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Mar 22, 2007 9:43 pm

Hi everybody,



I will be interviewing with a firm at the end of April and just have a few questions.



First of all, I am 22 years old, a very hard worker and will do whatever it takes to make it.  I have just got into investments and the market over the last 9months and decided that this is the career for me.  However, in college I got myself into some financial trouble.  Living off of credit cards, young and stupid, I ended up having to declaire bankruptcy a month ago.  The firm (a major one at that) I am speaking with does not know this but I am going to tell them during the interview if all goes well.  Kind of drop a bomb I guess.  Any suggestions on how I should give the news?  Will the firm even consider me with BK?  Or are my dreams shot?


Also, can anyone give any advice for someone coming into the field?  I have read many articles on  the subject but it seems that every article I read is a 'cut and paste' from somewhere else. 

Mar 22, 2007 9:46 pm

troll 

Mar 22, 2007 9:55 pm

They will ask. Either in the the interview or when you fill in the application. DO NOT LIE. Or you may never get in this industry. Your young, so if not now I may several years down the road.


I am not certain about Insurance companies.

Mar 22, 2007 10:50 pm

BK at 22? Why didn't you use the money that you put in the market to take care of your obligations? What does having money in the market have to do with being a broker?

Mar 22, 2007 11:01 pm
Bobby Hull:

BK at 22? Why didn't you use the money that you put in the market to take care of your obligations? What does having money in the market have to do with being a broker?



Absolutly nothing, I never said I had money in the market, I said I started getting into the market (meaning researching) not buying and selling.  And yes, BK at 22.  I messed up.  I know that, I don't need perfect strangers telling me that as well.  Luckly im young enough where now I can start over, I can become successful and never get into that financial hardship again.  Thanks for your reply

Mar 22, 2007 11:14 pm
ibfa7:
Bobby Hull:

BK at 22? Why didn't you use the money that you put in the market to take care of your obligations? What does having money in the market have to do with being a broker?



Absolutly nothing, I never said I had money in the market, I said I started getting into the market (meaning researching) not buying and selling.  And yes, BK at 22.  I messed up.  I know that, I don't need perfect strangers telling me that as well.  Luckly im young enough where now I can start over, I can become successful and never get into that financial hardship again.  Thanks for your reply



Sounds like you've got it all the answers. Why are you wasting your time asking us questions?

Mar 22, 2007 11:28 pm
Bobby Hull:
ibfa7:
Bobby Hull:

BK at 22? Why didn't you use the money that you put in the market to take care of your obligations? What does having money in the market have to do with being a broker?



Absolutly nothing, I never said I had money in the market, I said I started getting into the market (meaning researching) not buying and selling.  And yes, BK at 22.  I messed up.  I know that, I don't need perfect strangers telling me that as well.  Luckly im young enough where now I can start over, I can become successful and never get into that financial hardship again.  Thanks for your reply



Sounds like you've got it all the answers. Why are you wasting your time asking us questions?




Your A funny guy, why do I ask questions?  Well, where im from you can ask questions to people and get good, honest, helpful answers.  I guess here when you talk to Bobby Hull you get cocky, ignorant answers.... I sure was mistaken wasn't I Bobby!?  My fault, let me know when you get your head out of your ass and feel like being helpful to someone who is looking for good answers.  If not good luck, you seem like a happy guy, im sure your doing real well for yourself.

Mar 22, 2007 11:41 pm
ibfa7:
Bobby Hull:
ibfa7:
Bobby Hull:

BK at 22? Why didn't you use the money that you put in the market to take care of your obligations? What does having money in the market have to do with being a broker?



Absolutly nothing, I never said I had money in the market, I said I started getting into the market (meaning researching) not buying and selling.  And yes, BK at 22.  I messed up.  I know that, I don't need perfect strangers telling me that as well.  Luckly im young enough where now I can start over, I can become successful and never get into that financial hardship again.  Thanks for your reply



Sounds like you've got it all the answers. Why are you wasting your time asking us questions?




Your A funny guy, why do I ask questions?  Well, where im from you can ask questions to people and get good, honest, helpful answers.  I guess here when you talk to Bobby Hull you get cocky, ignorant answers.... I sure was mistaken wasn't I Bobby!?  My fault, let me know when you get your head out of your ass and feel like being helpful to someone who is looking for good answers.  If not good luck, you seem like a happy guy, im sure your doing real well for yourself.



I'm doing great. I've been in business for 8 years, independent for 4 of those years. I've never filed bankruptcy and I've already got my series 7. I'll never have to sit through another job interview for the rest of my life. 


You aren't like me.

Mar 22, 2007 11:59 pm
Bobby Hull:
ibfa7:
Bobby Hull:
ibfa7:
Bobby Hull:

BK at 22? Why didn't you use the money that you put in the market to take care of your obligations? What does having money in the market have to do with being a broker?



Absolutly nothing, I never said I had money in the market, I said I started getting into the market (meaning researching) not buying and selling.  And yes, BK at 22.  I messed up.  I know that, I don't need perfect strangers telling me that as well.  Luckly im young enough where now I can start over, I can become successful and never get into that financial hardship again.  Thanks for your reply



Sounds like you've got it all the answers. Why are you wasting your time asking us questions?




