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Wet_Blanket View Drop Down
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S'All Good Man!

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Wet_Blanket Quote  Post ReplyReply Direct Link To This Post Posted: Jul/30/2010 at 9:38pm
It is valuable - you just have to find a firm that recognizes it. You should probably start by researching shops that do option biz - but you aren't limited to those shops because your experience and history is transferrable.

If you want, you can PM me your general work history etc., and I'll ask some guys in "the biz" for what you can expect and where to look.
When money is speech, speech isn't free.
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Ron 14 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Ron 14 Quote  Post ReplyReply Direct Link To This Post Posted: Jul/30/2010 at 9:40pm
That would be much appreciated. Should I include that I sold a lot of Investment Company of America while at EJ?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote LA Broker Quote  Post ReplyReply Direct Link To This Post Posted: Jul/30/2010 at 10:00pm

Ron

I know how you feel and I think most on this board know how you feel.  Building a book without high net worth contacts is tough work.  You have to weed through the garbage and take idiots on as clients until you get enough “good” clients to break off and work exclusively with them.  If you plan on sticking with this longer just remind yourself how young you still are for the average FA, by the time you are mid 40’s when most are starting in this business you will have a nice book with enough good clients to control your career more.  I like the idea of studying for the CFA while at work, maybe you could move into private wealth management where you are the CFA of a team, dealing with ultra high net worth clients. 

No offense Wet, but I would not even consider compliance Ron, I think you would get tired of it quick.  At least be a Chicago PD where you can kick someone’s ass in real life once in a while if you like the idea of policing people. 

How about the FBI going after white collar financial crimes?  Pay is not great but you can retire at 55 with a 150K (adjusted for inflation) pension. 

Personally, I would not rule out wholesaling, I think some firms have a managed account program you can wholesale for them.  Or what about working for a hedge fund?  Either as a analyst or on the sales side. 

Don’t forget we are in a pretty tough time right now for our business.  People are scared of the market; bond yields are low with rising interest rates around the corner.  Things will eventually get easier to make a buck.

“If you're not a liberal at twenty you have no heart, if you're not a conservative at forty you have no brain.”
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Wet_Blanket Quote  Post ReplyReply Direct Link To This Post Posted: Jul/30/2010 at 10:06pm
Hah - be sure to mention your strategic DCA plans.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SometimesNowhere Quote  Post ReplyReply Direct Link To This Post Posted: Jul/30/2010 at 10:06pm
Originally posted by Lawrence Lawrence wrote:

You could be the "party boy" at some beach resort. At least you and I finally have something in common.L

Seriously Lawrence, you're a fucking retard. Delete your account and kill yourself immediately.
I sort of give a fuck.
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Ron 14 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Ron 14 Quote  Post ReplyReply Direct Link To This Post Posted: Jul/30/2010 at 10:28pm
Originally posted by LA Broker LA Broker wrote:

Ron

I know how you feel and I think most on this board know how you feel.  Building a book without high net worth contacts is tough work.  You have to weed through the garbage and take idiots on as clients until you get enough “good” clients to break off and work exclusively with them.  If you plan on sticking with this longer just remind yourself how young you still are for the average FA, by the time you are mid 40’s when most are starting in this business you will have a nice book with enough good clients to control your career more.  I like the idea of studying for the CFA while at work, maybe you could move into private wealth management where you are the CFA of a team, dealing with ultra high net worth clients. 

No offense Wet, but I would not even consider compliance Ron, I think you would get tired of it quick.  At least be a Chicago PD where you can kick someone’s ass in real life once in a while if you like the idea of policing people. 

How about the FBI going after white collar financial crimes?  Pay is not great but you can retire at 55 with a 150K (adjusted for inflation) pension. 

Personally, I would not rule out wholesaling, I think some firms have a managed account program you can wholesale for them.  Or what about working for a hedge fund?  Either as a analyst or on the sales side. 

Don’t forget we are in a pretty tough time right now for our business.  People are scared of the market; bond yields are low with rising interest rates around the corner.  Things will eventually get easier to make a buck.

 
Those are all good points. I had looked into FBI jobs, but the layers are so vast that who knows how long it will take to get in if I am even qualified.
 
Wholesaling scares me because what do you really have? Even grinding it out at a bank I know I am slowly building some loyal clients that will be with me if this is what I want to do.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Moraen Quote  Post ReplyReply Direct Link To This Post Posted: Jul/30/2010 at 10:32pm
Ron, if you are interested in working for the Bureau, let me know.  I have some good contacts, and I know how to navigate federal jobs.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote knuk Quote  Post ReplyReply Direct Link To This Post Posted: Jul/30/2010 at 10:47pm
Originally posted by Primo Primo wrote:

Originally posted by Ron 14 Ron 14 wrote:

The firms I have worked for don't allow for options trading and I don't think I could bring in enough funds with my lack of prospecting talent to make it work.
 
 
Prospecting talent is a myth.  There is calling and call avoidance.

Or as Yoda says"Try? No try. Do or do not."
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests Quote  Post ReplyReply Direct Link To This Post Posted: Jul/30/2010 at 11:38pm
Originally posted by Ron 14 Ron 14 wrote:

Originally posted by under_complicated under_complicated wrote:

Have you thought about the wholesaling route?
 
Not really because I wouldn't believe in what I was selling. I don't think there is a big difference in fund families and with managed money becoming the norm I don't see much of a future in it.

this is ridiculous IMO.  bullshit, it's the other way.  AND if you don't like what you do, GET A MUTHERFUCKIN PLAN TO CHANGE IT.  I am sure mlgone would have said something like, dude you control whatever you do from this moment on. Now believe.  Do your day job and get the CFA or whatever you want.  you can
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests Quote  Post ReplyReply Direct Link To This Post Posted: Jul/31/2010 at 12:52am
Ron,

My take on your situation is this...

