Becoming a stock broker?

[mime]

Is it difficult to become a stock broker?

[stefan]

Is it difficult to become a stock broker?mime,
That depends on where you stand in your life right now. Try this for some good information about the requirements and other details:

http://getaccess.westone.wa.gov.au/careers/profiles/data/OCC128.asp

Have a nice weekend

Stefan

[mime]

You only need to go to TAFE to become a broker?

[stefan]

You only need to go to TAFE to become a broker?
Makes you thinking, doesn't it.... ;)

[JetDollars]

Majority of the stock brokers earning less than us.

[wayneL]

I have a good mate who is a broker at macbank.

If you have heaps of wealthy connections who are willing to give you business straight away, you will do well.

It is a lot like being a salesman. If you don't have connections, it will take a while...and some serious networking, pissing in the right pockets etc to build up a business.

My friend was handed some large accounts when he started by a retiring broker, so he was very lucky. He is also a seriously good salesman and has managed to build on this stroke of good fortune very successfully and, consequently is making a totally filthy and obsene amount of money.

So what I am saying is that it it a sales job. Do that well and you will be set.

Cheers

[wayneL]

But Jet is right also, the majority just scratch by.

[Mofra]

It scary to think that in addition to a stockbrokers TAFE course, you can become a licensed financial planner (arguably a more responsible role than a broker) entirely by correspondance. Shows you the importance of two rules followed by many:

1. Always do your own research
2. Be extremely wary of taking financial advice from anyone worth less
money than you

[stefan]

Mofra,


Be extremely wary of taking financial advice from anyone worth less
money than you THAT is something I wouldn't bet my money on. Think about all the many sharks out there, especially in the property market who are so called millionairs selling expensive seminars where they teach you how to get 10-50 properties without spending any money yourself. So just because somebody is worth more money than you, doesn't make him any more trustworthy.

I'd say if you don't have any idea about money or investing, then you're most at risk. So before you go and see a financial planner, you should at least have a basic understanding of how things work. The planner should then be able to show you which ones work best for you, based on your needs. It is sad, but financial planners who realise that you don't know anything, tend to push you towards their own goals which in most cases just happen to be excactly the opposite of what you really need.

I remember I went to a financial adviser of one of the big banks one day to see if they actually knew something more than what you can learn yourself. He spent 15 minutes of showing me fancy colourful charts and bars and not once did he mention anything else than their international share fund which at that time just happened to return impressive figures. He prepared all the forms for me to sign without showing me ANY other possibilites. While he was keen to support my view that negative gearing on properties was a much more risky thing to do than what it looked like, he was keen to offer me margin lending on shares without even mentioning the risks involved. Well, it just goes to show that a financial planner is just as good as the products he's earning the biggest commission on. I honestly don't know why your hairdresser is not allowed to give you financial advice when you look at the value you get from your "professional" adviser.

Have a nice weekend

Stefan

[Mofra]

Stefan,

I can assure you as someone who knows many financial planners working for banks and for private firms, the commisions paid by major fund managers weigh very heavily on the minds of financial planners - who often are as adept at selling as the hype merchants who run seminars. Whilst not wanting to paint all financial planners in a poor light, those working for larger institutions do have sales targets to meet and the rewards for meeting these targets can be quite substantial.

[mime]

You could have owned 50 or so properties without spending your own money but that was before the prop boom. I hate it when people are writing all these books about getting rich off property when they bought before the boom and cashed in off it.

[Jesse Livermore]

To be a stockbroker you need your PS 146 which is an ASIC requirement for people giving financial advice, the best way to get it is through the Securities Institute of Australia Diploma in Financial Services or Graduate Diploma in Applied Finace and Investment, and then you need to do the ASX Broker Examination which in a multiple choice format asking about securities industry rules and regualtions.