I want to become a backed proprietary trader. I'm having a hard time getting anywhere with the phone calls and resume thingy due to little work experience and only 1 year college. American Express Financial Advisors will hire me to become a financial advisor, and in the process, pay me to get my series 7 and 55 licenses. They will pay me 7 bucks an hour for 3 months to school me to get these licenses. My main goal is to become a trader, not a financial advisor. Do you think this is a good route? Also, does anyone know of this specific career? They say their financial advisors manage money/assets by their third year. It's normal to manage 50 million. They pay 2k a month draw until you get commissions from selling/recommending products to their customers. Would this be a realistic carreer to take up to support my trading goals? Should I just get my licenses with them and split? Or should I be looking elsewhere entirely? thanks.
You will be managed closely and expected to prospect HEAVILY while being paid the draw. You will need to show appointments and meetings, expend significant effort to make calls ...you know standard sales stuff but it will take up all your time and more.
I was a "financial planner." Basically, you are a glorified life insurance salesman. You can sell annuities and MFs and whatnot, but life insurance is what pays the real commission. You are "captive" to Amex - you may only sell their crappy products. Any time an intelligent customer shops around, they will get a better deal from an independent agent. And if you ever decide to leave Amex, I'm pretty sure that they get to keep all of your clients and residual commissions. You are responsible for bringing in client $. If you are lucky and have a bunch of rich friends, it may not be so hard. But if you are not rich or from a rich family, you will be dialing for dollars just like every other schmuck broker. imho - If you really want to do this, find an honest independent brokerage where you can sell the products of many different companies and are vested (you keep clients and residuals even if you later change employers). Your clients will be much better off, and you will also benefit in the long run. If you want to trade, avoid the "financial planner" field altogether.
thanks thuglife, would it do any harm to just train with them as they sponsor me for the pro licenses? then quit.
It will suck, though. You will be a slave labor cold caller. And if you ever actually get a client, you will have to leave them with Amex. There are better ways. I would say find a prop firm to hire you, and get a night job. Or, if you have the moola, just trade eminis. PS - interesting reading: http://www.amexsux.com/