Is it even possible?
Hi, i wrote a post before about either choosing to go to college or working for Brokerage firm. Well recently I did some research on the company and it says that there revenue is 58.2 million last year. Also the CEO’s total compensation was $417,333 ( that means he made that much last year right? ) . So my question is it even possible for my friend who worked there for 1 1/2 year to make 30grand a month? if the CEO makes only 417,333 last year. Does anyone know anything about how these firms try to hire young people by lying about how much they make? and the other thing i found out is there is nobody there that looks like they are in there later 20s and 30s. Does that mean they left because its no good money, or did they really make SOO much that they all retired.
Lots of people make $30,000/month.
[quote=Bobby Hull]
Lots of people make $30,000/month.
[/quote]yeah i know, but im asking if it is possible for somebody at a firm that hires young people and only does cold calling. While the CEO compensated 417,000 last year, isnt it odd for somebody who doesnt even have an office in the firm to make 360,000?
[quote=BNT1120] [quote=Bobby Hull]
Lots of people make $30,000/month.
[/quote]
yeah i know, but im asking if it is possible for somebody at a firm that hires young people and only does cold calling. While the CEO compensated 417,000 last year, isnt it odd for somebody who doesnt even have an office in the firm to make 360,000?
[/quote]
Nope. Anything's possible in sales.
[quote=BNT1120]
[quote=Bobby Hull]
Lots of people make $30,000/month.
[/quote]yeah i know, but im asking if it is possible for somebody at a firm that hires young people and only does cold calling. While the CEO compensated 417,000 last year, isnt it odd for somebody who doesnt even have an office in the firm to make 360,000?
[/quote]
It is possible but unlikely. Usually if a young kid with little or no college is making that kind of bank in the brokerage business, it’s not a good sign. That generally only happens at the less reputable firms. You’ll make bank for a little while until the SEC or the NASD catch up with you. Then you don’t have a job, clients, or a license.
Do yourself a favor-rent “Boiler Room” and watch the whole thing-right to the end. Then decide if you want that life, because that’s where it sounds like you’re headed.
I’m sure 30k a month sounds like an awful lot to you right now. But is it worth it if you end up ruining your career and reputation in a very short time?
I remember your prior thread, and I think we all pretty much told you this stuff back then. The fact that you’re back asking the same questions is not a good sign.
Go to school. Don’t be stupid. Don’t get swindled. They’ll tell you whatever they need to tell you to get you in the door and get you pounding the phones for them because it will put money in their pocket even if you don’t make any.
[quote=joedabrkr]
[quote=BNT1120]
[quote=Bobby Hull]
Lots of people make $30,000/month.
[/quote]yeah i know, but im asking if it is possible for somebody at a firm that hires young people and only does cold calling. While the CEO compensated 417,000 last year, isnt it odd for somebody who doesnt even have an office in the firm to make 360,000?
[/quote]
It is possible but unlikely. Usually if a young kid with little or no college is making that kind of bank in the brokerage business, it’s not a good sign. That generally only happens at the less reputable firms. You’ll make bank for a little while until the SEC or the NASD catch up with you. Then you don’t have a job, clients, or a license.
Do yourself a favor-rent “Boiler Room” and watch the whole thing-right to the end. Then decide if you want that life, because that’s where it sounds like you’re headed.
I’m sure 30k a month sounds like an awful lot to you right now. But is it worth it if you end up ruining your career and reputation in a very short time?
I remember your prior thread, and I think we all pretty much told you this stuff back then. The fact that you’re back asking the same questions is not a good sign.
Go to school. Don’t be stupid. Don’t get swindled. They’ll tell you whatever they need to tell you to get you in the door and get you pounding the phones for them because it will put money in their pocket even if you don’t make any.
[/quote]
Why would this be a boiler room, I’ve searched up the broker thats hiring me and the firm itself on NASD.
I started working for that company when I was 12. Now I’m 19 and retiring next month. You should definitely do it! Follow your heart not the advice of a bunch of guys who have been in the business forever… CLEARLY they are just scared of competition… that’s why they want you to go to college!
30 grand / month means that he’s doing something like $40K - 50K gross / month. VERY tough to do, but not impossible.
[quote=BNT1120]
Why would this be a boiler room, I've searched up the broker thats hiring me and the firm itself on NASD.
