DMG Securities. Heard of them?

I applied through my school's system and found them. Not sure about them, they only do commission basis. I was reading a bit on them, a few accusations of a triangle fraud was being done but the rebuttal argument was that they're one of the cleanest firms. Commissions range from 45-55% but that's extremely high.

After I applied I was called for a phone interview and now they're asking me to go into the office. Don't know if it's one of those firms where I'm wasting my time or may actually be something worthwhile.

 
NWu0113:
This is true. Even if they aren't that great, they sponsor the series 7 and 63. Would it be worth it to stay for that?

Wouldn't hurt if that is your only offer. That way, you can go to firms with the licenses in hand. All they would need to worry about are the carrying costs, not the studying materials, exam costs, and if you could pass the exam.

 
jiggider:
anywhere iv interviewed for commission for a SA job usually was just cold calling for the most part. Think about it...why would they give out 50% commission thats a lot of money. They success rate has to be veryyyy low for interns

Sorry it's a full time position. I don't think I made that clear at all haha yeah the percent rate is high. When I go in for the interview I will see what the commissions are based off of.

Thanks everyone for the advice!

 

Wow, this is the first time I ever heard of someone complain that a company paid too well. Instead of complaining why DMG treats their people so much better than everyone else, other firms should be questioned as to why they treat their associates much worse than DMG.

 
Best Response

I worked for DMG for many years. They are very professional, recommended quality stocks, had high standards and expected excellence from everyone in every aspect of their business. The brokers who were smart, determined and hardworking, did very well. The brokers who were less talented, less motivated, who didn’t work hard, failed. You can check on any brokerage firm or individual broker through the websites of the SEC (Securities and Exchange Commission) or FINRA (Financial Industry Regulatory Authority). If you compare DMG or their brokers to any other firm (fines, sanctions suspensions, complaints, etc.), I doubt you would find anyone better than DMG. I know the people who run the firm, they are very good people. If any failed broker or jealous competitor is trying to imply that DMG or their management is involved in any wrong doing, it is simply untruthful. Anyone can post anything on the internet, true or false. Do your research, find the truth and the facts will tell you that DMG is a great place to work and a great place to do business.

 
dmakg:

I worked for DMG for many years. They are very professional, recommended quality stocks, had high standards and expected excellence from everyone in every aspect of their business. The brokers who were smart, determined and hardworking, did very well. The brokers who were less talented, less motivated, who didn’t work hard, failed. You can check on any brokerage firm or individual broker through the websites of the SEC (Securities and Exchange Commission) or FINRA (Financial Industry Regulatory Authority). If you compare DMG or their brokers to any other firm (fines, sanctions suspensions, complaints, etc.), I doubt you would find anyone better than DMG. I know the people who run the firm, they are very good people. If any failed broker or jealous competitor is trying to imply that DMG or their management is involved in any wrong doing, it is simply untruthful. Anyone can post anything on the internet, true or false. Do your research, find the truth and the facts will tell you that DMG is a great place to work and a great place to do business.

Last:

I hope to work for DMG. All of my classmates who spoke with DMG at our job fair and subsequent interviews felt that DMG was honest and straightforward with their job requirements. Some students lacked confidence and felt they needed a salaried job even though it would be more limiting while others, like myself, are excited about pursuing a career like the one at DMG with potentially great rewards. I understand the facts about DMG and their management, I am optimistic and nothing about DMG concerns me. I am concerned about the integrity of the people who wrote negative comments about DMG, they seemed to be bragging about being dishonest and deceitful about using DMG for licensing and encouraging others to do the same. They must have had poor upbringing, never adhered to a university honor code or didn't pay attention in ethics class. People who lie, who are deceitful or dishonest have no business working with clients in the securities industry. If they were dishonest to DMG by using them for a license, they will be dishonest with clients and use them to get what they want. I did use BrokerCheck to look into a broker, Derrick Jackson, who has been writing negative reviews and found that Jackson has a long history of failure after failure while working at many different firms. He also has gaps in his employment history where he was unemployed and where he worked at the YMCA, he is clearly a bitter person who failed and has no credibility. Jackson's current firm has dozens of pages of securities violations and millions of dollars in fines. It illustrates that anybody can write anything they want on the internet and that you have to research the facts to get the truth. DMG Securities (hopefully my future firm) stacks up very favorably the more you look at the facts.

