BECOMING A GREAT STOCK BROKER

So you want to be a stockbroker. The first thing that you have to do is find a firm that will be a good fit for you. There are many sources for finding a job as a stockbroker, such as magazines, newspapers, friends, websites, etc. Check out the firm thoroughly before signing up.

TAKING THE SERIES 7 TEST

Now that you have found a firm that fits your needs, you will need to pass the Series 7. The Series 7 Exam is the licensing exam that you need to pass for you to become a stockbroker. The Series 7 is a 250-question test that covers stocks, bonds, investment banking, options, margin, rules and regulations, etc. The Series 7 test can be a hump if you don’t put in the effort necessary. Typically, students take about four to six weeks to prepare themselves for the 7. Once you pass the Series 7 Exam, you will also need to pass either the Series 66 or Series 63 state-licensing exam.

TRAINING WITH THE BEST

Once you have successfully passed your exams, you can concentrate on sales training. Determine who the top earner in your firm is. See if it is possible to be trained by him/her. The top money earners are always hard workers. There is absolutely no substitute for hard work. Since this is a sales based business, you will need to make hundreds of phone calls each day. The trainer will help prepare you by making sure that you can overcome customer rejections and closing the sale. Once you have an idea of how to overcome customer rejections, have your friends and family pretend that they are potential customers and overcome their rejections. The more practice you get, the more confidence you will have and the more sales you will get.

KNOWLEDGE

Educate yourself. In the beginning, your brokerage firm will tell you what security that you should be recommending to your clients or potential clients. Research that security or those securities as much as possible. Clients will test you and you want to be prepared. Certainly, the more you know, the more sales you will make. Take some time each night doing market research online and/or by watching some of the financial news shows on television. Although this might sound a little daunting at first, but when you understand the market, you will feel confident sparring with any potential customer.

MAKE THE CALL YOU DON’T WANT TO MAKE

It is inevitable that some of your recommendations are not going to work out the way that you hoped. Don’t make yourself scarce. Contact your customers and either reassure them or switch them to another security. Savvy investors know that this happens and as long as you aren’t hiding, they will likely keep you as their stock broker. Although your customers may not be ecstatic, they will respect you for contacting them first. If 6 or 7 out of 10 recommendations that you made to a customer have positive outcomes, you are doing your job.

GET STARTED

Hopefully, I have given you a little idea of what it takes to become a top stockbroker and make buckets of bucks. It is now up to you to get going. Good luck and much wealth.