I thin you're a spectacular advisor, but you hate prospecting.  My advice, is to pick a firm that you actually want to be a part of, and bust your balls for 4 years building a business.  Don't take traders.  Don't take dumbasses.  Suck it up, and get over your prospecting avoidance, and built the shit out of your business, at a place you like, and before you're 40, you'll be on easy  street for life.

You work at firms you despise, and work with clients you hate, because you feel you have to.  Use that hate as motivation to prospect...because if you prospect, you can build your biz ANYWHERE (so you won't need the bank), and you can work with ANYONE, you don't have to taken anyone's shit.

If you think you're trapped, then you will be.  If you think you won't make it, then you won't.  But if you just overcome all that shit, and you believe you're the man, then you will be the man.  And you have the skills to be the man...so do it. 


Edited by iceco1d - Jul/31/2010 at 9:22am
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Iamlegend Quote  Post ReplyReply Direct Link To This Post Posted: Jul/31/2010 at 10:12am
Originally posted by Ron 14 Ron 14 wrote:

Many of you have probably seen this coming for months now, but I have a feeling that I don't stand a chance in this business long term for one reason. I HATE WRESTLING WITH IDIOTS!!
 
I had two second appointments today and they were fucking disasters. Halfway through I just wanted to tell the people, "You have no chance at financial security, I can't help you, we are done here."  I didn't because they both had 100k+ and obviously hitting numbers is part of the game.
 
Lets save the maybe you suck at this or you should have done this or any of the other commentary I am sure to hear. I am asking, what do I do now ? Frankly I am miserable and I just can't stand most of these people I deal with. I have a trading background and 4 years as a garbage FA. Where should I go or how do I salvage this career ?
Have you thought about trying to get into external wholesaling?  You have the knowledge and you would deal with disasters like us rather than the disaster clients.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Ron 14 Quote  Post ReplyReply Direct Link To This Post Posted: Jul/31/2010 at 10:19am
I did think about that, but I am not a seminar type guy.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Wet_Blanket Quote  Post ReplyReply Direct Link To This Post Posted: Jul/31/2010 at 10:50am
I think I have the right answer.  I'll get back to you Ron.
When money is speech, speech isn't free.
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Ron 14 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Ron 14 Quote  Post ReplyReply Direct Link To This Post Posted: Jul/31/2010 at 11:12am
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Iamlegend Quote  Post ReplyReply Direct Link To This Post Posted: Jul/31/2010 at 11:31am
How about joining a team as a behind the scenes person who runs the models, etc. With your trading background you could probably add value there.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Wet_Blanket Quote  Post ReplyReply Direct Link To This Post Posted: Jul/31/2010 at 11:39am
Ron, just curious - you do not want to be a floor trader?
 
INDEX OPTIONS-OPEN OUTCRY EXECUTION FLOOR TRADER

A Leading Chicago Equity Index Market Maker is looking for an experienced Execution Trader to join their growing Trading Floor team. The firm uses the latest quantitative models to make markets and execute trades in the SPX and OEX pits. Candidates must have current experience executing Equity Index Options in an Open Out-Cry Pit directly on the Chicago Exchange floors and will need to demonstrate advanced knowledge of options math. Preference will be given to candidates who have strong quantitative skills and programming experience (C++). The role requires superior communication skills and a strong work ethic.



Edited by Wet_Blanket - Jul/31/2010 at 11:39am
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Ron 14 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Ron 14 Quote  Post ReplyReply Direct Link To This Post Posted: Jul/31/2010 at 11:41am
Originally posted by Iamlegend Iamlegend wrote:

How about joining a team as a behind the scenes person who runs the models, etc. With your trading background you could probably add value there.
 
That would be ideal. This is seems to be the best fit. I am searching right now.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Ron 14 Quote  Post ReplyReply Direct Link To This Post Posted: Jul/31/2010 at 11:44am
Originally posted by Wet_Blanket Wet_Blanket wrote:

Ron, just curious - you do not want to be a floor trader?
 
INDEX OPTIONS-OPEN OUTCRY EXECUTION FLOOR TRADER

A Leading Chicago Equity Index Market Maker is looking for an experienced Execution Trader to join their growing Trading Floor team. The firm uses the latest quantitative models to make markets and execute trades in the SPX and OEX pits. Candidates must have current experience executing Equity Index Options in an Open Out-Cry Pit directly on the Chicago Exchange floors and will need to demonstrate advanced knowledge of options math. Preference will be given to candidates who have strong quantitative skills and programming experience (C++). The role requires superior communication skills and a strong work ethic.

 
This is what I did before. Floor trading positions are drying up quickly and many of them lack much thought, meaning you stand there with a handheld computer and make the markets the back office tells you to make. When I was down there we had values on a sheet of paper and we would make markets based on volatility changes in our head. Floor jobs now are basically for puppets.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests Quote  Post ReplyReply Direct Link To This Post Posted: Jul/31/2010 at 11:45am
Originally posted by Iamlegend Iamlegend wrote:

How about joining a team as a behind the scenes person who runs the models, etc. With your trading background you could probably add value there.


Because there are no teams out there that are looking to hire a person for this.  A sophisticated team already has people doing this, and an unsophisticated team doesn't care. 

Team opportunities are for prospectors and closers. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote FA86 Quote  Post ReplyReply Direct Link To This Post Posted: Jul/31/2010 at 12:06pm
Ron, can I have your old job if you get a new one?
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