What Are The Basic Requirements For Becoming Share Market Broker
Becoming a stock broker is not as difficult as one would think, the fact is no schooling or experience is necessary. All a person would need to do is obtain a series 7 designation. (Pass an exam) You can purchase all types of study material from the web to look over. Upon deciding if stock broker is the right career for you the first thing you need to do is gain sponsorship from a registered broker dealer. Check internet and search for the term (top independent broker dealers 2010) this will allow you to find a list of potential sponsors.
You will need sponsorship from a broker dealer in order to become eligible for the series 7 exam. The above mentioned link generates data on the top names in the game but leaves behind some smaller or mid tier firms. In my opinion a little firm is the way to go. In a smaller environment your business could get the attention it needs. Also smaller outfits offer much higher payout (This means you keep more of your commission check) but lack infrastructure. If possible find a small firm with cutting edge technology and you should be fine. After gaining employment from a broker dealer you will be send into a rigorous training program with other aspiring stock broker trainees. The pay isn’t much, but you made it through the rewards. Upon completing a 2 3 month training program remaining trainees are shipped off to a classroom setting to sit around with an instructor for 2 weeks and prepare to sit for the series 7 exam. The instructor always remain ready to answer any questions you may have. Some courses are available online via web cam, search the web for a class you can enroll.
The series 7 exam is a 260 question exam of which 10 questions are excluded at your discretion. In order to pass you must complete 70 % accurately. You can take the exam up to 3 times within a 90 day time frame, if you should fail the third time you have to wait for 6 months to retake the exam. Although it has been rumored the respectable brokers have failed at least one time. Upon completing the series 7 exam you will need to sit for the series 65 exam which is only 50 questions and is relatively easy compared to the series 7. The 65 permits a broker to transact in multiple states usually via telephone.
After passing these two exams you can put yourself on the back for a job, you are officially a licensed stock broker. Many people believe upon passing the exams they will be handed big bags of cash for a job. FALSE! Nothing could be further from the truth, guidance is a big part of success in this industry but very difficult to find and trust. I have seen many talented brokers washed out of the business due to lack of guidance. However with the right set of tools the sky is the limit.
Once becoming fully licensed the next step would be to prospect for potential clients, new prospects are mostly acquired from cold calling. There are many lead sources you can buy leads from the internet. Don’t buy too many to start with, test out a small batch of leads and if you convert sales then continue using that lead service.
Email marketing and targeted direct mail campaigns can work well to generate leads, however if you are fresh to the business I advise cold calling, this will help to sharpen your sales ability and assist in closing sales in the future.
Once building a modest lead base for yourself the next step is to follow up with prospects and attempt to convert them into new clients. Your broker dealer should have ideas generated from their research department to assist in making sure you are presenting suitable ideas to prospects. If your broker dealer lacks research there are many trusted sources to find new ideas you may like as a foundation for your new business. Search the web for a trusted source to help generate ideas.
Grow your business, generate new leads (always) bring in new business, obtain referrals from current clients and grow current accounts to larger value. This is a quick version of how the cycle will work from start to finish. I wish you luck.
For becoming a share market broker you must be aware that the supernsetips is the only stock tips provider who provides you stock market tips & jackpot cash tips with 99% accuracy, so that you can trade with high volumes. So get every answer of share market related questions only on supernsetip.
Processing your request, Please wait....
