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Studying for the 7 - my experience so far

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Jun 23, 2005 10:31 pm

[quote=Dewey Cheatham]

The only thing any college degree signifies
is your dedication to a goal.  Not intelligence.  So, you
decided to waste your time getting a degree, then decided to get
another one.  Big deal.  I spent the same time getting real
life work experience.  That along with my intelligence, my
motivation, my personal intangibles, and my series 7 puts me well ahead
of you in my (our) chosen career.

Get off the internet and get busy studying.

[/quote]

Not to worry, jerk punks like this piece of schidt may be leading the race right now--but those who are essentially lazy and/or stupid, as evidenced by their lack of a proper education, will find that in the long run their clients will mature and begin to realize that the guy they've been using as a broker is a pretender.
Jun 23, 2005 10:39 pm

[quote=lmjl97]

Put, have you read Liar’s Poker? It is about the
bond traders at Salomon back in the day. You certainly didn’t need an
MBA to get with the biggest firm out there then.

I try to stay the Hell away from any posting that is headed this way, but I got to tell ya, education in this business does not have anything to do with success (if anything it is an inverse relationship).

[/quote]

I realize that an MBA was not necessary to land at Sollie or anywhere else in the street--especially as a trader which is actually a job that is not much more sophisticated than putting wheels on cars on an assembly line.

Another fact--people who are too stupid or too lazy to get a decent education are easily persuaded to believe that what they're doing is ethical.

You yo-yos with out an education who are working at wirehouses are damn lucky to have the opportunity.  But the same slacker attitude that caused you to decide that you didn't need a degree will come back to haunt you--customers worth having are college educated and as they mature they will see the false image you're portraying and eventually drop you like a bad habit.

Those of you who are working at places that do not count as wirehouses are quite possibly soldiers in a crime family and you're simply too dumb to know it.

This industry is in a phase where anything goes, but what goes around comes around and there will come a day when the well educated, well bred, well spoken types will once again assume their rightful places and you trash will be back in the back office if you're even around at all.
Jun 23, 2005 10:43 pm

Jun 23, 2005 10:54 pm

[quote=lmjl97]

I try to stay the Hell away from any posting that is
headed this way, but I got to tell ya, education in this business does
not have anything to do with success (if anything it is an inverse
relationship).

[/quote]



That would depend on how you define success.  If your idea of
success is leaving a trail of ruined lives as you convert client assets
to commission dollars you are right education is a handicap.



On the other hand, if your idea of success is to end up as a sixty year
old man or woman who is able to look back and think that they actually
contributed to the bettering of hundreds of lives education does matter.



If you’re a college dropout jerk-off at age 26 you are going to be a
college dropout jerk-off at age 45 too.  The difference is that
the people you want to have as your clients are not going to identify
with you.



If you’re not yet fifty you have no idea how fifty year old people
think, but I assure you that they can cut though the bull schidt like a
laser.  The guy who was your friend in high school becomes a
complete stranger within ten or fifteen years, replaced by a guy who
shares your interests.



In other words, college educated people end up as clients of college
educated brokers–it’s that mysterious thing called “class” that those
of you without it sneer at, while those of us who have it treasure it.
Jun 23, 2005 10:54 pm

[quote=Put Trader] 
I realize that an MBA was not necessary to land at Sollie or anywhere
else in the street–especially as a trader which is actually a job that
is not much more sophisticated than putting wheels on cars on an
assembly line.



Another fact–people who are too stupid or too lazy to get a decent
education are easily persuaded to believe that what they’re doing is
ethical.



You yo-yos with out an education who are working at wirehouses are damn
lucky to have the opportunity.  But the same slacker attitude that
caused you to decide that you didn’t need a degree will come back to
haunt you–customers worth having are college educated and as they
mature they will see the false image you’re portraying and eventually
drop you like a bad habit.



Those of you who are working at places that do not count as wirehouses
are quite possibly soldiers in a crime family and you’re simply too
dumb to know it.



This industry is in a phase where anything goes, but what goes around
comes around and there will come a day when the well educated, well
bred, well spoken types will once again assume their rightful places
and you trash will be back in the back office if you’re even around at
all.

[/quote]

Jun 23, 2005 11:05 pm

I was laughing so hard I couldn’t see through my tears as i jettisoned
the torpedo. Ubermensch, you missed your calling. Marvel Comics or DC
could of used you as inspiration for countless untold characters. There
is a certain beauty to your anger. If I could, I would wipe my mouth
with a big mac and fed ex you a juicy kiss planted on a nice piece of
ecruwhite Crane’s Executive paper (32lb premium weight~100% cotton~7.5
x 10.5~watermarked).

Jun 23, 2005 11:13 pm

ROTFLMAO…ClerkBoy, a piece of human garbage like you wouldn’t know class if it bit you on the ankle…this keeps getting better and better!

Jun 23, 2005 11:17 pm

Capital One has a great series of TV commericals, dealing with Viking pilagers needing to find new lines of work.



As you watch them think of our friends Mojo and Starka–two of the
sleaziest people this thirty year Wall Street veteran has ever
encountered.



Notice how every time I suggest that there is a sleaze factor in the
industry they both pop up with variations of the “Stop talking about
me!” theme.

Jun 23, 2005 11:24 pm

What a JERK!  Frankly, I think you’re a liar as well, ClerkBoy.

