Series 7 compensation
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Hi everybody,
I am kinda new to the business. I just got a job at a company selling securities in Boston and I want to know how things work in the industry.
As far as I know, I will be cold calling outside of the US for ‘a couple of months’ because I don’t have any license, and if I do good they’ll sponsor me for the series 7. Should I expect/ask for any compensation in the beginning? I thought I heard they say it will be commission based but I will be calling the yellow pages in another country so I doubt I’ll get any people interested so I won’t make any money.
And after I have the series 7 in several months and I’m a broker, what should I expect for compensation? I have no idea how these go and is it salary/commission.
Thanks in advance.
goback to delivering pizzas. You took a job and didn;t ask anything about the comp? Do you know what due diligence is?
Nope -- didn't think so.Well, i am not sure about compensation because the only time I was there was during the interview. In this job market one doesn’t have many options (in fact it is my first interview since I started applying) so I didn’t want to blow it during the interview. Of course I will discuss compensation when I go there next week, but I just wanted to have some idea of what I can expect, and that’s why I made the topic. It’s better than nothing.
I know what due diligence is, I have done research but any input is helpful. Thanks.
Can’t comment on local or regional firms, but the larger national firms usually offer one of the following:
1 - Small base pay (+/- $28K) plus commission and goal oriented bonus once you begin selling. 2 - Larger base pay (up to negotiation and based on what you were making before and what they expect you to produce (+/- $40K-60K), but either you take the base pay or the commission on a monthly basis, whichever is greater, not both. This path also has goal oriented bonuses. Under both systems, the base pay burns off over a period of time until you are 100% commission. Generally speaking, the payout to the FA is somewhere in the vicinity of 40% of gross commission.Forgot to mention, you get the base pay during the study period, which begins immediately upon hire. Sounds like the yellow page deal is just a protracted interview process. Interisting. Most likely they don't expect you to sell anything, just looking to see how you deal with rejection and if you can bounce back day after day.
If this is a serious question, the job doesn’t sound like it is better than nothing. You would probably be better off delivering pizza.
If they sponsor me to get the Series 7 in several months even though I will not get paid any training is it still not worth it? I think considering the job market right now, it's ok just to get the license. I would expect to be making some money with it, and I will have better chances to find other employment. Why is that so bad?If this is a serious question, the job doesn’t sound like it is better than nothing. You would probably be better off delivering pizza.
If you deliver pizza for several months, you'll pay your bills and eat some pizza.
If you take this job, in several months, you'll be broke and looking for a job.Unregistered cold calling outisde of the US?
If a client wants to sell, does a Sr Broker named Chris have to sign off?wow. I’m sure its not super unusual, but I’ve never heard of anything like that. Unlicensed cold calling outside of the US till you get your license? Wow. I couldn’t imagine doing that.
[quote=josephus]Unregistered cold calling outisde of the US?
If a client wants to sell, does a Sr Broker named Chris have to sign off? [/quote]Does that mean that even if I get someone, a Sr Broker will step in and I won't get anything anyways?
[quote=Don Draper]what country will you be calling? [/quote]
Eastern European country
Also, I will have income to pay bills/eat. Is it not worth it for the Series 7? I have the impression it is very hard to find a company to sponsor you. You get into the whole catch 22 thing.
The only reason I want to go is because I might have an opportunity in the future. I mean, I don't see a reason for them to kick me before making them some money. Why hire me in the first place.
It smells very fishy. You may want to post the name of the company. That way, someone may be able to give you worthwhile information.
Does the fact that they want you to cold call when you don't know a thing sound ok with you?How do you create urgency when cold-calling Eastern Europe? "Have you calculated how many rubles you'll need to live off per year in retirement?" "Do you realize that your Bulgarian Lev is weakening by over 10% due to inflation? Is your liquid money earning at least that much?"
The company is Boston Merchant Financial, I will go there tomorrow for my first day of work. It sucks to cold call there I’ll hate it for sure, but if it gets me somewhere I’ll do it.
I’ll definitely have more information after I see what’s going on.
The upside, they are a member of FINRA. The downside, it looks like they are pushing some EXTREMELY aggessive investment ideas. CFD’s contract for difference, essentially derivative contracts that are carried on margin.