LEAPup
Registered: Aug 2008
Posts: 4443 |
06-22-12 04:48 AM
Quote from oldtime:
would you loan your car to someone who's only qualification was that they had passed a drivers test at the DMV?
LOL! That's exactly what the retail brokerages do! I was a broker at mother Merrill (long before bac "marriage.") Once a retail guy passed his Series 7, he was free to smile and dial pitching commission based products he really knew little to nothing about. Scary! The target clients were typically business owners in the mornings, retirees afternoons, and speculators-any time-wanting "expert" lol picks. Imagine someone knowing basically zero, getting whatever compliance will let through to retirees. It was a scary thing to see happen day in day out!
A month after passing the 7, the 66 was to be taken. Yes, after passing that, the above newbie becomes an Investment Advisor Rep. Scarier! Trying to handle grandma and grandpa's entire nest egg with whatever compliance allows to fly, plus being a newbie? Not usually a good combination.
These licenses are simply a way to draw more regulatory fees to be squandered, grease more palms of political whores, KEEP THE SHEEP SCARED, and are worthless. They don't teach how the markets REALLY operate, and a trader they do not make, nor even help...
God bless America
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