself, but if your objective is to just get a Series 7 and leave, they'd probably be the best firm. They're pretty much willing to hire ANYONE. However, keep in mind you'll have them on your background checks and U4 record forever with a 3 month employment record (not sure how attractive that'll look to future hiring managers).

Dec 1, 2008 2:42 am

I found that connector you were looking for
Cindy, is this the thing you were looking for?
www.liangdianup.com/computeraccessories_1.htm
It's on the list of computer accessories and parts. They have the DVI video thing to convert that jap monitor to work with your other computer. Just about any other kind of wire adaptor, usb connectors, monitor extension wires, ps2 extention wires, and all kinds of female and male swap connectors and things that I think would help your shop. If that above link don't work then goto www.lducompany.com and click on computer accessories. Let me know if that is what you need and give me your email address again.

Dec 1, 2008 9:28 am

Try EDJ, they will pay you while you study, and if you leave after you pass the test they probably won't come after to you, as long as you don't get to KYC..

Dec 1, 2008 9:58 am

The other element is that if people are getting laid off then there will be more applicants with S7 applying for said jobs. I have my 7 and when I was applying for non-commission jobs the general feeling was that they recieved 100 other resumes, then of course the jobs would get frozen in HR after 5 interviews so nobody got hired at all.

 
Unless you want to be an advisor I don't know if it's all that easy to find an exciting and well-paid salary position with a Series 7 anymore, I always think if your parents (aka "natural network") don't come from money the best thing to do is get experience in another field first, build your own "natural network", and then when you can afford to do it make the leap and be an advisor. If you're under 30 years old chances are the only wealthy people you know would be friends of parents, if you're under 30 and your parents are middle class you basically are at a big disadvantage versus the guys that come frome a wealthy network. It's just the way life is I guess but the wirehouse model will not really support a business built off non-qualified prospects so if you don't know these types of HNW individuals then you need to meet them somewhere.
 
The thing that pisses me off is that I want to do something else for a few years, I am pursuing a dream career right now and my licenses die in 2 years unless I saddle up with Crimerica or something like that, in a way I'd rather let them die then form an affiliation that I would be ashamed of. Seems like most private equity firms are reserving their spots for Ivy League only applicants and all the staff trader jobs at investment companies are frozen or flooded. By the time the balance comes back to the industry for the licensed non-advisor roles my licenses will be dead, sure maybe there's a job out there waiting to be applied for and I moved on without checking, there's also a winning scratch ticked somewhere that I haven't bought, at some point one has to just take their chips to another table.  
Dec 2, 2008 12:49 am

Hi,

To the person inquiring about being sponsored , you can go to www.stockbrokerclass.com thats how I got started years ago. PM me if you want more info.
Dec 2, 2008 6:45 am
radernation-1:

Hi,

To the person inquiring about being sponsored , you can go to www.stockbrokerclass.com thats how I got started years ago. PM me if you want more info.







Every so often I feel compelled to contribute.  Keep in mind that
I don't have much experience, just thirty five years, ending with a
decade of senior wirehouse management.  Recruiting and training
reported to me.



Earlier in this thread somebody mentioned the FACT that you must list
all of your previous employers forever.  It is NEVER a good idea
to allow yourself to be sponsored by a place you have no intention of
working.  That screams, "I am a slacker who is always looking for
the shortcut, the easy way out."  Not good.



The place mentioned above is a scam.  The poster who put the link
there is either a bird dog for them or working as a scam artist in one
of the bucket shops that (sadly) continue to exist.  Just look at
that website.  It is about as cheesy as they come.  By
comparison look at www.stcusa.com.



It is a Catch 22, and it is that way by design.  The best thing a
kid who wants to be in the business can do is wait till they're thirty
before even trying.  The odds of succeeding improve at age
thirty.  Nobody trusts twenty three year old slackers with a skate
board in their car with their money.  It just doesn't happen.



