IMO the best option for someone with broker skills is to team up with someone with (scalable) trading or investment skills and raise capital for them. Let the trader make the money, and let the broker raise the money - the latter job is just as important as the former, at least in the first few years of operation for a startup shop.
Hi there This may not be the best advise if you are broke but maybe in the long run you could get a Series 3, become a Commodity Trading Advisor, and you can trade and manage futures and options accounts, it does take some time since you need the S3 and the a track record to get you listed in the managed futures listings but once you get there or if there is a way you can post your past performance there is $$ looking to find a good trader. Greetings and the best of luck, I know exactly how you feel cause in a way I was there
Anytime. 14 Years of frontline action with shifts. It is an experience that no one understands unless they've done it. Nows my change. I have a family and have to look after them. I'm walking your road. Damo
When i was a broker I would make 8000 calls , get 30 -50 qualified leads and open 10-20 accounts all in one month..yes you heard that right all while having to stand up or get a phone thrown my way.....1990-1993. I was getting a stick ( a bone ) on a 3 dollar dog...oh im going to hell thats for sure...but I was pulling in 30-50k a month once i had a team under me.....peace
You can get your RIA (Registered Investment Advisor) or CTA and change from commission based to performance based. You will probably want to open your own branch for someone like Private Ledger (they may not even be around anymore). I think you need your series 24 for that but it isn't as difficult as the series 7. It is harder to get new clients not being with a major wire house any longer but if you have clients already or a track record it is the only way to go. Especially if you don't want to sell the garbaage all brokers are required to sell.
What about registering as a RIA and do a fee only business? charge a reasonable fee that is good value to the clients, and u can have the freedom to act in their best interest, pick stocks, do asset allocation, etc.