[/quote]
You just don't get it, listen to Joe and go to school. If not school, go and get you self some life experience. You don't know sh*t at your age. Thats not an attack on you, none of us did. Its just the way it is. Once you have completed either of those then attempt to start a career.
Just because a firm is registered doesn't mean they have high ethical standards. It just means that they filed the proper paperwork and paid the fees.
[quote=12345]
[quote=BNT1120]
Why would this be a boiler room, I’ve searched up the broker thats hiring me and the firm itself on NASD.
[/quote]
You just don't get it, listen to Joe and go to school. If not school, go and get you self some life experience. You don't know sh*t at your age. Thats not an attack on you, none of us did. Its just the way it is. Once you have completed either of those then attempt to start a career.
Just because a firm is registered doesn't mean they have high ethical standards. It just means that they filed the proper paperwork and paid the fees.
[/quote]that is exactly what im asking . About there high ethical standard, I was just asking if anyone thinks they are lying to me about how much they make so i can work for them, becasue once im hired i have to open 20 accounts for the person that hired me.
You keep misspelling “their.” How are you graduating high school?
[quote=BNT1120] [quote=12345]
[quote=BNT1120]
Why would this be a boiler room, I've searched up the broker thats hiring me and the firm itself on NASD.
[/quote]
You just don't get it, listen to Joe and go to school. If not school, go and get you self some life experience. You don't know sh*t at your age. Thats not an attack on you, none of us did. Its just the way it is. Once you have completed either of those then attempt to start a career.
Just because a firm is registered doesn't mean they have high ethical standards. It just means that they filed the proper paperwork and paid the fees.
[/quote]
that is exactly what im asking . About there high ethical standard, I was just asking if anyone thinks they are lying to me about how much they make so i can work for them, becasue once im hired i have to open 20 accounts for the person that hired me.
[/quote]
When I refer to ethical standards I am talking in regards to handling clients not the sunshine they are blowing up your a*s. You are doomed either way. Don't ask questions if you don't want to hear the answers.
[quote=NEWBY]You keep misspelling "their." How are you graduating high school?[/quote]
their is spelled correctly, just used in the wrong context. How did YOU graduate high school?
[quote=BNT1120] [quote=12345]
[quote=BNT1120]
Why would this be a boiler room, I've searched up the broker thats hiring me and the firm itself on NASD.
[/quote]
You just don't get it, listen to Joe and go to school. If not school, go and get you self some life experience. You don't know sh*t at your age. Thats not an attack on you, none of us did. Its just the way it is. Once you have completed either of those then attempt to start a career.
Just because a firm is registered doesn't mean they have high ethical standards. It just means that they filed the proper paperwork and paid the fees.
[/quote]
that is exactly what im asking . About there high ethical standard, I was just asking if anyone thinks they are lying to me about how much they make so i can work for them, becasue once im hired i have to open 20 accounts for the person that hired me.
[/quote]
Here are the questions you need to ask this "highly reputable" firm:
1. How much are the rips you're going to get? Make sure it's at least a $2 rip.
2. Will they provide the leads to the retirees in the mid-west and southwest?
3. Do they have debugging equipment for the phone lines to make sure the FBI isn't monitoring your phone calls?
4. Does your firm hold all of the outstanding shares you are trying to get rid of?
5. Does this firm provide parties for their "brokers" which include strippers, drugs, and alcohol after a successful dump of a "new" IPO?
6. Does every broker have a paper shredder next to their phone?
7. Is it written in the firm's mission statement "to guarantee returns to every client"?
8. How many times has this firm changed their name in the last 10 years?
I would make sure they answer all these questions before going any further. You want to see if it raises and red flags.
[quote=BNT1120]
[quote=12345]
[quote=BNT1120]
Why would this be a boiler room, I’ve searched up the broker thats hiring me and the firm itself on NASD.
[/quote]
You just don't get it, listen to Joe and go to school. If not school, go and get you self some life experience. You don't know sh*t at your age. Thats not an attack on you, none of us did. Its just the way it is. Once you have completed either of those then attempt to start a career.
Just because a firm is registered doesn't mean they have high ethical standards. It just means that they filed the proper paperwork and paid the fees.
[/quote]that is exactly what im asking . About there high ethical standard, I was just asking if anyone thinks they are lying to me about how much they make so i can work for them, becasue once im hired i have to open 20 accounts for the person that hired me.
