Anyone in the business: can you get a job at Fidelity or Edwards or merrill lynch after age 45?
Anyone in the business: can you get a job at Fidelity or Edwards or merrill lynch after age 45?
Honestly, would you really want to be competing with 23 year olds for a job?!
Facing a possible job change wrote:
Anyone in the business: can you get a job at Fidelity or Edwards or merrill lynch after age 45?
Out of curiosity, why wouldn't you be able to?
What does age have to do with competency in the stock market?
sometimes you have no choice
bmp
Many firms prefer older financial advisors. This may be one career where a little grey hair can be an advantage. Clients are often more willing to work with someone who shows more experience. You best chances may be with a more "retail" oriented firm, especially those with a heavy concentration on Main Street USA such as Edward Jones. I would also not rule out your local bank trust departments. The big investment banks like Goldman, CSFB, Merrill are probably where you are more like to encounter an age bias. Fidelity is a tough firm to break into.
Thank you. I appreciate the info.
Bank trust departments love the gray hair. The investment firms love it if you already have a book of business.
In 1997 in my "class" of brokers with a national firm I was 33 and one of the youngest.
I am now independant. I like that A lot better.
My advice would be to look for a job with a team instead of trying to go it alone. Lots of big firms have, within them, teams of brokers who work in partnership or more often under a lead broker. The best teams look like good photos: a charismatic leader, a young go-getter, a grey-haired advisor, and some assistants- a secretary, a book keeper, and a technology wizard. Find a team that's willing to give you real responsabilities and not make you go out and solicit by yourself. You can't cold-call, you can't cold-call, and you can't cold call, which makes soliciting new business from perfect strangers very, very difficult. I'd recomend calling around and trying to set up interviews with established brokers, and have you interview them- explain your position and your desire to learn more about entry into the business. Every big broker I've ever met LOVES to talk about themself.
good luck.
No. All of Wall Street should do time in jail.
The top dogs should be euthanized.
Smith Barney, now part of JV with Morgan, definitely looks for more experienced indvividuals as trainees, as well as younger criminals. They like people who know people and hang out with money. Young guys can set appointments but who is going to give them $1 Mil, to invest? I agree, with some other posts: it makes all the sense in the world to be a slave on one of the top producing teams that can show you the business. It will be just as hard, maybe harder, because thes guys are notoriously bad managers, but you will learn something, and if they suck, you can go it alone down the road.
Now to answer your question...you are probably right around the max, so get going. By the way, I would try UBS, hearing very positive things about them. The last place I would go is Merrill Lynch, Sallie Krawchek is cute, but messed up her last 3 assignments pretty bad.
Breaking in the business is even more difficult now that 10 yrs ago. Cold calling barely works. Even when the market was hot it still was a pain in the ass calling people and getting the phone slammed in your face.
Don't get me wrong, this is a very lucretive business to be in, but it takes time, patience, and going through a lot of BS to get there. Just a few things to remember if you decide to go for it:
1) This game is about money. Getting people's money and getting them to trust you as far as what to do with it. Nothing wrong with opening an IRA for you buddies or your siblings, just realize that these firms give you quotas and will throw you out the door at anytime if you don't hit them.
2) Be prepared to work hard. Some firms will have you making calls after hrs, doing seminars, dinners, etc to raise new money. Don't be surprised if you are putting in 50+ hrs for the first few years. I know that 50 hrs isn't the end if the world, but the hours in this business can get pretty tense.
3) Be creative about getting clients. Don't assume because you are the broker of the day or if it is your turn to answer the phone for new prospects that people are waiting in line to talk to you. There is a distinct difference between someone thinking about moving their money over to you and actually doing it.
4) The on-line brokers are making their mark. Why pay someone $50, $100, $200+ for trades when they can o it themselves for $5, $10, $15 on-line themselves. And besides, a lot of the advise you get from these guys suck big time.
5) Proprietory Products. That's how these guys make their money. And if you want to keep your job at one of these places, you will push it on your clients no matter how terrible they are.
There is a such thing as clean and honest business but it is hard to do when you constently have someone breathing down your back.
Good luck with whatever you do.
Being a stock broker is a waste of life.
Out.
Facing a possible job change wrote:
Anyone in the business: can you get a job at Fidelity or Edwards or merrill lynch after age 45?
Of course. What are they looking for? Salesmen
Can you sell?
Wall Street and all financial services firms (with a few notable exceptions) are designed for one purpose - to sell you stuff.
So can you sell? If you can, great. Otherwise, don't waste your time.
Just to reiterate with many of the other posts, I think you'd have an advantage when it comes to prospecting clients over younger broker's b/c of your age. Most people would feel more comfortable with someone more relatable to them when it comes to investing.
Also, being a stockbroker requires a salesmanship quality, if you have any experience with selling products, that could help you land a position. You can view a breakdown of various types of income brokers receive here:
http://www.stockbrokersalary.biz
I think one disadvantage stockbrokers have getting into the industry, however, is the advent of robo-advisors. Robinhood, for instance, allows investors to trade commission free. So once you've landed a job as a broker, you might want to continue up the ladder and become a financial advisor.
Populist wrote:
No. All of Wall Street should do time in jail.
The top dogs should be euthanized.
You are out of touch OP.
Very few people use stock brokers now because they can trade on their own through that there Interweb or through an investment house such as Vanguard or Fidelity.
BlimeyMate wrote:
Populist wrote:No. All of Wall Street should do time in jail.
The top dogs should be euthanized.
You are out of touch OP.
Very few people use stock brokers now because they can trade on their own through that there Interweb or through an investment house such as Vanguard or Fidelity.
This type of thinking is one characteristic of the third equity bubble in the past eighteen years.
Don't go to Edward Jones unless you like going door-to-door to solicit clients in person.
me and my watch wrote:
The best teams look like good photos: a charismatic leader, a young go-getter, a grey-haired advisor, and some assistants- a secretary, a book keeper, and a technology wizard.
Have you been watching Oceans 11 again?