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Should I become a broker?

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sam76

sam76

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I've been reccomended for an assistant broker position for a well respected firm in Melb

I love all that has to do with stocks, but I am only self taught (thanks ASF :) ) in the ways of this world and am hence a little hesitant.

Mind you, there is a fairly lengthy interview process etc and the position is not a walk in.

I was just wondering if people could share their views and opinions on the life of a broker.

muchios grasias
 
Hi Sam

I toyed with the idea a few years ago myself ... then I started to take consistant profits on my own account ... the broker I was using at the time got very #itty when I finally realised he added zero value and I moved to electronic processing ...

Still I imagine it would be exciting to also make money for others and be part of the 'market'
 
You would be dealing with clients at the best of times, but also at the worst of times. Great to be a broker the last few years, maybe not so great in the next few.
Its one thing dealing with your own trades losses/wins another thing with some ones elses.

Nothing like the market tanking and telling youre client his risk measures have fallen through because you had no buyer to match it up with or youre whole screen was a buzz with all your other client's on a bad market day and you missed his.

Have you ever been in a brokers during a sudden correction, stress attack in the making!.
 
Hey Dutchy,

It's the whole "making money for others part" that gets me.

Making your own money is pretty hard enough..

It is, however, is a great opportunity to really learn how the market works and be taught things that you can't teach yourself..

S
 
sam76 said:
Hey Dutchy,

It's the whole "making money for others part" that gets me.

making your own money is pretty hard enough..

It is, however, is a great opportunity to really learn how the market works and be taught things that you can't teach yourself..

S
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ditto, freeballs. :D
 
sam76 said:
I've been reccomended for an assistant broker position for a well respected firm in Melb

I love all that has to do with stocks, but I am only self taught (thanks ASF :) ) in the ways of this world and am hence a little hesitant.

Mind you, there is a fairly lengthy interview process etc and the position is not a walk in.

I was just wondering if people could share their views and opinions on the life of a broker.

muchios grasias
Click to expand...
I have a sister who used to work with a prominent firm over 10 years ago ( they started with e and ended with u (should give it a way) she doesnt work there now but i remember at the time she was constantly dealing with big egos. Much may have changed but this is probably something your bound to encounter. (crikey you've only got take a look at some of the sensitive souls that post to these forums to get an idea!)
 
Hello Sam

Why don't you give it a go without thinking too much about all the philosophical ramifications? I gather you're fairly young, so are in a position to try various options before settling into a longer term career. (My apologies if I'm making the wrong assumptions here).

Whenever I've tried to decide about something like an opportunity, I've asked myself "how will I feel in the future if I look back and wish I'd given it a try".
Just seems to me that you have little to lose by finding out more about it and taking the next step.

I agree with the comment that being a broker would be just fine when your clients are making money, but far from fine when you're trying to justify recommendations from which clients are losing money, however generalised a bear market might be. Some of them will take the view that they are paying high brokerage fees to get positive results all the time.

Another point: I suspect you might be somewhat disillusioned about the reality of the job.
From brokers I know, often they perform the role of salesperson only.
i.e. the recommendations come down from head office and they are pretty much told to get out there and sell those recommendations.

We have a broker here on ASF - he might like to comment.

All the best with whatever you decide.

Julia
 
Julia said:
Hello Sam

Why don't you give it a go without thinking too much about all the philosophical ramifications? I gather you're fairly young, so are in a position to try various options before settling into a longer term career. (My apologies if I'm making the wrong assumptions here).

Whenever I've tried to decide about something like an opportunity, I've asked myself "how will I feel in the future if I look back and wish I'd given it a try".
Just seems to me that you have little to lose by finding out more about it and taking the next step.

I agree with the comment that being a broker would be just fine when your clients are making money, but far from fine when you're trying to justify recommendations from which clients are losing money, however generalised a bear market might be. Some of them will take the view that they are paying high brokerage fees to get positive results all the time.

Another point: I suspect you might be somewhat disillusioned about the reality of the job.
From brokers I know, often they perform the role of salesperson only.
i.e. the recommendations come down from head office and they are pretty much told to get out there and sell those recommendations.

We have a broker here on ASF - he might like to comment.

All the best with whatever you decide.

Julia
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Thanks Julia. A nicely balanced view as always :)

Thanks Constable as well. (I'll keep an eye out for your brother when driving through Ballarat on Sunday ;) )
 
sam76 said:
Thanks Julia. A nicely balanced view as always :)

Thanks Constable as well. (I'll keep an eye out for your brother when driving through Ballarat on Sunday ;) )
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Sam,

If you're still pretty young, give it a go. If you like the stockmarket that much, you'll love working in the industry. Remember don't look back later on with any regrets. On the plus side, you'll probably get cheaper brokerage rates.
Good luck with your future.
 
I’d imagine some limitations on personal trading while working for broker, but could be incorrect here.

Probably good to deal with other people money if too stressed to use own, might be good learning curve to become impartial to money and concentrate on getting probabilities and strategies right.

But allow some time to get to the top, I don’t think that very responsible job will be offered straight away, have to learn the ropes first.
 
Happy said:
I’d imagine some limitations on personal trading while working for broker, but could be incorrect here.

Probably good to deal with other people money if too stressed to use own, might be good learning curve to become impartial to money and concentrate on getting probabilities and strategies right.

But allow some time to get to the top, I don’t think that very responsible job will be offered straight away, have to learn the ropes first.
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Happy,

From the client's point of view, I don't think they'd be too impressed with a trainee broker using them as a "learning curve"!

Julia
 
Lets face it all learners are possible liability before they get the grip of things, some never do.

That’s why job starts at the bottom, unless you have contacts.
 
Dude go for it!!! I would... Thing is I'm going down the realestate devellopment path more my self... I think i'll call my company "Johnny Homes... Bigger is better" ;)
 
sam76 said:
I've been reccomended for an assistant broker position for a well respected firm in Melb

I love all that has to do with stocks, but I am only self taught (thanks ASF :) ) in the ways of this world and am hence a little hesitant.

Mind you, there is a fairly lengthy interview process etc and the position is not a walk in.

I was just wondering if people could share their views and opinions on the life of a broker.

muchios grasias
Click to expand...


I know someone that's doing very much what you're doing and basically she's their secretary... They don't let her make decisions at the moment but eventually she will be promoted from cofee machine to fund manager or what eva... Think of it as work experience where they pay you to learn... Uni is something like 17,000 dollars a year... hmmm.... 'pay to learn' compared to 'get paid to learn'...
 
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