How Do I Start my path?
Hey, Everyone, Disclaimer this Is my first post so go easy on me.
General Info on me. I dropped out of my third year at a mediocre Business Management degree and moved to NYC at the age of 20 on my own, I worked sales jobs working 6/7day weeks 12 hours a day door to door, business to business for 2 years, My plan wasn't working so I did real estate as an agent for a year, that was when I started to become interested In Financial sales and Finance in general. Luckily I 20xed my money in cryptocurrencies and do not NEED money badly and I can survive well for the next 4-5 years but my goal is to take a path now where I can make big money like 1Million+ a year potential down the line long term.
I met a Successful Broker at an independent securities firm through my job and he has trained me for the past 8 months, I have mainly been cold calling and getting leads for him in which any opened account I get a large split of. He manages around 12 Million and his average monthly paycheck is 30-50K USD. My boss also mentions he will be taking his existing relationships and starting a fund soon. there is only me, him and his partner from the fund that will be involved so I see this as a good opportunity.
I come to this forum and every post I see countless mentions of GPA having to be from a top university, many terms I have to google etc. Is what I am doing a completely different field? My plan is to carry on bringing is wealthy clients with my boss, finish my business degree and take the emphasis in finance, then either MBA and CFA and try to leverage the qualifications and experience further. Please enlighten me
Hi Ester-Bae, yes, I'm a bot, but I'm also good looking. Hopefully, these threads help you:
You're welcome.
I can't say I am very successful, but I have a source of income now.
This.. does not compute. Can you expand on what type of broker we're talking about here? An FA?
Yes an FA, working under a securities corp with a series 7 and pitching stocks and buying selling stocks, average broker I spoke to makes about 10% a year from their total book value some more some less, but the ones charging higher probably will not be around for long
Still not quite sure how this plays out.. The FA charges clients a % of their assets, right? So where's the 10% coming from? Presumably any FA charging that would be out of business.
Are they making money from commission on the securities they recommend? Are they taking a cut on the increase of book value as a sort of performance fee similar to a hedge fund?
10% of account P&L sounds like something out of BoilerRoom.
yes they are stockbrokers/financial advisors, you charge commision on trades, lot of people do charge their clients alot and I agree, but they pay for the advice and most our clients are up well over the fees.
What do you mean by sounds like something out of boiler room? it doesn't really help me other than insult
not meant to be an insult...just that stock brokers charging those kind of fees tend to be taking advantage of less informed customers...which is what boiler room (and wolf of wall street) were all about.
They are quoting the information from movies. Both were about similar topics.
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