Trainee Broker in Carbon Credit Investments

[mb11]

Hi,

I have an interview soon for an Investment company and the role is for a trainee broker.

The company markets Carbon Credit Investments, and the role would be an entry klevel broker one.
It sounds like a 'etelsales' role which is based making calls to prospective investors and closing on the phone.

Sales experience is not essential but you must have a Business related degree which i do.


I was wondering what other peoples view on this kind of Graduate job?
I have been trading shares while at uni so have some knowledge of investments.

Do people know much about these kind of roles and any opinions on them as a career?
Do you have any tips that i should prepare and demonstrate for the interview?
Things you think they will quiz me on and good ways to reaspond?

thanks

 

[pboyles]

Selling carbon credit investments over the phone sounds extremely dodgy, possibly illegal depending on the circumstances. Perhaps if you post the name of the company someone may have heard of them. Chances are you're getting into dodgy territory. Google boiler room scam for some background, you'll see many of them are getting into carbon credits.

Hi,

I have an interview soon for a Investment compant and the role is for a trainee broker.

The company markets Carbon Credit Investments, and the role would be an entry klevel broker one.
It sounds like a 'etelsales' role which is based making calls to prospective investors and closing on the phone.


Sales experience is not essential but you must have a Business related degree which i do.


I was wondering what others peoples view on this kind of Graduate job?
I have been trading shares while at uni so have some knowledge of investments.

Do people know much about these kinda roles and any opinions on them as a career?
Do you have any tips that i shiould prepare of demonstrate for the interview?
Things you think they will quiz me on and good ways to reaspond?

thanks

 

[stephen2003]

it is just cold call canvassing.

 

[mb11]

Here is two of the positions on reed.co.uk :

http://www.reed.co.uk/job-details/C...051&&pg=2&k=trainee+broker&l=cr52ee&lp=5&jt=1

and

http://www.reed.co.uk/job-details/C...020&&pg=2&k=trainee+broker&l=cr52ee&lp=5&jt=1

This des sound a bit iffy but then on the vacancy it says this:

"Make no mistake their brokers are very serious about adding to their basic and selling to make as much commission as they can from marketing these products to investors.
Equally important to them is selling them in an ethical way focused on the best interest of the investor.
Before applying please Google Carbon Credit investments and see if research convinces you that they are an investment worth serious consideration.
If you don’t we don’t want to hear from you however good your CV is. "

The recruiter:

Alex McMillan
www.successmoves.co.uk
www.100kclub.eu

is there anything i can ask him by email that would comfirm its all legit?0

 

[kingcontraryman]

The job description reads like the plot of a movie I once watched. Anyone else seen Boiler Room?

 

[anley]

As others have said they're probably a scam company looking to stuff up potential customers with carbon credits. Chances are you'll be cold calling all day, reading from a script etc.

 

[pboyles]

Without knowing who the company is it is going to be difficult. Firstly ask are they FSA regulated, that would be a start. However some regulated companies like Montague Pitmann still turn out to be scams ( they were cold calling selling shares). So really without knowing who the company are there is no way to be certain. However telesales of carbon credits raises a lot of red flags.

Is this really what people go to university to end up doing?

Here is two of the positions on reed.co.uk :

http://www.reed.co.uk/job-details/C...051&&pg=2&k=trainee+broker&l=cr52ee&lp=5&jt=1

and

http://www.reed.co.uk/job-details/C...020&&pg=2&k=trainee+broker&l=cr52ee&lp=5&jt=1

This des sound a bit iffy but then on the vacancy it says this:

"Make no mistake their brokers are very serious about adding to their basic and selling to make as much commission as they can from marketing these products to investors.
Equally important to them is selling them in an ethical way focused on the best interest of the investor.
Before applying please Google Carbon Credit investments and see if research convinces you that they are an investment worth serious consideration.
If you don’t we don’t want to hear from you however good your CV is. "

The recruiter:

Alex McMillan
www.successmoves.co.uk
www.100kclub.eu

is there anything i can ask him by email that would comfirm its all legit?0

 

[pboyles]

Before applying please Google Carbon Credit investments and see if research convinces you that they are an investment worth serious consideration.
If you don’t we don’t want to hear from you however good your CV is. "

Well if you did google carbon credit investments you'd see that Europol (the European Interpol) has said that up to 90% of all carbon credit market activity is being carried out by fraudsters in some European countries.

http://www.telegraph.co.uk/finance/newsbysector/energy/7960622/Crackdown-on-carbon-credit-scam.html

 

[pboyles]

Is this the post you refer to? Its with the same 'recruiter' and involves some sort of carbon credit sales. I have to say this screams scam,

1. They will pay you £800 a month but you'll get commission
2. Previous traders who joined at this level were making 5 figures within 3 months.
3. People who joined at this level now earning more than the prime minister and are still under 25.

http://www.cv-library.co.uk/cgi-bin/yourjobs.cgi?agency=238851

Trainee Brokers (3 positions)
Location Croydon, Surrey
Job Number 129150464
Posted 1312633817
Agency Success Moves
Description You will start as Trainee with £800 basic for the first month. Plus 5% commission on all deals opened from the start. You will be thoroughly trained and developed on an ongoing basis, to fast track you to becoming a high earning Broker. That is just people you canvassed, qualified and sent brochures out to that were later closed by a Senior Broker. You should move to closer within the first quarter where the income formula rises substantially. Previous trainees have joined at this level and be earning five figures in month 3 and beyond.

