Hey guys I was wondering if anyone here on ET can give me some insight on this position. I interviewed this morning and they seemed to be very forth coming about how hard it is to pound the phones all day to build a client base etc.... But would like to hopefully hear from people that have tried to do it or do it now and have had success. I am from Indianapolis and my interview was in Chicago so I am new to the scene. I am looking to break into the industry on some level and this seems like the best chance I have found so far. Thanks in advance for any tips or advice.
Hey Indy.. Being a broker is a tough tough job. You have to work your ass off, learn your ass off, and be naturally gifted on the phone. You need people to train you on how to sell, they need to teach you about the markets, and so much more. It's a tall order. I started as a broker in 2001, with no experience in anything, and I did pretty well. I was the only one in my series 3 class who actually made it more than 6 months (out of 10), so the stats were true in my case...9/10 will not make it.
Sounds good!!! It is a good start. Any jobs in financial industry seem like tough, but as long as you have the mind you initially have, you will be successful. Good luck.
I was in outside sales for 7 years before starting the trading adventure. Being a broker has little to do with good trading and everything to do with being good on the phone and selling ppl. Being a broker is like they told you. You get recos from your firm and then you cold call ppl. and try to get them to invest with the firm whereby you get a commission. Once you cold call enough ppl. and build a client base you don't have to cold call as much. Once you prove your selling ability they may give you some call in leads or give you some leads to call up. Go rent Boiler Room. In the movie Giovanni Rabisi pounds the phones looking for ppl. to sell shit stocks to. Granted that was a scam, but the concept of cold calling as a broker is spot on. My 3rd futures broker told me how rough is was when he started, I got to know him. Pounding the phones every day in the start he said. 11 hour days. When I first started selling telephone system I called 100 businesses a day or more! By the end I maybe called 10 leads. Before you accept the job ask them to sit with one of their brokers and watch him work. See if you can hack it. Can you handle alot of rejection? You are going to be calling ppl. at home and CEO's who are going to basically tell you to f*ck yourself and hang up. No kidding. I get those call nows, because I trade from a small LLC, although I don't tell them to f*ck themselves I am abrupt and hang up. Can you handle that as much as 100 times a day or more everyday of the week until you start to get it and learn to close ppl like me that have heard every line because they used to sell?