Ultra noob - please help

ok, everyone else is passing you by.  sorry.  here is some of the answers.

1.  Never heard of E1.  Stay away from those small shops.  Go to a large firm with a great reputation.

2.  They best firms will pay for your training, but you have to agree to stay for some time.

3.  55 hours per week.

4. salary and comission in your first year around 40 to 50k

5. WHY DO YOU WANT TO BE IN THIS BUSINESS?  HOW WILL YOU BRING IN CLIENTS?  HAVE YOU HAD SALES JOBS BEFORE?

GOOD LUCK.

Please forgive us all for letting this guy hang in the wind for a whole 16 minutes.

that’s ok BH, don’t let it happen again.

why do I want to be in this business?

frankly, I’m kind of just trying to figure out what I want to do in life, this is one option. oh, and I like money. also, like I said, I had good luck with the stock market, which sort of gave me an idea. I hope it’s more than just good luck, actually.

how will I bring in clients?

honestly? I have no idea. I am very down-to-earth, I feel like I come off as trustworthy and personable, my mom says I have a great personality . I am also pretty smart. not sure if it’s the kind of smarts I’ll need however (mostly book learnins. I have a f**king useless english degree and I didn’t want to be a teacher. kids are stupid)

never had a sales job but I’m pretty charismatic, and I feel like I’d be good at it. I know that’s another world from actually being good at it though…

SO - would I have any shot at a bigger place with literally zero experience? I mean, I do well in interviews, I got good grades in college (wesleyan universisty 3.5) perfect SATs blah blah blah.

also, what’s so bad about smaller places, and does that 40-50k 1y salary usually include benefits?

I would definitely check out the firm's reputation.  Never heard of them, but that doesn't make them bad.  However, some smaller firms can have a bad rep and if you start there it will follow you in the rest of your career.

How do you get clients?   Depends on the type of firm you are working at and the location.  Some will have you cold calling from a list. This means you will be on the phone for hours and face a lot of rejection and hang ups.  Other firms, like EDJ will have you out walking/doorknocking to meet people.  This probably isn't a very good idea in NYC  but it works well in Small Town America.  You will probably be working on your own contacts, people you know, businesses you have relationships with. 

Have you thought about applying for a sales assistant position in one of the larger companies to get a feel for the job and what it entails.

The reality is that most FAs fail in the first 2 to 3 years.  If you can hang in there and have built a book of business you have a shot at it.

unfortunately, like I said, it would be an entire change of industry for me so I come to it with no contacts and almost no business/finance experience. is anyone else here able to balance this job and being creative? would I have any time between training and working to do my own video projects or is it pretty much work, train, sleep, eat repeat? I’m willing to put that off for a while if the job is worth it, but I’d be pissed if I ended up hating it and I have to pay for the training

Seom good commentary for you thus far...I'll add a few things for your consideration...

1.  Don't ever do this for the money.  While the money can be excellent once you are established, the law of averages says that there's a good chance you'll never see it.  Do this job because you love it.  That will help you hang on in year two when the salary falls off and your grossing $2,000-$2,500 per month and wondering if you can hang on to your vehicle.  If you are interested in investments and have a passion for helping people, your odds of making it go way up.  Intelligence helps also, but as you've alluded to, it's just a good start on what you'll need to know to do this job well.

2.  At some point in the interview process before you are hired, you'll have the opportunity to review the employment contract, which will tell you just how "locked up" you might be.  You'd be wise to have an attorney review it for you before making any committment to the firm.

3.  While 55 hours may be typical for a first year rookie, it's pretty much universally understood that the more time you spend building your business, the better your chances of success.  That being said, don't burn yourself out.  If you find yourself spending long, unproductive hours, take a break and recharge.  You know yourself better than anyone, but I think you could find balance doing 60-65 hours a week (or 70 hours if you're a workaholic) without burnout.  Early and late are better for reaching people by phone anyway, unless you're reaching them at work.

4.  This is a great site for due diligence, just realize that not everyone here knows what the hell they are talking about and some have axes to grind and are thus not objective in their answers.

Good luck.

thanks indyone… that is some sage-ass advice. so your salary falls off in the second year? is that because you switch over to comission but don’t have the client base or something? pretty funny you mention that $2500 a month because that is pretty much what I’m making now anyways. but I don’t work 55-65 hours a week either (more like 50). or have a car. or kids. or live in the city (I live in brooklyn). 65 hours a week is a little scary…

what is he probably going to ask / be looking for in the interview? (and yes I have a suit and will be suitably well-groomed)

"I live in brooklyn."