Make no mistake you will be working in an office where people joined at this level and are now earning more than the Prime Minister and still under 25!Investors are moving away from high risk investments and into more secure ones.

 

[mattboffey]

Seems too good to be true which = scam

 

[mb11]

thanks for the replies/opinions,

i asked the questions someone mentioned and heres what the recruiter said:




What is the name of he company i have an interview with?
----------
www.lcinvestments.co.uk


1. Is the company regulated by the FSA?
-----------
Carbon credits are not regulated by fsa. It is not a stockbroker or under parliamentary definaion of a fs company.

2. Are client funds kept in segregated accounts.
------------
Yes as far as I know, but have to ask client.

3. What happens to clients and their money if they go bust?
--------------
.0They would not hold client money out immediately goes to supplier.

4. Is cold calling involved in the role?
----------------
Of course. That is the main job role. Again it is not a stockbroker (which has laws restricting cold calling). There are openers and you should progress to closer within first quarter. This is all explained on saturday.


Client will be there on saturday and you can ask directly.
You have to understand fsa, is under change, carbon markets are evolving fast rather than being established.
The client in this case I know personally he is a great leader and puts v high emphasis on training, personal development and encouraging a high quality life in terms of fitness, health, as well as honesty and integrity.



Any thoughts om these answers?

thanks

 

[anley]

Look, if you have few morals and don't mind cold calling people and stuffing them up, ie selling something that's worth say £100 for £1,000 then take the job.

But make no mistake this job is about stuffing ignorant people up and taking them for all you can. You might say you have their best interests at heart but the reality is you'll be lying. Some can do that job, others think it's disgusting.

 

[anley]

By the way for anyone stupid enough to buy carbon credits through this company or others do you realise this critical point -

In order for you to sell them you have to go back THROUGH the company that sold them to you. Do you realise what that means? If yes, then well done, you're not a fool, go to the top of the class. But if you don't then a) you're a complete fool and b) be prepared to lose the majority of your money as a cold calling company has you by the short and curlies.

 

[pboyles]

Think about what you're going to put on your cv when you're looking for your next job. "I cold called pensioners and sold them worthless investments"? By the time you're looking for your next job I'm sure this company will be well known.

 

[anley]

CLIENT: Hello, this is Jim Smith you sold me some carbon credits 6 months ago and I've heard the market is doing well, I'd like to take profits.

'BROKER': Mr Smith, yes I remember you, thanks for calling. The trouble is Sir there's been some problems in the market with the new EU regulations and further Government regulation so only part of the market has been doing well. Your investments sadly haven't and at present there's no real market for what you bought. But it does all depend on whether we can find a buyer, that might be tr4icky in today's market. Can I advice you hold on for the long term , the credits you bought will come good but right now as I said the market is tough. Why don't you call back in a few months and hopefully the market will have picked up a bit.

CLIENT: (in a meekly tone). Oh, I didn;t think it would be hard to sell them, when I bought them you said it was as easy as calling you up and that I was on to a sure thing.

'BROKER': Well, that was true then but the market has changed and that's how markets operate, nothing is guaranteed in the present climate.

CLIENT: Hmmm, guess I'll have to call back in a few months, but do you really think the market will get better and I'll be able to sell out at a good profit.

'BROKER': yes, our 'analysts' are suggesting that due to China not doing too much about polluting the world the carbon credit market looks like a fantastic long term hold. If I were you Sir I'd just hold on.

CLIENT: OK, guess there's nothing I can do, so I'll call you in a few months.

Broker puts down the phone and say 'what a mug, but he was great for business because I got paid High fives all around the office.

Client puts the phone done and thinks, hmmm, this isn't turning out to be ANYTHING like I was told.

I SAY - Mr Smith, did you do anything INDEPENDENT RESEARCH into the market or did you take at face value what your cold calling broker said to you? I think we know the answer to that don't we?

3 MONTHS PASS

CLIENT: Hi, this is Jim Smith, how's the carbon credit market doing?

'BROKER': Mr Smith, great to hear from you Sir. Unfortunatly, the market hasn't picked up, it's still suffering but as I said to you, view this as a long term investment, act like Warren Buffet and hold, you'll be OK Sir.

AND ON AND ON IT GOES..............

YOU'VE ALL BEEN WARNED.

 

[mb11]

thank you for all the replies,

you have opened my ignorant eyes to what this company is all about,

its not for me, i couldnt live with myself knowing i would be ripping people off, i watched the boiler room, no thanks!

is cold calling in any broker/trading firm a guaranteed 'boiler room'?

is there any other clear signs of a dodgy firm to stay clear of?

thanks

 

[pboyles]

is cold calling in any broker/trading firm a guaranteed 'boiler room'?

is there any other clear signs of a dodgy firm to stay clear of?

thanks

1. not necessarily a boiler room but, like the land banking scams, it will always end up in the 'customers' being ripped off. Perhaps it will be a criminal enterprise or perhaps a quasi legal scam.