Heads up to anyone stumbling across this thread - I would be highly hesitant to take these two posters at their word here. They bumped a nearly two year old thread to make posts that speak very highly about the company in question, DMG. Also, notice that they both have only 1 post to their name. A bit suspicious. Be on the look out for posters like this, I have seen a few of them recently. PR firms get hired by companies to clean up their online image, and that is most likely what is going on here. Can't trust everything you read online, unless its been posted by a verified user.

 

I hope to work for DMG. All of my classmates who spoke with DMG at our job fair and subsequent interviews felt that DMG was honest and straightforward with their job requirements. Some students lacked confidence and felt they needed a salaried job even though it would be more limiting while others, like myself, are excited about pursuing a career like the one at DMG with potentially great rewards. I understand the facts about DMG and their management, I am optimistic and nothing about DMG concerns me.

I am concerned about the integrity of the people who wrote negative comments about DMG, they seemed to be bragging about being dishonest and deceitful about using DMG for licensing and encouraging others to do the same. They must have had poor upbringing, never adhered to a university honor code or didn't pay attention in ethics class. People who lie, who are deceitful or dishonest have no business working with clients in the securities industry. If they were dishonest to DMG by using them for a license, they will be dishonest with clients and use them to get what they want.

I did use BrokerCheck to look into a broker, Derrick Jackson, who has been writing negative reviews and found that Jackson has a long history of failure after failure while working at many different firms. He also has gaps in his employment history where he was unemployed and where he worked at the YMCA, he is clearly a bitter person who failed and has no credibility. Jackson's current firm has dozens of pages of securities violations and millions of dollars in fines. It illustrates that anybody can write anything they want on the internet and that you have to research the facts to get the truth. DMG Securities (hopefully my future firm) stacks up very favorably the more you look at the facts.

 

Interviewed with these guys a few years ago when I graduated college. Struck me as a complete scam. They focus on attracting young, ambitious guys and their whole pitch centers on how everyone's making a killing. The office was small and had barely any employees. Strange for a firm that claims they produce rockstars out of all their hires. My guess is it's nearly impossible to succeed, and when you leave they have your family and friends list that's the starting point for every new broker. It's a legal grey area to say the least. If you want to be a broker, go to one of the big banks or an insurance company like New York Life, MassMutual, etc.

 
megarex2002:

Interviewed with these guys a few years ago when I graduated college. Struck me as a complete scam. They focus on attracting young, ambitious guys and their whole pitch centers on how everyone's making a killing. The office was small and had barely any employees. Strange for a firm that claims they produce rockstars out of all their hires. My guess is it's nearly impossible to succeed, and when you leave they have your family and friends list that's the starting point for every new broker. It's a legal grey area to say the least. If you want to be a broker, go to one of the big banks or an insurance company like New York Life, MassMutual, etc.

 

If you have the right qualities, there are no reasons why you shouldn’t look at DMG and many reasons why you should. I believe all of DMG‘s experienced brokers generate enough business to earn at least six figures. I don’t know of any brokers who left DMG and had great success as a broker anywhere else. Several former brokers still keep their personal investment accounts at DMG. I think DMG’s investment ideas and customer service are first rate. I was always taught to take care of customers, to do the right things and to do everything in the best possible way. With what DMG has to offer, I think the chance of success and career upside at DMG is much better than other firms.
In general, firms in the brokerage industry have a high failure rate but there are also huge successes. Most firms that I know of in the securities, insurance and other sales industries have their sales forces on commission which enables you to have big income potential. All of these industries have you develop customers by networking, prospecting/cold calling and by getting referrals (how else can you attract clients?). Entrepreneurial individuals who can do these things will have great rewards but those who can’t, will not.