So does that make you a Mets or Yanks fan? A little help- the former is the best team in baseball, the latter is a glorified AAA ballclub....

Answer wisely and I may bless the forum with my insight....

got my mets lighter right here. how could anybody like gay-rod…

[quote=Mr.Trainee]thanks indyone... that is some sage-ass advice. so your salary falls off in the second year? is that because you switch over to comission but don't have the client base or something? pretty funny you mention that $2500 a month because that is pretty much what I'm making now anyways. but I don't work 55-65 hours a week either (more like 50). or have a car. or kids. or live in the city (I live in brooklyn). 65 hours a week is a little scary...

what is he probably going to ask / be looking for in the interview? (and yes I have a suit and will be suitably well-groomed)[/quote]

It's typical that firms will start weaning you off the salary after a year on the bottle.  Often, your commission base is still pretty thin when you come off salary, so yes, you may have to scramble to generate business to replace the lost wages.

You may find that 55 hours is sufficient to get everything done that you need to...my point is simply to not look at the minimum expected, but to be prepared to do what it takes to be successful.  Blarmston appears to have a good handle on that, so I would take his hours (and what he has to say) to heart...I suspect that he did more than 55 hours/week in year one, but then again, he may just be a fast talker (I think he is with the girls...)

...and yes, the suit is the minimum, assuming it's not some pimp/Miami vice getup.  Your interviewer will look for appearance, intelligence and personality.  Beyond that, there are probably a few firm hot buttons, but I don't know enough about your prospective firm to tell you.  As far as takeaways, aside from the obvious compensation questions, you'll want a good idea about what the firm expects from you, what the training program looks like, what a typical firm client looks like, and what products the firm typically offers it's clients.  If you're going to make it in this business, now, before wife, kids, mortgage, etc., is the perfect time.  Good luck.

Go to the interview with E1, for practice. Then interview with Smith Barney or Merrill Lynch, where you will get REAL training, not just training to pass the licensing exam you need to do business.

Remember that if you are hired, the job is to sell. Thats where it begins, and almost where it ends. Almost because after you sell someone on trusting you with their life savings, you have to manage the money well to keep it. Also remember that you have to come off in the interview like you can get people to trust you with money. So look the part. Dark suit, white shirt and conservative tie.

Dont use words like "sage-ass" in the interview. Sorry, I know your probably smarter than that, but in your posts, you come off like a real Hollywood guy.

One more thing. You may or may not need to work 65 hours a week. But if you really think its scary, as you said in your post, then don't even bother, because the attitude is everything.

No offense meant, just telling it like it is. Good luck.

[quote=pratoman]

Go to the interview with E1, for practice. Then interview with Smith Barney or Merrill Lynch, where you will get REAL training, not just training to pass the licensing exam you need to do business.

Remember that if you are hired, the job is to sell. Thats where it begins, and almost where it ends. Almost because after you sell someone on trusting you with their life savings, you have to manage the money well to keep it. Also remember that you have to come off in the interview like you can get people to trust you with money. So look the part. Dark suit, white shirt and conservative tie.

Dont use words like "sage-ass" in the interview. Sorry, I know your probably smarter than that, but in your posts, you come off like a real Hollywood guy.

One more thing. You may or may not need to work 65 hours a week. But if you really think its scary, as you said in your post, then don't even bother, because the attitude is everything.

No offense meant, just telling it like it is. Good luck.

[quote=Mr.Trainee] [quote=pratoman]

Go to the interview with E1, for practice. Then interview with Smith Barney or Merrill Lynch, where you will get REAL training, not just training to pass the licensing exam you need to do business.

Remember that if you are hired, the job is to sell. Thats where it begins, and almost where it ends. Almost because after you sell someone on trusting you with their life savings, you have to manage the money well to keep it. Also remember that you have to come off in the interview like you can get people to trust you with money. So look the part. Dark suit, white shirt and conservative tie.

Dont use words like "sage-ass" in the interview. Sorry, I know your probably smarter than that, but in your posts, you come off like a real Hollywood guy.

One more thing. You may or may not need to work 65 hours a week. But if you really think its scary, as you said in your post, then don't even bother, because the attitude is everything.

No offense meant, just telling it like it is. Good luck.

