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Newbie here, few questions

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May 5, 2008 9:52 pm

Hello everyone, I recently found this forum from elitetrader and I feel more at home already.

I will be starting very soon as a RR for firm XYZ.  I am a recent college grad. from a state university and majored in a study 180 degrees different from finance/business/etc. 

I have always wanted to study business, however under pressure from my parents I did not have the freedom/balls to decide for myself until it was too late.

I was lucky enough to get hired and sponsored by firm XYZ and have recently passed both the series 7 and series 63 exams.  I will be a broker trainee for 6 months in which during that time I will have to open X amount of accounts or I get the axe.  Pay is based on a monthly amount which is not very large, lets just say I can probably make more serving tables.  But this does not bother me because this is what I want to do and this is my shot to break into the business world.  If your wondering what my aspirations are I can tell you I would like to get into IB one day, but from reading some posts, the idea is that once your a salesman your always a salesman…but we’ll see.

I will be starting work soon and was hoping to get some tips/advice from some senior members here who have gone through the trails and tribulations. 

What can I expect? 
Any tips on opening accounts?
My co-workers are probably gonna be A-holes to me right?
Any survival tips?

Thanks in advance for any advice.  I hope to be the advice giver one day…

May 6, 2008 2:28 am

What can I expect?  A lot of rejection.  The more the better.  If you are not getting rejected you are not prospecting.
Any tips on opening accounts?  Talk to as many people as you can each day.  This is far more important than your knowledge of investments.  Keep it simple and ask for the business.
My co-workers are probably gonna be A-holes to me right?  Maybe, maybe not.  Your fellow advisors will not do your job, but if you are lucky they will give you some advice.  They have no vested interest in seeing you succeed.  Remember that.  It’s not personal, it’s just the way it is.
Any survival tips?  Do not stop prospecting.  If your firm tells you to make 100 calls (or whatever method they suggest) a day, make 150.  Every “no” is one call closer to a yes.

May 6, 2008 2:41 am

[quote=Primo]What can I expect?  A lot of rejection.  The more the better.  If you are not getting rejected you are not prospecting.
Any tips on opening accounts?  Talk to as many people as you can each day.  This is far more important than your knowledge of investments.  Keep it simple and ask for the business.
My co-workers are probably gonna be A-holes to me right?  Maybe, maybe not.  Your fellow advisors will not do your job, but if you are lucky they will give you some advice.  They have no vested interest in seeing you succeed.  Remember that.  It’s not personal, it’s just the way it is.
Any survival tips?  Do not stop prospecting.  If your firm tells you to make 100 calls (or whatever method they suggest) a day, make 150.  Every “no” is one call closer to a yes.
[/quote]

Thanks for the advice Primo,  I like your “Everyone no is one call closer to yes.” 

I will keep that in mind!

Also another question, I have read The Judge’s 500 day war, and one thing that confused me is why not solicit to family/friends? 

May 6, 2008 3:11 am

[quote=iceco1d]Fifth, the 500 day war post is geared to a wirehouse rookie.  You likely wouldn’t prospect f&f in that environment because you are ONLY looking for people with SERIOUS money (which, if your family doesn’t have, you are wasting your time). 

  In other business models (insurance, regional, indy, etc.) you can certainly work with f&f, as they, and the referrals they provide, could be a nice chunk of your biz.    The argument against f&f in models like Primerica & Ameriprise, is that they make you sell your friends & family a bunch of chitty products, then you fail out of the biz in a year or so, and your f&f are locked into a bunch of garbage products at a garbage firm (and probably p.o.'d @ you).    In my opinion, if your f&f are qualified prospects for your business model, you should turn them into clients (and then into referral machines).  If you purposely avoid f&f, you must not believe in what you are doing (i.e. helping people), and probably shouldn't be doing it.  [/quote]

Thank you Icecold for your explanation, I was guessing the same reason that you wouldnt want your close F&F to be mad at you.

My father does have a few wealthy friends that he can help me set up meetings with them. Ill leave that as a last resort if i really do become desperate for clients.
May 6, 2008 3:13 am

BTW I forgot to mention that the firm I will be working for is Independent.  Not going to mention which one but it is certainly not MS,SB,ML and not Ameriprise/Primerica.

May 6, 2008 3:25 am

[quote=iceco1d]I’d go after them as soon as you know what you are doing…no reason not to in an indy model.  Besides, you don’t need to have the answers, you just need to know where to go to find them (research dept., your BM, other FAs in your office, online, etc.).  [/quote]



I am quite excited, but at the same time nervous.  Im ready to devote my time/energy to this job and give it my 110% to succeed.  I am anxious to see what the future holds for me…


May 6, 2008 3:30 am

I was reading through some threads and it seems like most people started training and working before they took their s7/63 and some were even paid to study. 

My firm just gave me two months to prepare/pass for both tests, unpaid during this time and did not work.  Is this normal practice?  I guess they may have been skeptical that I might not pass? lol

May 6, 2008 5:51 pm

[quote=iceco1d]That’s how I did it too.  Actually, I had the book read before I even sought any interviews, lol (I know, sometimes I do things bass ackwards).   Most indy firms aren’t a good place to start out for rookie, since they don’t (usually) pay to study, or pay a salary.  You are going to be living off of savings for quite a long time!

  By the way, mind if I ask why you are getting the 63 instead of the 66?  Is the 66 an option at your firm?  If it is, get it instead of the 63.[/quote]

I honestly dont know why, Im sure I could have asked to take the 66, maybe it was due to shortening study time? 

What are some pros/cons about Indy firms?

I have a well established savings right now and I live expense free at the moment (parents ).  No kids, and I have a fiancee working in the financial field at a bank, I can rely on her and she understands what I will be going through for the next 3-5 years...