Ten Ways to Start Your Career Off Right
IN THIS CHAPTER
Understanding how to survive and prosper as a stockbroker
Socking away (or investing) money
Passing the Series 7 exam can be one of the high points in your life. You’ve dedicated yourself to attaining your goal, put your life (and partying) on hold while you studied, and fulfilled your commitment to long hours of studying and hard work. You’re now ready to reap the rewards. As you begin your new profession, you’ll encounter many new hurdles. I give you this chapter to help prepare you for what to expect and, hopefully, to maximize your chances of a long, successful career.
Win at the Numbers Game
As with any other sales job, selling securities to investors is a numbers game. Some people actually track the number of calls it takes to open a new account, but I’m not among them. There are no specific economic benchmarks; however, you may have to make 500 cold calls to get to talk to 150 people. Out of these 150 people, you may generate ten leads. Out of every ten leads, you may open up one account.
The point is that you have to pick up that phone day in and day out and make the calls. If you’re making 200 to 300 phone calls per day, you’re likely to open an account every few days. However, if you’re making 50 phone calls ...