[/quote]

no offense taken. obviously I was just being "cute" and that is not how I'd approach an interview. I think you are absolutely right about the interview, this is a good test really to feel out whether or not this is for me. If I do decide I am serious about it why not try for the best place I could go. I wouldn't want to sell myself short. a little financial humor there...

how much more difficult would it be to get those top-tier interviews from my situation, having no financial education background? wouldn't I be turned away at the door?

and you are right about the hours, although once I'm in the door at a place I know I would work hard, the issue for me is really having no time to work on other things.
[/quote]

You shouldn't have "other things" to work on. Burn all of your bridges behind you and you'll make it. If you're just looking for a cool job, this ain't it.

You have to be willing to be overworked and underpaid.  This is the only way that you'll ever get to the point of being underworked and overpaid. 

If you don't want to be overpaid, get a new career.  There are simply too many easier ways to go if average pay is sufficient. 

...more sage-ass advice from Pratoman and BH...

[quote=Bobby Hull]

If you’re just looking for a cool job, this ain’t it.

no edit button? anyway, not to imply anyone here has sold their souls. gotten some great advice so far

[quote=Mr.Trainee]

[quote=Bobby Hull]

If you’re just looking for a cool job, this ain’t it.

Nobody so far has addressed the REAL issue of concern here…and that is that you are interviewing with E1 Asset Management.

In cases like this, google can definitely be your friend.  E1, formerly known as Everest1, has been suspected by at least TWO European securities agencies of having prospected their citizens as an unlicensed “foreign” securities firm.  This practice is a VERY common way that former ‘boiler room’ types avoid the tighter regulations that are in effect here in the US.  It’s a fairly unethical and shady practice.

Now, I’m not saying that these fellas at E1 are shady or unethical.  I am just saying look at the evidence and draw your own conclusions: warning from securities regulators(posted on the web), recent name change, small firm with only 2 branches around the corner from each other, etc.

You really should consider trying to affiliate with a more reputable organization, IMHO.

[quote=joedabrkr]Nobody so far has addressed the REAL issue of concern here…and that is that you are interviewing with E1 Asset Management.

In cases like this, google can definitely be your friend.  E1, formerly known as Everest1, has been suspected by at least TWO European securities agencies of having prospected their citizens as an unlicensed “foreign” securities firm.  This practice is a VERY common way that former ‘boiler room’ types avoid the tighter regulations that are in effect here in the US.  It’s a fairly unethical and shady practice.

Now, I’m not saying that these fellas at E1 are shady or unethical.  I am just saying look at the evidence and draw your own conclusions: warning from securities regulators(posted on the web), recent name change, small firm with only 2 branches around the corner from each other, etc.

You really should consider trying to affiliate with a more reputable organization, IMHO.

[/quote]

yeah, I actually saw that this morning when I looked again, but I didn’t know what a big deal that was, having no experience. The name change definitely struck me as shady though. I think I’ve decided on the good advice of others here to treat this as a practice interview to a) see if I do well in the interview setting with this business and b) to decide whether I really want to make the switch. It also seems doubtful this place would pay for all my training and I really just couldn’t afford that. If all goes well I would definitely try and get better interviews. thanks for the warning though

What are good questions to ask in a second ML interview. If they want to speak to me urgently, what does this mean given the fact they are aware I won’t be starting until early 2008? Thanks for the help.

[/quote]

yeah, I actually saw that this morning when I looked again, but I didn't know what a big deal that was, having no experience. The name change definitely struck me as shady though. I think I've decided on the good advice of others here to treat this as a practice interview to a) see if I do well in the interview setting with this business and b) to decide whether I really want to make the switch. It also seems doubtful this place would pay for all my training and I really just couldn't afford that. If all goes well I would definitely try and get better interviews. thanks for the warning though
[/quote]

I'm not sure I would even go to the interview for practice.  If these guys are shady, then they are probably looking for others who are just as shady.  Therefore, if you are a stand up guy, and do great in the interview, you might get turned down because they know you are ethical and in it for the long run.  Then, thinking you didn't do very good, you change your style and answers for the real interview that matters.  I'm thinking along the philosophy of practicing against bad opponents makes you play bad in the games because you're not used to the level of competition.

