Indy Firms - What to watch out for?

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Feb 9, 2009 1:29 pm

sup guys, been reading these forums for a few months now and registered today. i take my s7 this friday and will be inline to take the s63 soon after.

i will be starting as a “trainee broker” at an independent firm with base salary + commission and a benefits package. office has about two dozen guys located in very nice building and a professional atmosphere. some of the brokers have been at the firm for a year, and some since the firm was started 7 years ago. seems most are the same age as me, mid twenties. i come from a background in retail sales, and understand how competitive and cut-throat things can get, and i know my workday will consist of about ten hours of cold calling.

my question is, what kind of bullshit should i watch out for or be aware of?


Feb 9, 2009 1:37 pm

You haven’t told us enough.  What’s the name of the firm?  Are you on a team?  What’s your payout?  Who do they use to do their clearing?  Are you going to be getting your 65/66 after the 63?–otherwise you won’t be doing any fee-based business.  

Feb 9, 2009 1:45 pm

for the sake of my own privacy, id rather not disclose the name of the firm. everything looks good on finra brokercheck, and my own intuition tells me its not a boiler room operation.

RBC Dain is the clearing agent.

id much rather get the s63 over the s66 because i need a paycheck asap. the s7 has taken me so long that i can not afford the time to get the 66 - i want to start trading NOW. i do have ambitions of eventually getting my s24 and becoming a principal.

i will find out about teams and payout if i pass this friday. what should my expectations be and what questions should i ask?

Feb 9, 2009 1:52 pm

Well, for starters, you need to know what the payout is.  Production requirements.  Whether or not you’re considered part of a team, or not.  And if so, what you’re senior guy’s payout is.  Wouldn’t be a bad idea to have some idea of what you’re expected to sell, and to whom.  If you’re a rookie, will you be on some kind of salary and commission for a few months, up to a couple of years?  Because that’s what you would get at a major firm or wirehouse.

Frankly, it all sounds pretty vague. 

Feb 9, 2009 1:59 pm

thanks for the quick responses bodysurf

yes, i am a rookie/newbie to the securities industry. basically, i havent been told much except “pass your 7”. i just need to know the right questions to ask and what to ask for when i walk in after i get my license.

thanks again.

Feb 9, 2009 3:54 pm

I agree. Don’t mess around with the 63. Get your 66 and be done with it. Not any harder than 63, just a little longer. For now though, just pass your 7 and stay off the message board. You are liable to read something that will piss you off and throw off your concentration. We will be here when you get back! Good Luck!

Feb 10, 2009 4:34 pm
If i've got this right (and I think I have):   1) Long Island   2) unknown independent firm   3) most of the guys in mid 20s   4) Just pass your 7 - no concern for 65/66   5) 10 hours a day cold calling   6)i want to start trading NOW!   It's a boiler room - probably not in a bad way (I started in a bad boiler room way back when).  It is probably a boiler room that just works real hard but actually buys legit stocks for people.  If that is the case, go there and get the sales experience - it will be invaluable - you will find out if you are truly cut out for this line of work.  DONT take short cuts.  Do the right thing for people.  You will probably have to open 25 - 40 accounts for a more senior rep.   Stay clean, don't f*** anybody,, and move to a real firm within two years.  You will then be on your way to a new carreer.   my.02  
Feb 10, 2009 5:07 pm

People probably go to that firm for one reason and one reason only, to be filthy rich... we aren't saving the manitees here..

Is it me or does it sound like he works at JT Marlin?
Feb 13, 2009 7:27 pm

passed the s7 today with a 78% and expecting to take the s63 in about two weeks. i went into the firm today and i was given the breakdown-
for the first three months: 300/week trainee salary + 80% payout.
after 3 months: no salary, 50% commission, full benefits.
negotiated commission when i hit certain levels. no requirement to open X amount of accounts - i start trading for myself immediately. no teams, but working next to the two partners so that i can hone my cold call and closing skills. when im good i move to the “other side” of the office and im on my own. i asked about the 66 over the 63, and they said theyre more than happy to set me up for the 65 when i get the 63 out of the way.


Feb 13, 2009 10:41 pm

It’s going to be the fastest three months of your life.