Trainee stockbroker roles and any information

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neo0606

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Hey everyone,

I’m new to this site so I will try and explain my situation. I have read a few other comments by users which I hope will benefit us all.

Firstly I just graduated(July 2008) and have considered going into stock broking. This week I was at a company(a stock brokers, advisory), which was a trail week which ended, a lot sooner than I thought. My task was being an account opener, which I had to ring 100’s of people and try and send them a brochure of the company. (telesales)

Is this what stock brokering is about?

What is the daily routine of a broker?

I thought I would advise clients on stocks to buy and when to sell not to lie to people or bug people about opening accounts.

Also I previously went to a recruiter and he advised me sit my FSA exams, I know he will get more money for me when he finds me a job.
It’s also very competitive at the moment as more people are leaving the square mile then entering.

Do you think it would be a good idea for me to sit these exams before I have any experience?

Thanks to any who get back to me, also if you are in the same situation please ask more questions that I may have left out.

Cheers
 
neo0606 said:
Hey everyone,

I’m new to this site so I will try and explain my situation. I have read a few other comments by users which I hope will benefit us all.

Firstly I just graduated(July 2008) and have considered going into stock broking. This week I was at a company(a stock brokers, advisory), which was a trail week which ended, a lot sooner than I thought. My task was being an account opener, which I had to ring 100’s of people and try and send them a brochure of the company. (telesales)

Is this what stock brokering is about?

What is the daily routine of a broker?

I thought I would advise clients on stocks to buy and when to sell not to lie to people or bug people about opening accounts.

Also I previously went to a recruiter and he advised me sit my FSA exams, I know he will get more money for me when he finds me a job.
It’s also very competitive at the moment as more people are leaving the square mile then entering.

Do you think it would be a good idea for me to sit these exams before I have any experience?

Thanks to any who get back to me, also if you are in the same situation please ask more questions that I may have left out.

Cheers
Click to expand...

Its going to be difficult :(

try
cityjos.com and Finance Jobs UK: Investment Banking Jobs, IT Jobs in Finance & Accounting Recruitment in UK
 
Magos said:
Its going to be difficult :(

try
cityjos.com and Finance Jobs UK: Investment Banking Jobs, IT Jobs in Finance & Accounting Recruitment in UK
Click to expand...

Also according to prospects

Stockbrokers invest in securities, money and various financial products on behalf of institutional, corporate and private clients. They make recommendations on buying and selling stocks based on their interpretation of financial market information provided by analysts.

When providing services for private investors, they are known as private client stockbrokers, investment managers or wealth managers. Stockbrokers also work within financial institutions such as stockbroking and investment management companies.

Whilst the role is very similar to that of a trader, stockbroking involves more direct contact with clients. The Association of Private Client Investment Managers and Stockbrokers (APCIMS) has a list of member companies on its website.

Typical work activities include:

researching information about the market in domestic or foreign equities, securities and government stocks;
providing appropriate advice to private clients, by phone, direct contact or review letter;
buying or selling for clients;
managing and reviewing portfolios;
underwriting new issues in larger firms.
 
Magos, thanks for getting back to me.

So me phoning people like I was trying to sell them a mobile phone contract was a one off? Or does this happen in every brokers who deal with private clients?
 
neo0606 said:
Magos, thanks for getting back to me.

So me phoning people like I was trying to sell them a mobile phone contract was a one off? Or does this happen in every brokers who deal with private clients?
Click to expand...

it all comes to the company's manual :)
 
neo0606 said:
. .
Firstly I just graduated(July 2008) and have considered going into stock broking. This week I was at a company(a stock brokers, advisory), which was a trail week which ended, a lot sooner than I thought. My task was being an account opener, which I had to ring 100’s of people and try and send them a brochure of the company. (telesales)

Is this what stock brokering is about?
Click to expand...

No, absolutely not. Sounds like you worked for a bucket shop for a week.
 
or a boiler room......really badly managed... and they broke alot of laws. firstly i should have signed documents to be in the building for insurance purpose...etc....etc... things they were saying to
clients was wrong.
 
neo0606 said:
or a boiler room......really badly managed... and they broke alot of laws. firstly i should have signed documents to be in the building for insurance purpose...etc....etc... things they were saying to
clients was wrong.
Click to expand...

just check the company if is FSA regulated from the FSA register

FSA Register

if it looks oky... what more can you do (the judge will understand :p)
 
i check it before i went and it was there i also checked the employees and noticed they all work for the same companies...i started revising for my FSA any advice?
 
neo0606 said:
i check it before i went and it was there i also checked the employees and noticed they all work for the same companies...i started revising for my FSA any advice?
Click to expand...

try solve as much questions as possible:
start with chapters bring your average as close to 100% as possible and then go to past papers. if you think you want more questions buy some from sii

that should do :)
 
mate it depends how the brokerage is set up, dont expect to go in and not work from the bottom up.

making all these cold calls is a necessity at the beginning so you can build up a client base who would deal with you. ultimately whether they keep coming back, depends on how good you are and if you make any of your clients money.

you cant expect to be given warm accounts until you have proved your aptitude for the job.

but usually when a broker is cold calling, it is because he has stock to offload to an unwary customer and generally will result in the client not making any money from the deal.

I think the correct terminology is 'spanking'.

how do the recomendations which you push to your clients come about?
 
they were a crew of cowboys, selling the worst performing stocks. I wrote a program at uni which assessed data of stock.(like the capital assets model) i put the figures in and all came up as dont buy. there was one which i could say was a good recommendation but we will see. This had no movement as yet.

We would call clients with a script sending company profile and the next couple of days we would re ring and bug to open an account. Maybe 6 accounts on the whole floor per month.

Do you guys do this at your jobs?

Thanks for getting back to me
 
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