Your A funny guy, why do I ask questions?  Well, where im from you can ask questions to people and get good, honest, helpful answers.  I guess here when you talk to Bobby Hull you get cocky, ignorant answers.... I sure was mistaken wasn't I Bobby!?  My fault, let me know when you get your head out of your ass and feel like being helpful to someone who is looking for good answers.  If not good luck, you seem like a happy guy, im sure your doing real well for yourself.



I'm doing great. I've been in business for 8 years, independent for 4 of those years. I've never filed bankruptcy and I've already got my series 7. I'll never have to sit through another job interview for the rest of my life. 


You aren't like me.




Thank god im not.  I'd most likely kill myself ive read some of your other post, and I guarentee im not the only one who feels this way.


Anyways, anyone with a real answer I would greatly appreciate it. 

Mar 23, 2007 12:23 am

go sell cars...



how about hot dogs...


Better yet umbrellas

Mar 23, 2007 3:03 am

ibfa7, this board is dead.  It's filled with burned out, mentally unstable, severely depressed people who have nothing of value to contribute.  If you read the posts they're filled with nothing but blather.  It's obvious that the FA industry kicked the living crap out of a lot of people and they seem to troll on this board, just ignore them.


If you have a dream, the ambition, and the WILL to succeed, you'll eventually get where you want to be no matter what you decide to do.  God bless this great country.  Good luck to you. 


I was 27 when I opened my first business and I got a lot of flak from customers about my age but most didn't care, they cared about the product/service/value they receive.  Believe it or not, most people in this country are happy to see somebody with ambition and some fight in them.  God speed.

Mar 23, 2007 3:23 am

Yeah, alot of helpful people on this board, too.  Instead of encouraging, they are discouraging.


I'm doing great. I've been in business for 8 years, independent for 4 of those years. I've never filed bankruptcy and I've already got my series 7. I'll never have to sit through another job interview for the rest of my life. 


You aren't like me.


No, he's much younger.  The question was whether he could get hired with a Bankruptcy?  And no one has answered it so it seems that even though they work in the field, they don't know.  Instead of an answer, they just judge you.


I'd ask this question on the legal board.  There's an attorney on that board that may help or better yet pm him.


I'd suggest that you are honest at the interview.  A bankruptcy will stay on your credit file for probably 10 years.   

Mar 23, 2007 8:03 am

The answer is that your bankruptcy will keep you from getting a job as a financial advisor.  Go get some sales experience in another field.  This isn't a bad thing because it's very hard for a 22 year old to succeed in this business.  In the future, you will be able to get in the industry.

Mar 23, 2007 10:32 am
goforbroke:

Yeah, alot of helpful people on this board, too.  Instead of encouraging, they are discouraging.


No, he's much younger.  The question was whether he could get hired with a Bankruptcy?  And no one has answered it so it seems that even though they work in the field, they don't know.  Instead of an answer, they just judge you.


I'd ask this question on the legal board.  There's an attorney on that board that may help or better yet pm him.


I'd suggest that you are honest at the interview.  A bankruptcy will stay on your credit file for probably 10 years.   



Goforbroke, What was so judging by my post? They WILL ask, do you not remember having to fill out a credit inquiry? Also having to answer on the application, "Have you ever filed for bankruptcy?"


I told him to be honest with his answer.


Seems your are quick to lump people together...

Mar 23, 2007 10:45 am
anonymous:

The answer is that your bankruptcy will keep you from getting a job as a financial advisor.  Go get some sales experience in another field.  This isn't a bad thing because it's very hard for a 22 year old to succeed in this business.  In the future, you will be able to get in the industry.


Hmmm, well, it seems that it's not a permanent sentence.  But it won't be pleasant when you have to truthfully answer this question on any application in the future "Have you ever filed bankruptcy?"...but even Donald Trump filed bankruptcy.  Count your lucky stars that you learned a valuable lesson at a young age not to repeat this.


The answer is that your bankruptcy will keep you from getting a job as a financial advisor.  -- you could also just apply for an fa job to validate this for yourself.  Some firms will accept anyone who is "barely breathing" (e.g. bb or as they like to say ...if you can "fog a mirror".)

Mar 23, 2007 10:50 am

"I've never filed bankruptcy and I've already got my series 7. I'll never have to sit through another job interview for the rest of my life. 

You aren't like me. "


Your words above is why I had criticism for you: rubbing it in that you had not filed BK ...and then further saying "you aren't like me"...


...very encouraging indeed as well as arrogant. 

Mar 23, 2007 1:26 pm

Gofer,


IIRC the guy was wondering if a major company was going to hold the BK against him. The answer is yes.


BK by 22 shows a level of financial profligacy which would be very hard for anyone in this industry to overlook (and apparently he doesn't come from the kind of money that would perk the ears of a greedy Gus).


In the business it's referred to as (I forget what its referred to as) but they call it something... and they use it as an excuse to excuse brokers all of the time in the name of pre-emptive compliance.