[/quote]
You're either a troll or a complete idiot.
Are you reading what people here are telling you?
I would guess an absolute idiot.
[quote=Baller]
[quote=NEWBY]You keep misspelling "their." How are you graduating high school?[/quote]
their is spelled correctly, just used in the wrong context. How did YOU graduate high school?
[/quote]
It's i spelled correctly in MY post. He was trying to spell "their," but instead spelling "there." When you misspell a word accidentally, and end up spelling a different word correctly, you are using the unintentionally correctly spelled word in the wrong context and misspelling the intended word.
I can tell you are retarded from your other posts, so I don't expect you to understand that.
How on earth could you possibly know his intent?
In his post, "their" is spelled properly. So therefore his error is grammatical.
Here's a good example of the proper use: See NEWBY's parents over there. They're cousins and their son is an inbred fool.
that is exactly what im asking . About there high ethical standard, I was just asking if anyone thinks they are lying to me about how much they make so i can work for them, becasue once im hired i have to open 20 accounts for the person that hired me.
The answer is YES. They are lying to you.
[quote=Baller]
How on earth could you possibly know his intent?
In his post, "their" is spelled properly. So therefore his error is grammatical.
Here's a good example of the proper use: See NEWBY's parents over there. They're cousins and their son is an inbred fool.
[/quote]
[quote=12345][quote=Baller]
How on earth could you possibly know his intent?
In his post, "their" is spelled properly. So therefore his error is grammatical.
Here's a good example of the proper use: See NEWBY's parents over there. They're cousins and their son is an inbred fool.
[/quote]
[/quote]
BWAAHAAAAAAA
+1
[quote=Baller]
How on earth could you possibly know his intent?
In his post, "their" is spelled properly. So therefore his error is grammatical.
Here's a good example of the proper use: See NEWBY's parents over there. They're cousins and their son is an inbred fool.
[/quote]
You couldn't tell he was trying to spell "their?"
Give it up Baller. Trying to teach an idiot like this about grammar is like training a dog not to lick its balls. Just like a dog will keep licking away, this fool will keep arguing his obviously wrong point.
Here you go kid. When the boiler room doesn't work out, I have a hot lead on an exciting investement proposal.
From:Franklin P. Momoh
Abidjan Cote D'Ivoire
West Africa.
Hello Dear,
I ascertained your contact just in my search for a foreign investor/partner who would probably assist me in my future business/investment programme.
l am Franklin P. Momoh the first son of the two surviving sons of General Sado Amado Momoh the assassinated former Minister of Mines and Natural resources in Sierra-Leone.
Presently, I and my younger brother are taking refuge here in ABIDJAN, COTE D' IVOIRE.
Invariably, my father was assassinated in a cold blood attack by the rebels, its really unfortunate.
By Provident he brought to my awareness before his death, a deposit sum of 50 million u.s. dollars in cash in a reputable Security/Finance institution for safe keeping.
But was declared as precious family ART CRAFT.
Until now, only my brother and me know the real contents.
Actually, we are seeking your assistance and help because my father has declared in the records and documents available in the storage company, that his foreign partner shall be the authorized person to file in official claims and withdrawals of this BOX in which no name of person was given by my father as his partner.
To this effect, may I request to make you the BENEFICIARY been The Foreign Partner.
For your assistance and help on this PROJECT, room is open for negotiation/conditions.
No Risk, there are authentic documents but CONFIDENTIAL.
If you can be of an assistance to us we will be pleased to offer to you
20% Of the total fund while the balance will be invested by you
And l will brief you more if you indicate your interest to assist us in this project.
Yours faithfully,
Franklin P. Momoh.
my point is obviously wrong, just like you are obviously smart.
Write me an essay on the financial industry.
wow some of you are seriously idiots, no joke, who the fk goes around online caring about spelling? you guys fking stupid or something? fking useless board. dont get me wrong some of you guys are cool, but with idiots that think this is a boiler room, you must be pretty smart yourself eh? how much do you faggots even make? fking panzy ass faggots, I bet i drive better cars than 1/2 of you here and live in a fking bigger house than u fking dumb idiots. f**king old useless pussys.
thought this board was actually filled with brokers that have experience in this field, i guess its just idiots who never made it. you people need to learn life.
