Hey guys. Gonna be frank, I don't want to trade forever. I'm a college freshman, I'm aiming to retire by 30. I'm getting ready to drop a software product targeting sports coaches. Anyway, I do love finance, trading, etc. I plan on making a trading algorithm, doing some work on that side (already a programmer). But given my entrepreneurial spirit, I'd love to start a brokerage. But of course that involves getting licensed. So here's my plan: I'm a freelance copywriting (sales text, etc) and marketing consultant. I'm no bum, either. I was thinking of finding brokerages in my area (Athens, GA) and offer copywriting services in exchange for sponsorship and material (not teaching, just materials they may have) they have to help pass the exam. Then either work with them part-time as a nontrader, maybe continue doing copy, learn some, etc. After that then ofc I can build myself up as a trader, then eventually open a brokerage once I have funds or investment. Thoughts?
The odds against anyone being able to retire at 30 are very slim. And the ones that can, normally don't want to.
Now, when I say retire, I just mean having enough $ to be able not to do anything (maybe selling a business) or having enough passive income to be able to do nothing. I'm not interested in ever getting a job out of college. I'm working on a product now that I think (and I've gotten good results in validation/pre-marketing) can do well. But you're right. I probably won't just be a bum at 30. I have my plans, goals, etc but didn't want to delve here because frankly, who cares? If I made a 3000 word post with my life goals, everyone would lol and leave.
A brokerage is a type of business, one I think would be great to own and operate. Alright, say I wanted to get a jump start on an independent financial advisor/trade for others as a fund manager, forget the brokerage bit. Good way to get that S7? Possible?
as rmorse asked "to do what". brokering otc instruments, physicals, marine, ... might be good. generic stock broker or retail of anything not so much
AS a college freshman you have some nice dreams and goals that hopefully motivate you but like most college freshmen you have little knowledge yet in the real world. For every product that is created and sold for success there are thousands of want-trepenuers that never make it because they just cannot get their product into the market or they do not succeed. No broker is going to hire a freshman to do copywriting in exchange for sponsoring you as a Series 7. They hire actual brokers to sponsor for Series 7 and have professional marketing firms. Also, you can simply buy a Series 7 study guide, they are not that hard to get your hands on one. But you must be sponsored by a firm you will be working for, you cannot have a Series 7 just on your own. I think that your understanding of how that business works is limited because you are just a college freshmen, especially if you think you can just start a brokerage firm or that you are so sure you will do so well as a trader to have money to retire at 30. Perhaps you should actually trade for a while and see how much money you make after 4 years so reality can set in. I am not one to dash someone's dreams, just we all can see some reality is needed to put your feet firmly on the ground. There are thousands of traders with their own trading algorithm and unless you can make a lot of money with it, no one will want it. Keep your nose in the books and your head here on earth but still pursue your dreams as best as you can. Just let reality temper your expectations.
There are a few reasons to do this and I won't list them all. Let's break it down to a few. Form a SEC registered BD to trade for your own account, offer business to customers, manage OPM as an RIA. I don't think you understand the cost, regulatory requirements and responsibilities of each of these.