2. Look at their adverts, promises of quick riches is the first red flag, particularly when accompanied by a lack of required qualifications or experience. Also use a Whois search and companies house webcheck to see how long they have been established.

 

[jthetrader]

CLIENT: Hello, this is Jim Smith you sold me some carbon credits 6 months ago and I've heard the market is doing well, I'd like to take profits.

'BROKER': Mr Smith, yes I remember you, thanks for calling. The trouble is Sir there's been some problems in the market with the new EU regulations and further Government regulation so only part of the market has been doing well. Your investments sadly haven't and at present there's no real market for what you bought. But it does all depend on whether we can find a buyer, that might be tr4icky in today's market. Can I advice you hold on for the long term , the credits you bought will come good but right now as I said the market is tough. Why don't you call back in a few months and hopefully the market will have picked up a bit.

CLIENT: (in a meekly tone). Oh, I didn;t think it would be hard to sell them, when I bought them you said it was as easy as calling you up and that I was on to a sure thing.

'BROKER': Well, that was true then but the market has changed and that's how markets operate, nothing is guaranteed in the present climate.

CLIENT: Hmmm, guess I'll have to call back in a few months, but do you really think the market will get better and I'll be able to sell out at a good profit.

'BROKER': yes, our 'analysts' are suggesting that due to China not doing too much about polluting the world the carbon credit market looks like a fantastic long term hold. If I were you Sir I'd just hold on.

CLIENT: OK, guess there's nothing I can do, so I'll call you in a few months.

Broker puts down the phone and say 'what a mug, but he was great for business because I got paid High fives all around the office.

Client puts the phone done and thinks, hmmm, this isn't turning out to be ANYTHING like I was told.

I SAY - Mr Smith, did you do anything INDEPENDENT RESEARCH into the market or did you take at face value what your cold calling broker said to you? I think we know the answer to that don't we?

3 MONTHS PASS

CLIENT: Hi, this is Jim Smith, how's the carbon credit market doing?

'BROKER': Mr Smith, great to hear from you Sir. Unfortunatly, the market hasn't picked up, it's still suffering but as I said to you, view this as a long term investment, act like Warren Buffet and hold, you'll be OK Sir.

AND ON AND ON IT GOES..............

YOU'VE ALL BEEN WARNED.

I'm pretty sure it isn't that simple, if you have presented an instrument as being part of a liquid market then a) it has to be part of a liquid market, b) you as a market maker are surely required to provide some mechanism for the sale of these instruments?

Otherwise what, legally, is to stop someone from opening up a few privately held companies, getting a few employees, a few grand in capital to satisfy basic requirements that the company be functioning, some dummy customers to create bogus cash flow and a snazzy brochure and then selloff shares in the company via cold calling? The company would go bust, the shareholders would be left holding illiquid, worthless shares in a company and would have no recourse. I am pretty sure people who do this kind of thing end up in prison pretty fast, George Abrue and co. for example.

Now it may be a reality that most people fooled by cold call brokers, whether they're touting shares or other investments, don't bother pursuing them legally but they could.

 

[jthetrader]

1. not necessarily a boiler room but, like the land banking scams, it will always end up in the 'customers' being ripped off. Perhaps it will be a criminal enterprise or perhaps a quasi legal scam.

2. Look at their adverts, promises of quick riches is the first red flag, particularly when accompanied by a lack of required qualifications or experience. Also use a Whois search and companies house webcheck to see how long they have been established.

To be fair they didn't exactly promise riches, they promised £800 a month and a 5% commission, you'd need to be selling £1 million a year worth of investments to be making 'good' money.

 

[anley]

It is as simple as that, and it's been going on for years.

So what if they're criminals, most operate offshore so it's expensive to try and catch them, and the criminals know this. For every conman they catch there are probably 50+ they don't.

Plus, they don't have to go through the hassle of setting up companies and creating cashflow. All of the people that fall for the scams do so because of what they're told which in turn is all lies. If the people who lose money weren't so naive and greedy they'd do a little bit of independent research and soon realise they were being setup. And if they don't know how to research then what are they doing getting involved in complex investments? They should realise their limitations and keep the money in the bank, or Gold, anything that's simple and easy to understand.

I'm pretty sure it isn't that simple, if you have presented an instrument as being part of a liquid market then a) it has to be part of a liquid market, b) you as a market maker are surely required to provide some mechanism for the sale of these instruments?

Otherwise what, legally, is to stop someone from opening up a few privately held companies, getting a few employees, a few grand in capital to satisfy basic requirements that the company be functioning, some dummy customers to create bogus cash flow and a snazzy brochure and then selloff shares in the company via cold calling? The company would go bust, the shareholders would be left holding illiquid, worthless shares in a company and would have no recourse. I am pretty sure people who do this kind of thing end up in prison pretty fast, George Abrue and co. for example.

Now it may be a reality that most people fooled by cold call brokers, whether they're touting shares or other investments, don't bother pursuing them legally but they could.