[quote=BNT1120]wow some of you are seriously idiots, no joke, who the f**k goes around online caring about spelling? you guys f**king stupid or something? f**king useless board. dont get me wrong some of you guys are cool, but with idiots that think this is a boiler room, you must be pretty smart yourself eh? how much do you faggots even make? f**king panzy ass faggots, I bet i drive better cars than 1/2 of you here and live in a f**king bigger house than u f**king dumb idiots. f**king old useless pussys. [/quote]
Nice cars and big houses? I'd rather have a big bank account. Good luck at the boiler room.
[quote=BNT1120]wow some of you are seriously idiots, no joke, who the f**k goes around online caring about spelling? you guys f**king stupid or something? f**king useless board. dont get me wrong some of you guys are cool, but with idiots that think this is a boiler room, you must be pretty smart yourself eh? how much do you faggots even make? f**king panzy ass faggots, I bet i drive better cars than 1/2 of you here and live in a f**king bigger house than u f**king dumb idiots. f**king old useless pussys. [/quote]
Isn't there something about an age limit for using this site? Hmmmph.
[quote=BNT1120]wow some of you are seriously idiots, no joke, who the f**k goes around online caring about spelling? you guys f**king stupid or something? f**king useless board. dont get me wrong some of you guys are cool, but with idiots that think this is a boiler room, you must be pretty smart yourself eh? how much do you faggots even make? f**king panzy ass faggots, I bet i drive better cars than 1/2 of you here and live in a f**king bigger house than u f**king dumb idiots. f**king old useless pussys. [/quote]
Nice rant. You sure did get yourself worked up into a frenzy. Good luck cold calling, boy.
cold calling who said i was taking the job? learn to read buddy.
[quote=12345]
[quote=BNT1120]wow some of you are seriously idiots, no joke, who the fk goes around online caring about spelling? you guys fking stupid or something? fking useless board. dont get me wrong some of you guys are cool, but with idiots that think this is a boiler room, you must be pretty smart yourself eh? how much do you faggots even make? fking panzy ass faggots, I bet i drive better cars than 1/2 of you here and live in a fking bigger house than u fking dumb idiots. f**king old useless pussys. [/quote]
Nice cars and big houses? I'd rather have a big bank account. Good luck at the boiler room.
[/quote]im sure you have big accounts. lmao. good luck at boiler room? lmao first of all same to you, learn to read. second of all www.nationalsecurities.com is not a boiler room. Maybe your just an idiot? i dont know, go find out.
I bet i drive better cars than 1/2 of you here and live in a f**king bigger house than u f**king dumb idiots
That's very nice that mommy and daddy let you live in their house and drive their cars.
Are you not smart enough to realize that you are being hired to be some broker's bitch? Making you open accounts for someone else is not how reputable firms operate.
[quote=BNT1120]cold calling who said i was taking the job? learn to read buddy.
[/quote]
Your demeanor here indicates that you would fail at this business, and most likely at anything else you try. Best of luck to you in this world. I'll try not to hit you in my M5 as you ride your Schwinn down the street. Good riddance, piker.
[quote=BNT1120]wow some of you are seriously idiots, no joke, who the f**k goes around online caring about spelling? you guys f**king stupid or something? f**king useless board. dont get me wrong some of you guys are cool, but with idiots that think this is a boiler room, you must be pretty smart yourself eh? how much do you faggots even make? f**king panzy ass faggots, I bet i drive better cars than 1/2 of you here and live in a f**king bigger house than u f**king dumb idiots. f**king old useless pussys. [/quote]
Squeal like a pig! PIGGY!
[quote=anonymous]
I bet i drive better cars than 1/2 of you here and live in a fking bigger house than u fking dumb idiots
That's very nice that mommy and daddy let you live in their house and drive their cars.
Are you not smart enough to realize that you are being hired to be some broker's bitch? Making you open accounts for someone else is not how reputable firms operate.
[/quote]yes, first of all my parents are a lot more successful than you, and I'm sure when you just turned 17 you lived with your parents too. Please don't be stupid o.k , thanks.
And again with you trying to be smart, OBVIOUSLY I was smart enough to realize that there is something bad about the job, that is why i took the initiative of asking around and thought this forum would be a lot of help, however with people like you its impossible. ( And I do thank the few people again who Pm'd me with respectful responses, you guys are far from people like him).