I will be flamed for that statement.  This forum is crawling with
punks who will tell you that they're 23 and are wildly
successful.  They'll also tell you that they passed Series 7
without studying and did it in forty five mintues per side. 
They're liars, but they're fun to read.



For the guy who is frustrated by the fact that the banks are looking
for already licensed people.  That's not always the case, you're
seeing want ads or things at on-line sources like Monster.com that make
it appear that way but its not really factual.



Here's the most powerful thing you can do in the Catch 22 world. 
Tell the interviewer that you've been studying for the Series 7 and
will PASS it as soon as they can process your U-4.  Tell them that
you understand that you won't actually be hired unless you pass the
test.



Some managers, not all but some, will be impressed with your confidence
and previious planning.  Others, most, will not be.  But it's
a numbers game, right?



I could go on for hours so I best cut this short.  I want to close with one more piece of advice.



If you're interviewing in an environment that looks cheesy, get the
hell out of there.  You can ruin any career possibility you have
by allowing yourself to be hired by a bucket shop.



If the salesforce appears to be a bunch of punks, get out of there.



If the manager is not at least forty and/or is wearing bling, get the hell out of there.



If they tell you that they do a lot of Over The Counter stocks, get the hell out of there.



If you don't see a lot of computer terminals, get the hell out of there.



If the receptionist looks slutty, get the hell out of there.



If they tell you how much money you can make, get the hell out of
there.  (A decent firm will tell you how hard it is going to be so
that's why they're going to pay you for a year or two while you break
in.)



If their name sounds like it was made up to suggest something else, get
the hell out of there.  A good example is a few years ago there
was a firm called "A.S. Goldman" operating in the NYC area.  On
the phone their brokers would identify themselves as being with Goldman
Sachs.  If they were later told, "I thought you said you were with
Goldman Sachs" they would simply say that the client must have been
mistaken, that it's easy to do when the names are so similar.



But the best advice is to not even think of becoming a financial
advisor during The Age of Obama, it's going to be a horrible time in
our country's history.

Dec 2, 2008 10:51 am

To Mr Provacative ,

I actually have been a registered representative for many years at the firm. By the way I dont have four legs (like a dog) nor do I fly (like a bird) If you do have 35 years of experience , I would think that you would not be so judgemental about websites and assuming that people are birddogs . But you are who you are you . Your opinion is of no consequence to anyone . That is neither a good thing or a bad thing . Btw if you want to see our other "cheesy" website it is www.questcapital.com 
Dec 3, 2008 6:55 pm

The easiest and quickest way to get sponsprship without having to lie or cheat is call a prop shop like Bright. They will sponsor anybody. You will have to pay the entire ticket but there is free lunch.

Dec 3, 2008 10:15 pm
radernation-1:

To Mr Provacative ,

I actually have been a registered representative for many years at the firm. By the way I dont have four legs (like a dog) nor do I fly (like a bird) If you do have 35 years of experience , I would think that you would not be so judgemental about websites and assuming that people are birddogs . But you are who you are you . Your opinion is of no consequence to anyone . That is neither a good thing or a bad thing . Btw if you want to see our other "cheesy" website it is www.questcapital.com 



That does look a bit cheesy, the whole page doesn't even load. But, what do I know, I was able to get a nice grade on the 7 and it took me two hours. Bonus, I'm young and dumb.

Dec 3, 2008 10:18 pm
Gaddock:

The easiest and quickest way to get sponsprship without having to lie or cheat is call a prop shop like Bright. They will sponsor anybody. You will have to pay the entire ticket but there is free lunch.

 
What's the deal with Bright anyways? The websites all look vague, anyone have a cut and dry explanation or Bright, Quest, etc etc?
Dec 4, 2008 12:44 am
Perhaps a daily zazen session will help remove some of the anger
you carry inside . I do not annoy you it is you who annoy yourself
 
"You are who you are" Your opinion (and mine) are of no consequence.