Reputation of Oppenheimer & Co. Inc
Anyone know anything about this firm? They are offering sponsorship for series 7/63 for trainees, and i wanna know if this is gonna be a boiler room or not.
Pretty solid firm, strong name. They had some issues, I heard, a few years ago when they went through a change in ownership, but from what I have seen, the ship has righted itself.
I think OPY's cleaned itself up pretty well. They had mutual fund market timing messes as did others (PRU, MER, MWD et al). I have a friend who's been there for 2 years and is producing over $1.5M. He's ex Bear Stearns---left Bear for personal reasons (didn't get along with his branch mgr and wanted to move down to Miami from NYC). This is a clean broker with 20 years plus in the biz and with an Ivy League MBA.
I have no gripes with Oppenheimer, I use some of their funds in our Wrap Program.
I know some who work there now and have worked there in the past, I have heard good things, go learn how to sell and get your licenses and then transfer to a wirehouse.
Oppenheimer sucks. The old Oppy was cool, but it has gone downhill since Fahnestock took it over.
There is no real Oppenheimer & Co. anymore. Just the bucket-shop Fahneschlock that bought the name to disguise themselves.
When CIBC bought OPY in 1998, that was the final straw.
BTW - they have nothing to do with Oppenheimer funds, except an ancient shared heritage from thirty years ago.
Their reputation is a good as Gruntal and Ryan Beck. Plus they have the distinction of having the most outspoken bear on Wall Street, Mike Metz.
Wait...stop the presses...I heard Metz just turned bullish. I hope its not a bad omen?