So your situation is that really you have a very general education, and you got no dough. But you want to do something different. I think your situation is that you either get further education that is going to appeal to hedge funds, mutual funds, brokerage firms, in the trading, portfolio type of business. Or, you stay where you are, suck it up, start working your butt off so that you make more money. Really you're in a business that some people do very well. But maybe you gotta use those analytical skills you say you have to select mutual funds/managers or whatever that will do well in the future investment climate. As you make money for your clients via your recommendations, you will earn money for yourself which you can then invest for yourself. You're not the first guy in the world that has to do what he doesn't necessarily want to do. You got a family that you need to support, so you can't exactly strike out on your own without alot of preparation. Bottomline is you work your butt off doing something that isn't perfect, but keeps you around the business, allows you to invest your own funds, and keeps you in front of people with assets. Those people with assets may come in handy to you somewhere down the road...especially if you can select managers for them that do a good job in various investment climates. OldTrader
Wow... deja vu for me reading this. I was in the EXACT same position before I left to trade full-time. I feel your pain. Not sure what to say other than you either need to accept that you are selling some bad products or make the jump. I made the jump.
jj90, I appreciate the reply! I have considered a second job. It almost killed me with a Wife and three kids in High School (one in 5th grade) Institutional I've thought about. I'd love to work on a floor in Ny or Chicago, but will entertain change. I'm with an Independent B/D and RIA now after leaving "the dark side." I was a Deputy in a large County in West Virginia. Sometimes (many times covering the entire County at night by myself and one Trooper from the State Police if I was lucky. It takes over an hour to drive from one end of the County to the other. Needless to say, I can drive fast, and multi-task. ) I grew up in New Orleans, and was transplanted here when my Mother and Dad (before the divorce...) were transfered with Union Carbide. I enlisted in the Marine Corps after High School, and after seeing damn near every Country there is LOL, I came back here as it's a laid back lifestyle. I live in the Capitol City of Charleston which is riddled with Detroit, and Chicago drug dealers, instead of the old cliche of "hillbilly." Now, if you go to the southern part of WV, it's literally like stepping back in time. Good people there. If they like you... If not, they shoot first, and ask questions later.
CVDS16, I keep hearing from my family, "get an honest job." Maybe there's something to that... When it comes to OPM, I don't think sales people have any busines with their hands on other's hard earned assets. Sales of refrigerators, cars, etc., is more of a "norm" I would think. Sales of products (paying a high commission) don't always benefit the Client, and that's just not me. I appreciate your reply!
That is absolutely correct! There's a lot of greed out there among the major firms all the way down to the Independent firms. Makes me ill seeing what I have seen done to nice people, and their retirement money.
I'll have to say even though I never liked Spitzer, he was on to something with his mutual fund investigations. Some people think that once they pay the A share load, there aren't any more fees.:eek: Sad...
How true is that... How about the retirement accounts holding B or C shares w/ their "no commissions"? HAHAHAHA. And that feeling in your stomach LEA is why I no longer am a broker myself. I focused on retirees and my typical client was 60-80 and had quite a bit of their entire liquid net worth invested. And then I got to peddle over-priced bonds, UITs, annuities and funds to them. And when the market went down... just hang in there, it will bounce back. I really do not miss those times at all. I wish you well.
Sadly, your friend was sold a Variable Annuity. Probably a "B share." It sounds like the GWB (Guaranteed Withdraw Benefit) rider was on it. If it was within 10 days, he could have "free-looked" (backed out) of the contract with no surrender charge. I don't use Variable Annuities. The Clients don't understand them. Hell, the Brokers don't totally understand all the moving parts.:eek: That's why the regulators love to pounce on VA selling Brokers. HIGH fees eating away at the returns, sub-par performance of the mutual funds inside of the annuity, etc., Snake oil. Why did the MS guy push this on your friend? Fear. He scared the guy "you'll lose all your money kind of shit." Then put a band aid on the wound called a Variable Annuity that pays about 7% upfront. Since he's at MS, he gets to keep about 42-45% of the total commission. Sad. Tell your friend to find out what the surrender charge schedule is. I bet it's seven years. If it's three years, it's an "L share." Of course the L share has even higher fees than the B share...
RWK, I appreciate the reply! Yes, I knew there would be 'some' sales going into it. Just didn't know it would be sales of snake oil products. In my area an accredited investor is rather rare. LOL! But, I do have five right now. They're in managed (IAR) accounts. I'm losing one in December, and that one's "gonna hurt" since it's 4mm. I'm at the stage where I just don't want to be retail anymore.