Anyone here a stock broker or financial planner?

Gary Gorski · 01-20-2005, 01:19 PM

Curious to as if anyone here does one of these things for a living. I'm considering a career change and these are two fields I've always thought I would enjoy but I would like to talk to someone in them first about what they really are like and what qualifications companies look for when hiring. I have my MBA and have spent most of the past five years dealing with accouting and financial statements of the company I work with now. So if anyone is in one of these fields and you'd be willing to answer some questions please PM me.

And just for clarification Im not looking for a career change away from GDS - that's not my 9-5 job although I'd very much like it if it were someday

Scarecrow · 01-20-2005, 03:15 PM

Hope you enjoy being on the phone, cold-calling 8-12 hours a day.

AnalBumCover · 01-20-2005, 03:26 PM

Enter the buy-side. Get your CFA charter and become a portfolio manager. (CFA exams focus heavily on financial statement analysis, so it should be a slam dunk for you)

Strange for me to say that, because I'm moving to the sell-side (muni bond sales).

johneh · 01-21-2005, 06:47 AM

Gary,

If you plan on being a financial planner (and this applies to a stockbroker to a large extend too) be careful of where you go - otherwise your job will be forcing the highest profit margin financial products on people regardless of their actual needs.

judicial clerk · 01-21-2005, 12:45 PM

I interned as a compliance officer for a small securities brokerage. The top guys made a ton of money, the new guys made like minimum wage. Only the very top brokers did any analysis themselves, most of the work involved cold-calling and selling the stuff the bosses decided to push. Oh, and if you didn't meet your goals for new clients and the like, you were shit-canned, so be prepared to hit up your friends and family to help you meet your goals.

Now, the securities sold were top reputable companies, and the firm was not out to rip anybody off, but it was purely a sales job. Maybe this place was unique and other brokerages are different.

Gary Gorski · 01-21-2005, 12:55 PM

Anyone know of the brokerage firms that are more about pushing what they want pushed?

I'm really not looking to get into a sales career - I understand that there's naturally selling that is involved with that line of work but I'm looking for something more along the lines of I'm my own boss making my own decisions on how my clients should invest their money to meet their own specific financial goals - are there any of the major investment firms that are like this or are all the big guys like ML and UBS into just selling as much as you possibly can of what they decide you should push regardless if its right for your clients or not?

AnalBumCover · 01-21-2005, 02:51 PM

Sell-side: Brokerage firms: Commission based.
Buy-side: Money management/portfolio management/investment management firms: Fee based.

AnalBumCover · 01-21-2005, 03:05 PM

dola.

The difference between the two is that because you're not commission driven, a buy-side analyst or manager selects securities which would maximize a client's net worth. They charge a (quarterly, annual, etc) fee based on the value of the client's worth.

A stock broker makes his money by charging commissions per trade. Hence the idea that they always seem to push a product whether or not it's good for the client. Granted, they must abide by strict ethical rules so that they do not adversly affect the clients needs/goals. But still, they seem to project that image.

I've been in the buy-side industry for a couple of years, and have seen a big shift in this industry since the market decline in 2000.

Look up a career in Fund Management or Portfolio Management.

Good luck.

johneh · 01-21-2005, 03:56 PM

Gary,
Sounds like you would want to find some fee-only financial planners (ones that don't make commission from sales, all $$ is fees paid by clients)

I ~think~ those are mostly smaller local type companies - not the big names companies.

PS - freaking Amecian Express Financial calls me at least once a month to set up a job interview. Just post your resume on any of the big job boards & if you have an accounting/finance background be prepared to get swamped with calls/emails from insurance & investment companies. It got so bad I called the guy from Amex back and yelled at him... still a month later they called again - so this time I set up an interview at 6:30 pm. Of course I had no intention of showing up)

Gary Gorski · 01-23-2005, 02:24 PM

Thanks for the help guys

ABC- thanks for the explanation - buy side sounds more like me. Any tips on good places to find out more info about that or the best firms to work for and just out of curiosity why are you moving to the sell side? More money on the sell side?

