Headsets and Mahogany Desks

The truth about life as a broker.

Many people think that obtaining a series 7 brokers license is a golden ticket to a life of Italian sports cars and dreamy vacations. The reality is that most people I've worked with, myself included, are living a life that is much different from what is shown in movies like "The Wolf of Wall Street". The truth is:

We never thought we'd be doing this:
Most of us have degrees in other fields ranging from fine arts to engineering. I've worked with a variety of folks from former military to refugees who are here building a new life. While many of us embrace our profession and learn to love it, others yearn for their true calling.

We're not wealthy:
While being in this business pretty much guarantees a salary above the national average, most of us are earning middle class wages. When the market crashed in 2008, we lost half of our investment savings too.

We give up a lot of personal freedoms and privacy:
Simply holding a Series 7 licenses places restrictions on our ability to own another business, volunteer, serve on a board or committee, speak publicly about our opinions on the market and contribute to political campaigns. Past transgressions like bankruptcy and arrests must also be publicly disclosed and posted on Broker Check.

We're highly regulated and liability is huge:
Simply wording something slightly the wrong way, using an outdated document, or not making certain that a client understands exactly what we're saying can lead not only to job loss, but also personal fines.

We work long and irregular hours:
Particularly in the call center world many brokers work overnights, holidays, weekends and lots of overtime to make sure they're available to answer the phone if someone has a question or concern about their portfolio.

We have to remember a lot of detailed information and be able to communicate it on demand:
The series 7 is a grueling exam, but that's only the beginning. When working in a fast paced trading environment brokers have to take care of clients while also paying attention to what is happening in the markets. There are dozens of processes and rules to remember in addition to the task of building client relations.

We don't do drugs all day and party all night:
Being a trader requires incredible energy and attention to detail. While there may be frequent consumption of coffee and energy drinks, you'd be hard pressed to find lines of cocaine and bottles of pills being passed around around the office. Brokerage firms also place a high importance on maintaining a pristine image. Those who push the limits and risk bad press don't last long.

Working in a trading environment can be both exciting and rewarding, but like anything there are trade offs. The financial industry is not some elite profession reserved for Harvard MBA's, nor is it occupied by a bunch of greedy back room thieves. In many ways banks and brokerage firms have become the modern day factory lines for the educated and tech savvy Gen Y and Millennials.

Be Well
- Nicole