Stockbrokers, need your advice

[Grimes]

I got an offer to be sponsored for the series 7, and seriously considering following through. If there are any brokers on here, I'd be curious to hear your perspectives on your jobs, especially when you were first starting out.
How long did it take before you started making decent money, I'm talking 70K or more? Was it hard to find clients? Or convince them to work with you rather than who they already were dealing with?
What happens in lean years? You just live off savings pretty much?
I have a decent gig right now, making pretty good money, but the market is calling my name. There just so much opportunity to make money, but again its a big risk.

 

[mrjones]

I did it for 10 years. It depends on the leads that they give you. The better the lead, the better the success rate. If you go at it hard, and turn over every stone looking for clients, including asking for referrals, you could get there within a year. It will take hard work, long hours, and a willingness to do whatever it takes to get clients though.

Its not that hard to get clients though once you develop a pipeline of semi-interested folks, that trust that you won't run off with their money. Most of them sell themselves on the market. They know that they want to get into what you have to offer. You just have to give them a reason to do it and convince them that now is the time to do it. You have to call them often to keep them from procrastinating.

As far as getting them to switch from their current investment company? That's not hard. All you have to do is let them give you an idea as to what their investments are like over there. Find out what they are in, and how they are leveraged. If they are losing money over there, they will go with you. If they are getting mediocre results over there, hype up your investment products and make them feel like they are missing out without making them feel like an idiot. This is key, tell them to start you out small, and diversify their portfolio. Once you get them to invest with you, they will send you more later. Just get the account opened is the motto.

The lean years? You have to hustle every day to avoid that. There are no backup plans once you go 100% commission. Some companies may work out a draw situation where you get either a commission check or a base rate, but that's usually for the beginners. If you are under $70k after a couple of years, they may be looking to get rid of you. They won't tell you that, but its the truth.

Stay focused. It won't be easy, but you can do it.