Haha and one more thing, come bring your M5 down here to NYC In my area, if your willing to, PM me and i will give you details about where i can meet you with my cars. M5, LMAO. Dont get me wrong, its a good car, but not a car you would go around showing off. so please be if you drive something under 100grand please be humble.
im sure you have big accounts. lmao. good luck at boiler room? lmao first of all same to you, learn to read. second of all www.nationalsecurities.com is not a boiler room. Maybe your just an idiot? i dont know, go find out
I'm sure that you can't write, punctuate or complete a coherent sentence. National Securities is an independent broker dealer channel. That doesn't mean that some business couldn't hook up with them an be a boiler room.
People tried to give you good advice. If you want to flush your life down the toilet, have at it. I don't care.
Oh, by the way. I catagorize you as TS (too stupid to help)
Search the forum.
Ask yourself this: "What will I be doing to deserve making $30,000 a month?" The answer is, nothing legal. You have no skills to offer worth that kind of money, so put the fantasy to rest and go to school. If it were that easy to legally make such a living fresh out of high school, no one would go to college.
..and for the most part, nice cars are piss poor investments. The sooner you learn that, the sooner you'll have a chance at real success.
[quote=Dust Bunny]
Oh, by the way. I catagorize you as TS (too stupid to help)
Search the forum.
[/quote]since this forum loves to correct stupid people with online grammar and spelling, might as well right? its I categorize. so yes I categorize you as TS as well.
NYC area. That explains why you are such a prick.
[quote=BNT1120] [quote=Dust Bunny]
Oh, by the way. I catagorize you as TS (too stupid to help)
Search the forum.
[/quote]
since this forum loves to correct stupid people with online grammar and spelling, might as well right? its I categorize. so yes I categorize you as TS as well.
[/quote]
yup
[quote=Indyone]
Ask yourself this: “What will I be doing to deserve making $30,000 a month?” The answer is, nothing legal. You have no skills to offer worth that kind of money, so put the fantasy to rest and go to school. If it were that easy to legally make such a living fresh out of high school, no one would go to college.
..and for the most part, nice cars are piss poor investments. The sooner you learn that, the sooner you'll have a chance at real success.
[/quote]I do realize that 30,000 a month for a High School grad at age 17 is a lot, and that is why i came to this forum to ask. That is also why my topic is called. "is it even possible". I don't understand why people respond saying "THAT IS A BOILER ROOM, GOODLUCK WITH BOILER ROOM KID". I already know for SURE its not a boiler room, and my post was simply asking if it is possible for a 19 year old, cold calling to make 30,000 a month. The reason i started this thread is only to find out more about the person who is hiring me because i Have doubts on what he told me.
also when did i say nice cars are a type of investment? My parents have reached a level where i believe they can purchase a few nice cars for there own luxury and reward. And I'm just lucky enough for them to buy me a nice car, and sometimes take out theres.
I had no intention of making harsh comments on this board at first, all i asked was for advice, but with some dumb people like dustbunny, I had no choice.
Hey folks, here's a pic of BNT1120 at his high school prom. He's third from the left:
BNT-
This is a tough business populated with smart, successful people who have a low tolerance for bs. So let me apologize sincerely if they roughed you up a bit. But to a great extent it’s for your own benefit whether you believe it or not.
FYI I’m not going to point out people specifically, but I can tell you that at least 2 of the posters who have responded to you have been in the business for over 10 years and are making the type of income you describe and aspire to.
The fact of the matter is that whether or not this seems like a legit operation to you upon investigation, it has all the hallmarks of a lowbrow boiler-room operation. How do I know this? Well I started in the business in Manhattan, and spend most of my 14 years in the industry in the NY metro area. It’s a hotbed for these types of firms.
One of the biggest new accounts I opened as a rookie was a 1 million transfer from Stratton Oakmont, which most people agree was the model for “Boiler Room”. I knew people who worked at First Jersey(google that, plus “Robert Brennan”), Laidlaw Securities, and DHBlair, both as RR’s and in management. Those are a few I remember, and there were others. I also was very close to the person who provided all of the limo service for the principals and top brokers at Sterling Foster when it was the hot shop in Melville, NY. So I’ve seen a little bit in that time and think I have the right to offer a few thoughts.