01-20-2005, 03:15 PM	#2
Scarecrow College Prospect Join Date: Oct 2000 Location: The Flatlands of America	Hope you enjoy being on the phone, cold-calling 8-12 hours a day. __________________ Post Count: Eleventy Billion - so deal with it!

01-20-2005, 03:26 PM	#3
AnalBumCover College Starter Join Date: Nov 2002 Location: La Mirada, CA	Enter the buy-side. Get your CFA charter and become a portfolio manager. (CFA exams focus heavily on financial statement analysis, so it should be a slam dunk for you) Strange for me to say that, because I'm moving to the sell-side (muni bond sales). __________________ ABC's Game Giveaway list

01-21-2005, 12:55 PM	#6
Gary Gorski Wolverine Studios Join Date: Oct 2003	Anyone know of the brokerage firms that are more about pushing what they want pushed? I'm really not looking to get into a sales career - I understand that there's naturally selling that is involved with that line of work but I'm looking for something more along the lines of I'm my own boss making my own decisions on how my clients should invest their money to meet their own specific financial goals - are there any of the major investment firms that are like this or are all the big guys like ML and UBS into just selling as much as you possibly can of what they decide you should push regardless if its right for your clients or not? __________________ Wolverine Studios http://www.wolverinestudios.com

01-21-2005, 02:51 PM	#7
AnalBumCover College Starter Join Date: Nov 2002 Location: La Mirada, CA	Sell-side: Brokerage firms: Commission based. Buy-side: Money management/portfolio management/investment management firms: Fee based. __________________ ABC's Game Giveaway list

01-21-2005, 03:05 PM	#8
AnalBumCover College Starter Join Date: Nov 2002 Location: La Mirada, CA	dola. The difference between the two is that because you're not commission driven, a buy-side analyst or manager selects securities which would maximize a client's net worth. They charge a (quarterly, annual, etc) fee based on the value of the client's worth. A stock broker makes his money by charging commissions per trade. Hence the idea that they always seem to push a product whether or not it's good for the client. Granted, they must abide by strict ethical rules so that they do not adversly affect the clients needs/goals. But still, they seem to project that image. I've been in the buy-side industry for a couple of years, and have seen a big shift in this industry since the market decline in 2000. Look up a career in Fund Management or Portfolio Management. Good luck. __________________ ABC's Game Giveaway list

01-21-2005, 06:47 AM	#4
johneh Mascot Join Date: Jul 2004	Gary, If you plan on being a financial planner (and this applies to a stockbroker to a large extend too) be careful of where you go - otherwise your job will be forcing the highest profit margin financial products on people regardless of their actual needs.

01-21-2005, 12:45 PM	#5
judicial clerk College Benchwarmer Join Date: Feb 2001 Location: Portland, OR	I interned as a compliance officer for a small securities brokerage. The top guys made a ton of money, the new guys made like minimum wage. Only the very top brokers did any analysis themselves, most of the work involved cold-calling and selling the stuff the bosses decided to push. Oh, and if you didn't meet your goals for new clients and the like, you were shit-canned, so be prepared to hit up your friends and family to help you meet your goals. Now, the securities sold were top reputable companies, and the firm was not out to rip anybody off, but it was purely a sales job. Maybe this place was unique and other brokerages are different.

01-21-2005, 03:56 PM	#9
johneh Mascot Join Date: Jul 2004	Gary, Sounds like you would want to find some fee-only financial planners (ones that don't make commission from sales, all $$ is fees paid by clients) I ~think~ those are mostly smaller local type companies - not the big names companies. PS - freaking Amecian Express Financial calls me at least once a month to set up a job interview. Just post your resume on any of the big job boards & if you have an accounting/finance background be prepared to get swamped with calls/emails from insurance & investment companies. It got so bad I called the guy from Amex back and yelled at him... still a month later they called again - so this time I set up an interview at 6:30 pm. Of course I had no intention of showing up)

01-23-2005, 02:24 PM	#10
Gary Gorski Wolverine Studios Join Date: Oct 2003	Thanks for the help guys ABC- thanks for the explanation - buy side sounds more like me. Any tips on good places to find out more info about that or the best firms to work for and just out of curiosity why are you moving to the sell side? More money on the sell side? __________________ Wolverine Studios http://www.wolverinestudios.com

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