Stockbrokers Sound Off

I'm interviewing for stockbroker positions and was wondering if anyone could talk about what it takes to survive as a stockbroker for the first couple of years. Any ideas on building a book of clients? Any survival tips?

Thanks.

7 Comments
 

What it takes? Its simple, it takes alot of work, living in a crappy apt, and living on ramen, followed by alot more work.

Follow the shit your fellow monkeys say @shitWSOsays Life is hard, it's even harder when you're stupid - John Wayne
 
Best Response

I might be able to help:

  1. Leads - Don't count on your firm to provide them. Never do business with friends and family, even though your firm will make your life hell if you don't. Pay for the good leads, any jackass can call the white pages. There are lead brokers who do nothing but sell names and phone numbers of investors to stockbrokers. You get what you pay for. Your firm will let you know who has the good leads for sale. Also try buying a corporate directory for a successful corporation with a workforce on the younger side. They'll be less established and more willing to take a risk.
  2. Dial, pig - If you're not dialing the phone until your finger tips bleed, you're FAILING. For the first year, you must dial the phone no less than 300 times a day - every day you're in the office. Dialing isn't enough, though. You have to talk to people. No one has ever closed a busy signal. With that in mind, strive to have 350 minutes a day of talk time. If you stick to the 300 dials / 350 minutes metric, you cannot fail. I have seen complete and utter fucking retards make high six-figure incomes just pounding the phone.
  3. Attitude - Does it sound like a grind? That's because it's the biggest fucking grind you're ever likely to encounter. If you work for one of these pussy modern firms that makes you turn all the money you raise over to an asset manager, you won't even get the satisfaction of calling a stock right every once in a while. It is a fucking hateful way to make a living. But your clients better think you're getting blown by movie stars every day when they hear your voice on the phone. You'd better have swagger, and you'd better be able to make it come across over the phone.

Hope that helps.

 

Eddie has it right. I've done a lot of cold-calling work before.

Don't get demotivated by people constantly saying NO.

As soon as you've hung up the phone, dial immediately.

On the job you'll learn how to respond to clients; it's instinct you develop. You approach every client in a different way.

When you've been on the phone for 20 minutes and they still wont take your services, make sure you steer the convo in a way that it's their loss.

Good luck and PM me if you need more info.

 

Yeah, as Eddie put it (can't state it any better) it's a numbers game. Stick to the numbers, and make sure that you never let your frustration/desperation come through the phone. If you are hitting the numbers and talking with as many people as you need to be, the law of averages should do work for you. That being said, you need to be confident... really like Eddie's analogy there, think Ari Gold...

 

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