How do these places operate? They target young, aggressive kids who want to make big money. They make sure to show off their success when they allow you the “opportunity” to come in and interview with them. Lots of bling-nice cars, make sure their ‘rolls’ show plenty of hundreds, custom shirts with cufflinks, often diamond pinkie rings, expensive ties, etc. They make sure to casually drop a mention of how much they made last month.
The ‘bring in 20 accounts for your sponsor and then we’ll make you your own broker’ is a classic protocol in that world. There is honestly not ONE legit firm that does this any more. I think at one time Bear and Lehman used to do something like this, but I don’t think they do any longer. The 50 bucks they’ll give you for an account is pennies compared to what the broker makes when you give them to him. Oh, and in case nobody mentioned it to you it’s not legal for you to open accounts for anyone without a series 7. Generally it’s also not OK to cold call for someone unless with a very limited script. Firms like you’re talking about don’t really worry about those technicalities.
So if you get past those first 20 accounts, they work you like a dog to make sure that you get your first decent paycheck ASAP. When you start making some bank, the boss makes sure to send you to his tailor for a nice custom suit, because after all “you deserve it”. Same when you get enough coming in to go pick up a nice car, and then of course there are the nights out at the nice restaurants and clubs and so forth. The whole idea with this routine is to get you hooked on the fast life, so that you are used to a certain lifestyle and can’t afford to quit your job because then you’d have to give it all up. That way when you see certain ‘compromises’ being made, you’re more than willing to look the other way so you can keep making bank.
I watched a friend of mine go through this after he left First Jersey to ‘go legit’ at Merrill. He had a Porsche at the age of 23 and eventually had to sell it while he was working on building up a legit business. Now he’s a million plus producer at Morgan. The real deal.
National might be a pretty legit firm from your outside investigation, but these smaller indies often don’t have terribly tough compliance. So it’s entirely possible that an independently owned branch is operating in this manner. Guys who used to be on this ‘dark side’ of the business keep resurfacing until eventually they end up being completely barred, or they rip off enough people to afford to retire.
Anyway-look, I could tell more but I’ve already gone on too long. I’m only trying to give you an idea of how you could really screw yourself up by getting involved in this mess instead of going to Syracuse, which is a very good school, by the way. I know you don’t want to walk away from what seems like big bucks, and it hurts to realize that maybe you’re being a little naive, but it’s better than finding out the hard way. Trust me.
Oh, and by the way, NOBODY here is impressed to hear about your parents expensive cars. We have our own money and our own toys. Bad move on your part.
Good luck to you. If you have specific questions you can PM me.
[quote=joedabrkr] Guys who used to be on
this ‘dark side’ of the business keep resurfacing until eventually they
end up being completely barred, or they rip off enough people to afford
to retire.
[/quote]
The simple fact also is that at 19 you lack the perspective on these
matters. There is simply nothing else a 19yo from a middle class
background should be doing except for going to college.
Entering the boiler room world will result in a dirty resume, and its
no fun to say during a job interview that you left your old job b/c 5
people in your office got arrested for securities fraud. Plus any sort
of NASD sanction will pretty much end your career options for any
legitamate firm.
I’d look the potential employer in NASD Brokercheck before going forwards.
http://brokercheck.nasd.com/Search/Search.aspx?PageID=1
Thanks joedabrker for your explanation. I do realize they only target the young people thats why I was a bit suspicious, because I’ve noticed that there is nobody there in there late 20s thru 30’s. So i was thinking either it really is a bad job that everyone around that age finally noticed and left, or the optimistic view is that they all got super rich and retired.
ALlreitit, first of im 17, I do not know what you consider middle class but i sure don’t feel i live in a middle class family. But i agree, not only middle class but every class should attend college. That is why i came to ask if i should take this opportunity or stick with classic plan.
Anyway i did check that already and it seems legit. I was just worried about the way they do there business, many points of which joedabrker made. So Thank you again Joedabrker for your response.
Your first clue that they aren't legit is that they are willing to hire you. By "you", I mean 17 years old, no previous meaningful work experience, no previous life experience, no credentials, no contacts, willing to get screwed by having to bring in clients for somebody else, etc.
[quote=BNT1120]
ALlreitit, first of im 17, I do not know what you
consider middle class but i sure don’t feel i live in a middle class
family. But i agree, not only middle class but every class should
attend college. That is why i came to ask if i should take this
opportunity or stick with classic plan.
