Stockbroker trainee question (important)
Im an 18 year old fresh out of high school and I work as a collections representative
I make a small salary (10.00 an hour) and have to collect at LEAST 6000.00 to get 25% of anything after that commission.
I was originally supposed to become a stockbroker trainee over at Avalon Partners in NYC but couldnt due to the public transit costs. I found a firm in near by New Jersey called pendulum capital markets thats drivable and am aiming for that goal by next year.
I am aware I cannot live off this current ''job'' I have alone and a stockbroker trainee position has been my dream for a long while I papertrade on my spare time but I know this has nothing to do with the business. My job has me doing what you would consider cold calling and I am good at it.
My question to you all is technically speaking does a fully licensed stockbroker have more profit potential (with commission) or is it like the model I named above
Assuming this is not a troll posting....
A job as a Financial Advisor can pay a lot of money. But 80% of trainees fail out in the first few years. I suspect that the number is higher for the trainees who know and love the markets, because that distracts them from the real job, which is finding clients with serious money.
Assuming I am really addressing an "18 year old, fresh out of high school", the best advice i can give you is forget about it - for the near future. Be smart. Get some more education. Go to college. Or at least to a 2 year college and then take it from there. If money is an issue, then go to college part time at night and work at a sales job during the day. Collections is not a sales job. A sales job is speaking to prospective clients/customers who are QUALIFIED to buy your product from you. Qualified means they have a need, have the dollars and give you a commitment. You are talking to people who have none of those. In addition to which you are talking to people who, in all likelyhood will never be qualified to be the client of any stockbroker. So you are not even building up a database of good contacts.
This is not to discourage you, but to help you.
Seriously - I would give this advice to my son.
Good advice Bob---
The fact that you are 18 would make you chances of success slim to none. Go get a college degree and live your dream in a few years.
Start out in the insurance business. It's still the sale or an intangible product but your age wont kill you on the first step. GO TO SCHOOL and have some fun. Get serious when you're 30.
have you considered the investment advisory side of the business? You can get your Series 65 or 66 without a sponsoring firm. Commissions are so low these days--the percentage-of-assets model seems better long-term. With the 65 behind you, you could look for IAR positions or--with a partner or two--set up your own advisory firm and bypass the big broker-dealers entirely.