 
 

There are thousands of good people who have worked and are working on Wall St. who had previously worked for firms with regulatory problems, but were not responsible for those problems (Whether it be F. N. Wolf, Merrill Lynch, Goldman Sachs, etc.). The guilty individuals at those firms were either jailed, banned from the industry, fined huge monetary amounts, etc. (There is a public record of these sanctions). If someone is implying that anyone at DMG is responsible for problems at a former firm, decades ago, they are either uninformed or dishonest. Know the facts. Use the securities regulator websites to check on anyone associated with DMG Securities to find the truth.

 
 How can you take seriously the review below where the reviewer does not even know what industry DMG Securities is in.
 DMG Securities is in the securities business and sells no insurance.  New York Life and Mass Mutual are insurance companies.  It makes no sense to compare a stockbrokerage firm with an insurance company, they are different industries with different products with different payout structures.  Anyone with even an elementary knowledge of the financial services industry would know this.
 This persons whole commentary is just silly.

"megarex2002 (Monkey, 46) on 11/29/14 at 6:52pm "Interviewed with these guys a few years ago when I graduated college. Struck me as a complete scam. They focus on attracting young, ambitious guys and their whole pitch centers on how everyone's making a killing. The office was small and had barely any employees. Strange for a firm that claims they produce rockstars out of all their hires. My guess is it's nearly impossible to succeed, and when you leave they have your family and friends list that's the starting point for every new broker. It's a legal grey area to say the least. If you want to be a broker, go to one of the big banks or an insurance company like New York Life, MassMutual, etc.""

 

DMG Securities' own website has a link to FINRA (Financial Industry Regulatory Authority), a regulator that oversees DMG and other brokers, which enables people to check on DMG and other brokers. It seems DMG is encouraging people to check on them rather than avoiding it. They must be proud of their record rather than concerned about it.

 

I worked at DMG. If I did not have to leave for personal reasons I would still be there. I personally did very well at DMG and my clients were very happy. My fellow brokers were extremely professional and DMG’s management always urged us to do everything in the best interest of our clients. It sickens me to see failures write negative reviews to cover up their own inadequacies. I know some of these people have already failed at the job they took after DMG. To be a successful entrepreneur you have to put in more than a 40 hour week, ask any successful new lawyer, doctor, business person or broker. I’d be ashamed if I was so weak and such a quitter that I left my professed chosen career after only a few months. Believe me, these people knew the demands of the job but just couldn’t cut it and are looking for someone else to blame. I’d be embarrassed to say that I was so dishonest that I lied to a company to get a license. These failures lack the integrity, commitment, and maturity to service clients on Wall Street, its good they are gone. You would have to be a fool to care what these losers had to say.

 

My employment with DMG was brief but good. They even helped me find a job after I realized that sales/brokerage was not my calling, I am grateful. I have tried to show my appreciation by sharing my positive experience on sites like Google, Glassdoor, and Indeed, but they haven't published my reviews. I know others have had the same problem. They seem to publish only negative reviews.

www . ibtimes . com/yelp-filtered-reviews-blues-businesses-hate-mysterious-algorithm-there-any-way-crack-it-1543366

 

Successful persons are optimistically working on their future. If those losers who are falsely attacking DMG were happy with their present situation and had a bright future to focus on, they wouldn't have the time to be looking over their shoulder obsessing on the past. I can picture them now sitting in their mom's basement in their underwear, picking their noses while on their computers trying to convince themselves and others that they are not to blame for their lack of brains, guts, and success. Some of the many things I learned at DMG are the following: successful people are positive while unsuccessful people are negative. There are many more unsuccessful people than successful people. Successful endeavors usually have dozens of doubters, naysayers, and attackers. I have tried to be helpful to individuals who stumbled onto this site by providing guidance, perspective, and to counter some of the baseless, idiotic commentaries. Now, I have to move on because I have a life and a prosperous future to work on.

 

In addition to caring for clients, every DMG broker does community service and donates a great deal of money and time to worthy causes. It's a shame these good DMG people get undeservedly trashed by individuals who probably haven't done any good for anyone and probably never will.

 

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