Stock broker opportunity advancement
Jonah Engler - Pros and Cons of Being a Stock Broker
Discussions on various careers in finance, how to land these careers and the paths to take to get to these careers. Career advancement as a stockbroker? I've been thinking about getting a job at Scottrade.
They have you get a series 7 and It is not a typical stockbroker job, no cold calling your busting your ass to get clients. If I work there for a couple of years, what are the opportunity with this skillset?
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Could I get a job easily somewhere else with more career advancement opportunity? Is stockbroking a dead end career? It used to be that stockbrokers busted their ass to build a book. Three-quarters failed, the last quarter either ended up making very solid six figures by the end of their careers, or transitioned out of the firm and into some sort of private practice.
For example, I work with an ex-broker who started putting his own deals together for clients, and has since owned and taken public a variety of different businesses.
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I don't see the point of slinging stocks if you're not going to build up an expertise or, more likely in the case of brokers, a following of investors you can take later. If you're not building your own book, then you're just working for Scottrade's existing customers who are loyal to the company and not to the broker.
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I also don't imagine Scottrade is a place where there's a ton of upward mobility in the firm. Probably difficult to move up in that sense and there likely aren't many big time rainmakers at Scottrade, their specialty is the average Joe not the high net worth clients. Their business is done on volume in a mass production sense rather than having a select number of valuable client relationships, making the individual brokers more disposable and less valuable as a result.
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Submit a new link. Submit a new text post. FinancialCareers subscribe unsubscribe 12, readers 48 users here now Discussions on various careers in finance, how to land these careers and the paths to take to get to these careers.
Would it be a waste of time trying to get a summer internship this late into the game or try for a fall one?
No idea how bank structuring works This is an archived post. You won't be able to vote or comment. That said - retail is generally confined to retail. I suppose you could become a wholesaler. Posts are automatically archived after 6 months.