[quote=braves fan]

[/quote]

yeah, I actually saw that this morning when I looked again, but I didn't know what a big deal that was, having no experience. The name change definitely struck me as shady though. I think I've decided on the good advice of others here to treat this as a practice interview to a) see if I do well in the interview setting with this business and b) to decide whether I really want to make the switch. It also seems doubtful this place would pay for all my training and I really just couldn't afford that. If all goes well I would definitely try and get better interviews. thanks for the warning though
[/quote]

I'm not sure I would even go to the interview for practice.  If these guys are shady, then they are probably looking for others who are just as shady.  Therefore, if you are a stand up guy, and do great in the interview, you might get turned down because they know you are ethical and in it for the long run.  Then, thinking you didn't do very good, you change your style and answers for the real interview that matters.  I'm thinking along the philosophy of practicing against bad opponents makes you play bad in the games because you're not used to the level of competition.

[/quote]

That's really a good point and excellent advice, even if it's from a Braves fan.

According the the NASD, this firm has no disclosures in the 8 years that they’ve been around. The only thing I would warn you about is that it is run by a bunch of muslims. Best case scenario is that they are a pain in the ass to do business with.

[quote=Bobby Hull]According the the NASD, this firm has no disclosures in the 8 years that they’ve been around. The only thing I would warn you about is that it is run by a bunch of muslims. Best case scenario is that they are a pain in the ass to do business with. [/quote]

BH if they were misbehaving outside the NASD jurisdiction they wouldn’t necessarily have any NASD disclosure items.

Not that I’m saying that they are misbehaving…

[quote=joedabrkr] [quote=Bobby Hull]According the the NASD, this firm has no disclosures in the 8 years that they've been around. The only thing I would warn you about is that it is run by a bunch of muslims. Best case scenario is that they are a pain in the ass to do business with. [/quote]

BH if they were misbehaving outside the NASD jurisdiction they wouldn't necessarily have any NASD disclosure items.

Not that I'm saying that they are misbehaving.....
[/quote]

Did you just make that up? We can do whatever we want outside the US and it won't get back to the NASD? Put down the crack pipe, Joe.

lol BH. I’ll let you guys know how it goes…

as for not going for practice, well, I’ve already got my gf bringing me a suit and she’d murder me if I told her I decided not to do it. not because it was her idea but because I made her drive down from ct to give it to me. in my industry people look at you funny if you’re in a suit (I am an editor) so I have to sneak out and change clothes.

so basically, be as honest and stand-up as possible and I won’t get the job? sounds good.

Hey Braves Fan... Looks like old Smoltz-y could be out for a couple weeks.... That, coupled with Chipper going down, makes the near future pretty bleak for the Braves... All you need is A. Jones to go down and you guys would be on the level of a Double A ballclub....

Looks like this is the ideal time for the Mets to go up about 15 games in the NL East....

[quote=blarmston]

Hey Braves Fan... Looks like old Smoltz-y could be out for a couple weeks.... That, coupled with Chipper going down, makes the near future pretty bleak for the Braves... All you need is A. Jones to go down and you guys would be on the level of a Double A ballclub....

Looks like this is the ideal time for the Mets to go up about 15 games in the NL East....

[/quote]

The Mets can talk smack when they go up 15 division titles...

hey guys thanks for the help.

here’s a tip - check out PCZ - canadian oil sands / refinery energy conglomerate, but without the overhead of someone like exxon so they really benefit from a boost in crude, up 2% today, up 20% since early April.

[quote=Mr.Trainee]hey guys thanks for the help.

here's a tip - check out PCZ - canadian oil sands / refinery energy conglomerate, but without the overhead of someone like exxon so they really benefit from a boost in crude, up 2% today, up 20% since early April.
[/quote]

I've got a tip for you...check out Beacher Tool & Dye. The results will be explosive.

"The Mets can talk smack when they go up 15 division titles..."

Ahhhh. Bringing up the past... Its always amusing when a fan's outlook for their own team is so dismal that they resort to the past.... "But we won 15 titles..... " Yeah, with what, one World Series???

Sorry bud, you guys got off on a tear but soon enough they will come back to the middle of the pack... You and the Nationals will have an interesting race to see who stays out of the cellar this year....

[quote=Bobby Hull]

[quote=Mr.Trainee]hey guys thanks for the help. here’s a tip - check out PCZ - canadian oil sands / refinery energy conglomerate, but without the overhead of someone like exxon so they really benefit from a boost in crude, up 2% today, up 20% since early April. [/quote]

I’ve got a tip for you…check out Beacher Tool & Dye. The results will be explosive.