[/quote]
At 17 you know half as much or less than what 19yo’s know. And 19yo’s are pretty stupid.
At this point every single person in this thread has told you to go to
school and not waste your future on what seems like a boilerroom
operation.
[quote=AllREIT]
[quote=BNT1120]
ALlreitit, first of im 17, I do not know what you
consider middle class but i sure don’t feel i live in a middle class
family. But i agree, not only middle class but every class should
attend college. That is why i came to ask if i should take this
opportunity or stick with classic plan.
[/quote]
At 17 you know half as much or less than what 19yo’s know. And 19yo’s are pretty stupid.
At this point every single person in this thread has told you to go to
school and not waste your future on what seems like a boilerroom
operation.
[/quote]
first of all please don’t judge my intelligence, you do not know me. And yes they have told me to go to college, and a lot of people outside of this forum has told me that too, thats why i didn’t take the job yet right?
anyway, so does anyone know anything about this firm? National Securities LLC. www.nationalsecurities.com ? thanks
You won't be employed by National Securities. You'll be self- employed. No reputable firm will hire you as an employee. Will National Securities even let you be a rep with them? The $50/client deal is not with National Securities. It is with an independent contractor. For your own sake, you better check to see if National Securities is even willing to let you be a registered rep with them. Don't listen to the person hiring you. Talk to National Securities directly.
We're all capable of judging your intelligence because we were all 17 years old at one time. Your writing and your questions don't help your cause.
I already know for SURE its not a boiler room, and my post was simply asking if it is possible for a 19 year old, cold calling to make 30,000 a month. The reason i started this thread is only to find out more about the person who is hiring me because i Have doubts on what he told me.
And you have been told the answer. No it isn't possible for an obnoxious teenager to cold call and make 30K a month in a legitimate business. And YES they are lying to you. And that the firm sounds like a boiler room. If you want to get scalded after the advice that you keep ignoring, then that's your problem
Nationalsecurities is a broker dealer for independent agents. Just like LPL, Financial Network, ING Financial Partners, Raymond James etc. They are a perfectly legitimate b/d.
In and indy set up the b/d is not your employer so the reputation of the b/d has nothing to do with the reputation and quality of the guys who are trying to recruit you. The agency/independent group can be a bunch of scum that haven't been booted out by National yet or they can be a great organization.
I suspect the former as do many others on this forum.
Think of it this way. The brand of car you drive has nothing to do with how you drive. Whether you are a good safe driver or not.
[quote=BNT1120]Thanks joedabrker for your explanation. I do realize they only target the young people thats why I was a bit suspicious, because I’ve noticed that there is nobody there in there late 20s thru 30’s. So i was thinking either it really is a bad job that everyone around that age finally noticed and left, or the optimistic view is that they all got super rich and retired.
ALlreitit, first of im 17, I do not know what you consider middle class but i sure don’t feel i live in a middle class family. But i agree, not only middle class but every class should attend college. That is why i came to ask if i should take this opportunity or stick with classic plan.
Anyway i did check that already and it seems legit. I was just worried about the way they do there business, many points of which joedabrker made. So Thank you again Joedabrker for your response.
[/quote]
You have about a 1% chance of your optimistic view being right, and about 99% chance that it’s a crappy job that can ruin your resume or even put you in jail. You want to bet on those odds?
Go to school. You’ll thank us. Any fast money you’ll make while these guys stay in business pale in comparison to what you can earn over the long term with a degree from Syracuse.
So how close was my description compared to what you saw there?
pretty close your description, the vice president told me about everything how I will make big money, a failure is considered making 60,000 a year he said. Which in reality is what I’m guessing the brokers there make.
Anyway for the people who are helping me i found something interesting,
Revenue
That is there company profile my friend found, it says they had 58.2 Million Revenue last year. Funny thing is, the Vice President told me the Owner of the firm makes $15million dollars a month. ( Which is hard to believe, he drives a dodge durango, but maybe some people just like it, who knows? ) Anyway $15million x 12 is 180 Million a year, thats more than the whole company, so once its either they lied about there income or they are doing something illegal.
[quote=BNT1120] Anyway $15million x 12 is 180 Million a year, thats
more than the whole company, so once its either they lied about there
income or they are doing something illegal.
[/quote]
Reuters isn’t a good source of information about small private companies or anything else for that matter.