That someone could be so reckless as to run up so much in CC debt in so short of a time and then agonize over it and file BK all by the age of 22. It's indicitive of a level of immaturity that is not wise to put in the front of money. Add this to the fact that the kid apparently did nothing to try to live up to his responsibilities (or nearly so,) did he drop out of college and get a couple of full time jobs?  Apparently not.


He partied until all the money was gone and then he went straight to the "stiff em" mindset.


Can he find a "Slinging stocks or cocaine rocks" sort of boiler room job? Sure. Why not? But (while I'd be willing to bet we all know of some who made it this way) we're not likely to advise anybody to go down that path. It's like suggesting to some woman that she try to get into acting by starting in the porn industry. It's a bad idea.


Can he get a job in the industry ever? Yes, after many years of clean living and showing that he is no longer that guy, he would be able to apply anyplace and most wouldn't really care (but we're talking 7 to 10 years from now).

Mar 23, 2007 1:58 pm

hermit,


thanks for clarifying.  It's not against the rules it's similar to my last answer to Anxious (see post under Legal), it's a reflection of "character".  So, he can apply and see -- if he makes a good impression, they may overlook it.  I read that he "lived off the cards" while in college but of course, evident that he must have done some partying, too.  Alot of young people overdo it and they need to bail themselves out to learn a lesson; unfortunately, he'll learn that a BK may be an easy answer but will "affect" him for many years.  My response was due to so much animosity when the kid (assuming his post was legit) was looking for answers -- not to be bashed.


Here's a sample of what I mean by some of the mentality here:


New Poster:  I'm interested in the fa field: could someone give me some information on this.


repmemberdiehard#1:  Go home Loser.  Don't come back. Byebye.


repmemberdiehard#2:  You're so ugly, even your mom wanted a refund.


repmemberdiehard#3:  Do you ACTUALLy think you are as cool as we are.  Think again, Loser.  you Moron; you're pathetic.  You have an IQ of -Zero.


New Poster:  Yeah, I should end it all now.   


typical response to my post:  watch 15 people call me a loser, moron, idiot, low iquer...I expected it.  no surprise there.

Mar 23, 2007 1:58 pm
goforbroke:
anonymous:

The answer is that your bankruptcy will keep you from getting a job as a financial advisor.  Go get some sales experience in another field.  This isn't a bad thing because it's very hard for a 22 year old to succeed in this business.  In the future, you will be able to get in the industry.


Hmmm, well, it seems that it's not a permanent sentence.  But it won't be pleasant when you have to truthfully answer this question on any application in the future "Have you ever filed bankruptcy?"...but even Donald Trump filed bankruptcy.  Count your lucky stars that you learned a valuable lesson at a young age not to repeat this.


The answer is that your bankruptcy will keep you from getting a job as a financial advisor.  -- you could also just apply for an fa job to validate this for yourself.  Some firms will accept anyone who is "barely breathing" (e.g. bb or as they like to say ...if you can "fog a mirror".)



You should consider getting your facts straight before you make posts like this.

It is a FACT that without EXCEPTIONAL CIRCUMSTANCES(usually family wealth, connections or a track record of exceptional acheivements) that a fellow like this one will NOT be able to get past the first interview with ANY reputable firm with a BK in the last 3-5 years.  It's a moral hazard for a firm to hire an individual to advise people as to how to handle their money when said individual has shown by their own actions an inability to make reasonable decisions with their own money.  This policy is universal amongst all the national and regional firms.

I could try to explain it to you but I have more important things to do and after all you probably wouldn't understand.

Being an FA is far more highly regulated than being a real estate developer like Mr. Trump, by the way.

Mar 23, 2007 2:00 pm
goforbroke:

hermit,


thanks for clarifying.  It's not against the rules it's similar to my last answer to Anxious (see post under Legal), it's a reflection of "character".  So, he can apply and see -- if he makes a good impression, they may overlook it.  I read that he "lived off the cards" while in college but of course, evident that he must have done some partying, too.  Alot of young people overdo it and they need to bail themselves out to learn a lesson; unfortunately, he'll learn that a BK may be an easy answer but will "affect" him for many years.  My response was due to so much animosity when the kid (assuming his post was legit) was looking for answers -- not to be bashed.


Here's a sample of what I mean by some of the mentality here:


New Poster:  I'm interested in the fa field: could someone give me some information on this.


repmemberdiehard#1:  Go home Loser.  Don't come back. Byebye.


repmemberdiehard#2:  You're so ugly, even your mom wanted a refund.


repmemberdiehard#3:  Do you ACTUALLy think you are as cool as we are.  Think again, Loser.  you Moron; you're pathetic.  You have an IQ of -Zero.


New Poster:  Yeah, I should end it all now.   


typical response to my post:  watch 15 people call me a loser, moron, idiot, low iquer...I expected it.  no surprise there.



Actually most new posters do NOT attract that sort of attention if they ask reasonable questions, use the "search" function to avoid repeated questions, and so forth.

You, however, do seem to attract that sort of attention.

Anyone else see a pattern here?