Blarm, you should be rooting for the Padres...they're looking pretty good and they have a nice stadium.

...and until October, as bad as they look now, my Cardinals are world champs...

...and until October, as bad as they look now, my Cardinals are world champs...

AHHHHH.... That comment just reopened the deep wounds in my heart.... Thanks for that... It took me this long to finally begin to get over it ... The fact that we swept you guys in STL earlier this year helps a little bit though...

[quote=blarmston]

"The Mets can talk smack when they go up 15 division titles..."

Ahhhh. Bringing up the past... Its always amusing when a fan's outlook for their own team is so dismal that they resort to the past.... "But we won 15 titles..... " Yeah, with what, one World Series???

Sorry bud, you guys got off on a tear but soon enough they will come back to the middle of the pack... You and the Nationals will have an interesting race to see who stays out of the cellar this year....

[/quote]

Ahhhhh, yes, Mets fans.....  "We'll get 'em next year!"....

[quote=blarmston]…and until October, as bad as they look now, my Cardinals are world champs…

AHHHHH.... That comment just reopened the deep wounds in my heart.... Thanks for that... It took me this long to finally begin to get over it ... The fact that we swept you guys in STL earlier this year helps a little bit though...[/quote]

I think my church league softball team could beat the Cards this year...at least we didn't get suckered into a big contract with Weaver...

[quote=Mr.Trainee] [quote=pratoman]

Go to the interview with E1, for practice. Then interview with Smith Barney or Merrill Lynch, where you will get REAL training, not just training to pass the licensing exam you need to do business.

Remember that if you are hired, the job is to sell. Thats where it begins, and almost where it ends. Almost because after you sell someone on trusting you with their life savings, you have to manage the money well to keep it. Also remember that you have to come off in the interview like you can get people to trust you with money. So look the part. Dark suit, white shirt and conservative tie.

Dont use words like "sage-ass" in the interview. Sorry, I know your probably smarter than that, but in your posts, you come off like a real Hollywood guy.

One more thing. You may or may not need to work 65 hours a week. But if you really think its scary, as you said in your post, then don't even bother, because the attitude is everything.

No offense meant, just telling it like it is. Good luck.

[/quote]

no offense taken. obviously I was just being "cute" and that is not how I'd approach an interview. I think you are absolutely right about the interview, this is a good test really to feel out whether or not this is for me. If I do decide I am serious about it why not try for the best place I could go. I wouldn't want to sell myself short. a little financial humor there...

how much more difficult would it be to get those top-tier interviews from my situation, having no financial education background? wouldn't I be turned away at the door?

and you are right about the hours, although once I'm in the door at a place I know I would work hard, the issue for me is really having no time to work on other things.
[/quote]

You would have no problem getting interviews with SB, and I assume ML, Morgan UBS, etc are the same.

They'll always talk to you. It will help if you can show you have spheres of influence that you can tap into. Much more important than financial knowledge, which you will learn. Of course, it helps to be interested in the subject.

[quote=blarmston]

The fact that we swept you guys in STL earlier this year helps a little bit though…

[quote=Philo Kvetch]

That's really a good point and excellent advice, even if it's from a Braves fan.

[/quote]

Do I detect a put-down? As a Braves fan, I'm forced to pull-out my book on voodoo and place a hex on you. Let's see.....hmmmmm, oh yeah, here's a good one: "You'll go to a prospect meeting with a 2-ft length of toilet tissue stuck to your shoe".

Anymore transgressions, involving the Braves, and you'll force me to go to the back of my voodoo book and look-up the really bad hexes! How does this sound, "Gay wholesalers sexually harassing you"? Hmmm, that sounds like a good one!!!!

You've been warned!

[quote=doberman][quote=Philo Kvetch]

That's really a good point and excellent advice, even if it's from a Braves fan.

[/quote]

Do I detect a put-down? As a Braves fan, I'm forced to pull-out my book on voodoo and place a hex on you. Let's see.....hmmmmm, oh yeah, here's a good one: "You'll go to a prospect meeting with a 2-ft length of toilet tissue stuck to your shoe".

Anymore transgressions, involving the Braves, and you'll force me to go to the back of my voodoo book and look-up the really bad hexes! How does this sound, "Gay wholesalers sexually harassing you"? Hmmm, that sounds like a good one!!!!

You've been warned!