You need to look up the names of your boss and co-workers in the NASD brokercheck database and see what pops up.
Again, GO TO SCHOOL, DO NOT PASS BOILER ROOM, DO NOT COLLECT $30,000
[quote=AllREIT][quote=BNT1120] Anyway $15million x 12 is 180 Million a year, thats
more than the whole company, so once its either they lied about there
income or they are doing something illegal.
[/quote]
Reuters isn’t a good source of information about small private companies or anything else for that matter.
You need to look up the names of your boss and co-workers in the NASD brokercheck database and see what pops up.
Again, GO TO SCHOOL, DO NOT PASS BOILER ROOM, DO NOT COLLECT $30,000
[/quote]
i probably will go to school, im just interested in finding information about this firm, its not just me but some of my friends are still willing to work at this firm. Anyway i checked some other websites, Answers.com, hoover’s, and they all said National’s revnue is around 58million last year. So im hoping they are correct, so is there anything fishy about a owner of just 1 firm making 15mil a month?
You need to get it clear in your head that National is just the broker dealer channel. They are not the same thing as the company that is soliciting you for hire. The revenue of National means nothing in context of how much the owner of the firm claims he is making.
[quote=Dust Bunny]You need to get it clear in your head that National is just the broker dealer channel. They are not the same thing as the company that is soliciting you for hire. The revenue of National means nothing in context of how much the owner of the firm claims he is making.[/quote]
Bunny - This child isn't worth the bandwidth we are wasting here. He is too f-ing stupid.
I liked his spiked hair in that picture a couple pages back… He fell asleep in the tanning bed and woke up to discover his prom date was that… thing… Classic Long Island… (And I have family and friends on the Island so nobody has to get up in arms about that comment…)
[quote=BNT1120]pretty close your description, the vice president told me about everything how I will make big money, a failure is considered making 60,000 a year he said. Which in reality is what I’m guessing the brokers there make.
Anyway for the people who are helping me i found something interesting,
Revenue
That is there company profile my friend found, it says they had 58.2 Million Revenue last year. Funny thing is, the Vice President told me the Owner of the firm makes $15million dollars a month. ( Which is hard to believe, he drives a dodge durango, but maybe some people just like it, who knows? ) Anyway $15million x 12 is 180 Million a year, thats more than the whole company, so once its either they lied about there income or they are doing something illegal.
[/quote]
Bingo!
Dude…you’re on the right track now take off the blinders. These clowns have told the lie enough times that they’re probably starting to believe their own bs.
You are not going to do well in this business, nor get good grades at Syracuse, unless you develop the ability to think critically. Share what you want with your friends, but ultimately they are going to have to make up their own minds and eventually have their own learning experiences.
Want to do something interesting? Ask one of the big producers how they invest their own money. You’ll probably get a funny look or a bs answer. Why? Because(unlike an FA at a legit firm with a few years under his belt) they AREN’T buying the same crap they are selling to their clients. They’re spending everything on bling because that’s the culture there, and that’s how they show off how successful they are so they can ring in suckers like your friends.
Drop this crazy idea and move on. I’ve spend enough time on this.
Oh Joey, you have hit it right on. Don't you wish you had some cr*p to sell these young brokers? Money goes thru their fingers like water.
Personally, I have not ever regretted my BA and MBA . But I have seen a few, not many, brokers do well with out college degrees.
You are running a business and my business classes have helped.
Tootles all. Too many trolls here lately for a classy broad like me to hang out.
you have got to be kidding. quit looking for shortcuts in life. and quit posting stupid questions. based on your question, i am asking myself - who would want to give this green inexperienced child money to invest. get real. if it sounds to good to be true…
i will tell you right now national is a boiler room that screws brokers over pretty badly. I know this because of past brokers that worked there and the horror stories they told me. Goto college then try to get into a real firm, i worked at a boiler room and it was the worst experience of my life, trust me you dont want to even give it a shot. Only good thing i got out of it was that i learned how to cold call and i got my series 7 and 63. I now went legit and work with one of the big 3 and love it. Dont work for any companies that you havent heard on cnbc in my opinion. To make matters worse, they wont pay you anything, like 250$ a week which will mean you will be paying to work for a while till you pass your 7 and start opening accounts.
Source URL:https://www.wealthmanagement.com/forums/rookies-trainees/it-even-possible