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Any one heard of NSM or gunnallen?

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Nov 28, 2005 4:18 pm

 well I am studying for my s 7, books were give by a friend. I have taken 2 interviews and both places make me verrry uncomfortable. For one - I was in palm beach, florida and was interviewed by some guy at NSM (says he owned the company??). There was no one in the office except 1 foreign guy cold calling; at 2 pm on a wednesday (it was the HQ)! Thought that was kinda odd. Owner says I am guaranteed to make 100-200k 1st. year in the biz. Says I keep 70 cents per dollar in commisssions as long as I am pushy enough. He wanted a commitment right away and even asked that I deposit money ($1000) and sign some papers right away!!??  Quite a shady experience.

Second interview was at Gunnallen's independant office. The branch owner simply asked me "do you have a concience where money and making $$ for your clients is concerned?" I replied to the affirmative, and he lectured me a whole hour on why I should not care for makig a client money except stuff my own pockets.

This has clouded my judgement, I am seeking advice - any help appreciated>

Nov 28, 2005 4:39 pm

Search the magazine archives in October (I believe) for a very good article on GunAllen.  They have had a history of bringing reps on board that have a shaky compliance record (one guy had 49 or so complaints). 

I would not field any more calls from that first company you spoke with.  I would be concerned right away with the $1000 deposit.  Did they say what it was for? 

Nov 28, 2005 4:42 pm

Well, the fact that you can string a couple sentences together suggests that you may possess some mental capacity. That being said- what do you think you should do with these 2 firms ??? Even though you own a semblance of proper grammattical skills, its still suspect if you feel the need to ask this forum for advice on this issue. You kidding me?? RUN AWAY from these chopshops…

Nov 28, 2005 6:52 pm

It's hard to believe places like that exist in this era of compliance overkill...I can barely do a 1035 exchange without writing a short novel.

Go figure.

Nov 28, 2005 7:47 pm

And it is no wonder our E&O costs go up every year, with companies like this allowed to exist.

Nov 28, 2005 7:55 pm

Yeah,…Exactly…there are so many obvious abuses in the industry (Like these types of firms), yet the regulators spend their time chasing non issues.

Nov 28, 2005 11:18 pm

Nasty. Remember there are good and bad with every firm.

Nov 29, 2005 11:27 pm

Find a place that you would bring your family and friends to.  Find management you can trust.  If you are in FL why not try RJ. 

You got to be able to look yourself in the mirror in the morning.

Nov 30, 2005 6:01 pm




Nov 30, 2005 8:03 pm


Where'd you go buddy? You already slanging those stocks at the boiler room????

Dec 8, 2005 2:58 pm

how can one tell if its a boiler room or not with just an interview letter/phone call? anyway these companies laugh at merrill lynch etc. coz of low pay outs.

Dec 8, 2005 3:11 pm

"how can one tell if its a boiler room or not with just an interview letter/phone call? anyway these companies laugh at merrill lynch etc. coz of low pay outs."

Youre kidding right? The big difference you hack is that ML is a legit firm, and boiler rooms will have you end up in jail real quick. Lower payouts? Probably, since there are ethics involved by providing real advice, not slinging bull$hit stocks. You sound like an idiot who deserves to go and work for a room, then get tossed in jail....

"Remember, when they come for you in the shower, go to another place in your mind....."   Have fun with that buddy.

Jan 6, 2006 9:53 pm

GunnAllen is a relatively big firm- over 700 brokers.  Brokers are indies.  Branches can vary significantly in thier management.  Decnet payout.

NSM is brand new, small, one owner.

You may want to look at Kovack Securites or Pointe Capital as well. 

Jan 7, 2006 6:55 am

700 brokers is a relatively big firm?

What do you consider 'relatively small'?

Jan 23, 2006 10:49 pm

The average NASD member firm has less than 100 registered reps.  If you add them up, those firms have more votes than Merrill or Smith Barney when it comes to how NASD is run.  If they exercized their voting rights they could easily take over.

Mar 16, 2006 6:09 pm

Please stick to the topic. New kids rely on such forums for genuine advice. Obviously the NASD is slacking for failing to keep a check on such deceitful companies that harm investors. It is SAD BUT TRUE!!!

Mar 16, 2006 6:56 pm

Look at what is provided at ML, SB, etc. for new reps.  Obviously they will have a lower payout, but for cutting your teeth in the industry, learning to market well to higher net worth clients (in addition, of course, to all levels of net worth), learning the entire industry’s product offering, etc.  These firms will offer a salary/draw for a couple of years while you are getting your feet wet, then it’s eat what you kill.  The payouts will increase as you increase your production (to a certain level), as long you are a 1st or 2nd quintile rep.  Every company thinks that they provide something that no other firm on the Street does and, to a certain extent, it’s true.  However, comparing an indy to a wire is not comparing apples to apples.

Mar 16, 2006 7:02 pm

[quote=c153]Please stick to the topic. New kids rely on such forums for genuine advice. Obviously the NASD is slacking for failing to keep a check on such deceitful companies that harm investors. It is SAD BUT TRUE!!![/quote]

The NASD is actually doing a relatively good job in light of all the freedom stuff we have in this country.

Until a firm gets a record of screwing its customers it's not really possible to shut them down, but once they do get such a record the NASD acts relatively fast.

If greed did not overcome fear among those who are victimized it would be far more difficult for the boiler rooms to succeed.  Sadly greed does overcome fear.

What is remarkable is the number of "real" brokers who are unfamiliar with this dark side of the investment world.  They have never heard of places like Hibbard Brown or Blinder Robinson from the '80s and '90s much less the newer names that are out there.

Apr 20, 2006 5:40 pm

 If the NASD was doing its job correctly they would not be handing out registrations to companies &  people with tarnished U4s!! Look at all the pending cases for arbitrations etc. I am sure if the industry had more ethical brokers and happy investors then business scenario would be more trusting than it is now. But such chop shops that are still around, openly philosophising the idea of churn and burn your clients; that too with the regulator’s blessings make it harder for all of us. When will the NASD get cracking on this serious issue?

Apr 20, 2006 6:38 pm

Then show me an industry that doesn’t have any problem children even with regulation.  It’s everywhere - communications, automotive, education, law enforcement.