Jun 23, 2005 11:29 pm

[quote=Starka]What a JERK!  Frankly, I think you’re a liar as well, ClerkBoy.[/quote]



A liar as well?  As in too?

Jun 23, 2005 11:34 pm

welcome and congrats on the MBA.  As you may have realized, nearly every thread becomes polluted with bickering (Im not saying that it is a specific person's fault). 

Anyways, I had a path similar to yours.  I wanted to take the test a few weeks after I greaduated, but then decided to wait an extra week.  I passes my 7 exactly one month after I graduated.  Good luck!

Jun 23, 2005 11:39 pm

[quote=thumperac]

welcome and congrats on the MBA.  As you may
have realized, nearly every thread becomes polluted with bickering (Im
not saying that it is a specific person’s fault). 

Anyways, I had a path similar to yours.  I wanted to take the test a few weeks after I greaduated, but then decided to wait an extra week.  I passes my 7 exactly one month after I graduated.  Good luck!

[/quote]

Are you finding yourself to be a credible spokesman for what you're trying to convey--or do you wish you were ten years older?
Jun 23, 2005 11:41 pm

[quote=Put Trader]Capital One has a great series of TV commericals,
dealing with Viking pilagers needing to find new lines of work.



As you watch them think of our friends Mojo and Starka–two of the
sleaziest people this thirty year Wall Street veteran has ever
encountered.



Notice how every time I suggest that there is a sleaze factor in the
industry they both pop up with variations of the “Stop talking about
me!” theme.

[/quote]



This is from Gary Weiss’s home page : "Some things never change. But
not Wall Street’s worship of greed. Luis (Weiss’s main character in the
book…) never followed the financial news very much when he was on
Wall Street. Over the past three years, as he has awaited sentencing,
Luis has read about lying analysts, indicted accounting firms, dot.coms
frauds and companies like Enron and Worldcom. During his time on Wall
Street he always felt he wasn’t good enough, not polished enough, to
leave the Chop House Wall Street where he made his fortune and join the
Real Wall Street (socio-economic inferiority complexes strike persons
at all levels of the life ladder, added to validate Put’s
presense).  But in recent months he has realized that he was on
the Real Wall Street all along.



(To read more about how Luis clawed his way to the top of the Mob’s
Wall Street, buy a copy of “Born to Steal” - by author Gary Weiss)



Putsy, this author is implying that all of Wall Street is littered with
thugs and the minions who serve them. BTW, I don’t subscribe to
Television. Makes a muck of the gray matter.

Jun 23, 2005 11:49 pm

[quote=Mojo]This is from Gary Weiss’s home page : "Some things never change. But
not Wall Street’s worship of greed.

[/quote]



A given truth is that sleaze like Mojo will point to other sleaze as they excuse their own lack of morality.



Tell us Mojo–do you believe that the industry is in better hands now
that you undereducated, morally casual, types are finding it easy to
fleece the public?

Jun 23, 2005 11:51 pm

Sleaze on Wall Street would be a breath of fresh air after you, ClerkBoy!

Jun 23, 2005 11:56 pm

[quote=Starka]Sleaze on Wall Street would be a breath of fresh air after you, ClerkBoy![/quote]



Am I the only one who thinks that Mojo signs off and Starka signs
on–could there actually be two of them or is it just one sociopathic
dual personality?

Jun 23, 2005 11:58 pm

Why don’t you just ask your dear friend the moderator if we’re the same person?  You did claim that he was your friend, remember?

Jun 24, 2005 12:11 am

The large brokerages are trying to commoditize the industry. The
pressure of introducing specialist (tax, financial, estate, gifting,
and insurance planners) is an effort to remove brokers/reps from the
center of influence. There is a steady strategy to marginalize the
relationship between client and advisor. By dumbing down the focal
point realtionship that the advisor has developed, with an enveloping
of specialist advisors, results in  leaving the customer branded
with the firms deliverables. The reps limited role as a mere concierge
of services is the goal.  Do I believe that the industry is 
in better hands? No, Putsy. Do I believe your marginalized opinions,
are as a falling of the leaves, in preparation of a new season? No,
Putsy. Just Fall following Summer.

Jun 24, 2005 1:01 am

"The large brokerages are trying to commoditize the industry. The pressure of introducing specialist (tax, financial, estate, gifting, and insurance planners) is an effort to remove brokers/reps from the center of influence. There is a steady strategy to marginalize the relationship between client and advisor. By dumbing down the focal point realtionship that the advisor has developed, with an enveloping of specialist advisors, results in  leaving the customer branded with the firms deliverables. The reps limited role as a mere concierge of services is the goal."

Now that would be a nice discussion point... I know that Merrill really emphasizes the team approach and the use of the specialists in providing expertise and experience in certain areas. They claim it is to further in increase the ability of the advisor to capture the account and develop the client relationship. While I agree that this is a great value-added, I also see- to a degree- your point on how it does reduce the influence of the advisor as a "go to guy". By presenting the specialists, the client may see them as the true architect of their plan- no the advisor.... This is going on throughout the industry.. THOUGHTS?? COMMENTS???? Lets try to get about 5-8 solid replies before this post descends into bashing and such....

Jun 24, 2005 1:04 am

"no the advisor.... "

Sorry, not the advisor.