Move from BD to BD w/not so good credit
15 RepliesJump to last post
Do any of you more experienced out there know of a BD that will look at a registered rep. with less than perfect credit (credit card issues). Thanks for any info.
Why should they?
What makes you think you can manage other people's money when you cannot manage your own.
I have not known of any WINNERS in this field who had bad credit. But, there are plenty of LOSERS who try. They fail. It is because they have a hard time putting the client first.
Clean up your act and try again when you have been successful at managing your own money.
[quote=vbrainy]
Why should they?
What makes you think you can manage other people's money when you cannot manage your own.
I have not known of any WINNERS in this field who had bad credit. But, there are plenty of LOSERS who try. They fail. It is because they have a hard time putting the client first.
Clean up your act and try again when you have been successful at managing your own money.
[/quote]
That's a bit harsh. I do agree that you will have problems in trying to move to a major firm...
[quote=san fran broker][quote=vbrainy]
Why should they?
What makes you think you can manage other people's money when you cannot manage your own.
I have not known of any WINNERS in this field who had bad credit. But, there are plenty of LOSERS who try. They fail. It is because they have a hard time putting the client first.
Clean up your act and try again when you have been successful at managing your own money.
[/quote]
That's a bit harsh. I do agree that you will have problems in trying to move to a major firm...
[/quote]
Yeah a bit harsh. I wasn't really asking anybody to tell me what they thought about my situation. Jusk asking if anybody knows any BD that might consider me. At this point I'm not real concerned about going to a major firm (at this point the majority of my business has been insurance), but would like to be able to offer the clients I have a full range of products when necessary.
My guess is that the answer is "no". If you were a big producer, that would be a different story.
I would strongly advise that you don't go to a B/D that makes you put your insurance production through the grid. This will probably put you out of business.
Hey regrep,
Vbrain is a bit harsh. A lot of these people who post think they are God's gift to financial services...I don't know of one successful person who hasn't "failed" at something before they were a success.
Some of these guys must forget the first couple of years or so when they started. They didn't know squat. Period. You learn over the years and become a better advisor because of it.
To answer your question. Sure there is a B/D out there that will look at you. Just check around.
I agree CC, a great manager once told me while talking about our other manager that “you must not ever forget where you came from”, meaning you don’t let the greed takeover so you start ignoring and wondering why some of the other starting rookies are having troubles. You always have to remember what it was like, thing’s have changed…but it was tough then and it’s even tougher now in a sense. He was a great young producer, did all the prospecting then once he started managing people he didn’t give a damn. He worked his 8-5 while others worked there 7-8,9’s. With little or no support. Lessons learned.
Check out GunnAllen, Investors Capital, or… ack. Can’t remember the 3rd one I wanted to suggest. If it comes to me I’ll add it…
[quote=FreedomLvr]Check out GunnAllen, Investors Capital, or... ack. Can't remember the 3rd one I wanted to suggest. If it comes to me I'll add it...[/quote]
GunnAllen is a chop shop.
[quote=vbrainy]
Why should they?
What makes you think you can manage other people's money when you cannot manage your own.
I have not known of any WINNERS in this field who had bad credit. But, there are plenty of LOSERS who try. They fail. It is because they have a hard time putting the client first.
Clean up your act and try again when you have been successful at managing your own money.
[/quote]
I think you're confused...I think he want to manage people's investments, not their bills. I refuse to call you a jackass.
[quote=regrep30]Do any of you more experienced out there know of a BD that will look at a registered rep. with less than perfect credit (credit card issues). Thanks for any info.[/quote]
I’m not asking you to disclose details, but I think it depends upon how bad it is. If you have a bankruptcy, from what I understand, that will create a major issue. Otherwise you might have a shot.
Might want to consider reaching out to some of the headhunters on here who have some experience placing ‘rising stars’.
Good luck.
[quote=joedabrkr]
[quote=regrep30]Do any of you more experienced out there know of a BD that will look at a registered rep. with less than perfect credit (credit card issues). Thanks for any info.[/quote]
I’m not asking you to disclose details, but I think it depends upon how bad it is. If you have a bankruptcy, from what I understand, that will create a major issue. Otherwise you might have a shot.
Might want to consider reaching out to some of the headhunters on here who have some experience placing ‘rising stars’.
Good luck.
[/quote]
It really does depend on the severity of the problems and the amount of time that has elapsed.
My advice is to apply everywhere you want to work, and see what happens. Just be sure to be ready with a very short
explanation for your problems. Don’t get emotional. Resist the urge
to talk your way out of this. Take a lesson from our President, who
bypassed the whole alcolol issue with the words “youthful
indescretions”.
By the way, interviewers see credit problems as evidence of “poor decision making”. So be ready for lots of seemingly unrelated interview questions about your other life choices (school, profession, location, etc.)
[quote=JCadieux]who
bypassed the whole alcolol issue with the words “youthful
indescretions”. [/quote]
Sorry, that should be alcohol.
Wouldn’t want you to think I was drinking on the job.
[quote=JCadieux] Take a lesson from our President, who bypassed the whole alcolol issue with the words "youthful indescretions".[/quote]
Or the President/disbarred attorney who used the phrase, "I did not have sexual relations with that woman."
[quote=opie]
[quote=JCadieux] Take a lesson from our President, who bypassed the whole alcolol issue with the words “youthful indescretions”.[/quote]
Or the President/disbarred attorney who used the phrase, "I did not have sexual relations with that woman."
[/quote]All politics aside, Opie makes my point for me. President Clinton's famous "I did not have sexual relations with that woman" speech was the wrong way to handle the issue. The speech was long and repetetive. It was also surprisingly bad, considering that Clinton is one of the best public speakers we've had in office during my lifetime. All his speech did was feed the news cycle.
Kennedy handled this kind of scandal concisely and without emotion, while Nixon talked his way out of office.
Here's a non-political example: Ken Lay. He killed his own case by blaming everything on everybody else. He would have been better off saying "I regret that I failed to supervise those under me, and a horrible tragedy resulted. The only silver lining in this cloud is the global improvement in executive oversight".
Remember these examples when you respond to any potentially negative personal issue in an interview situation. Handle the issue briefly and with dignity. Do not get emotional. Do not blame others for your mistakes.
Your response should be 12 to 20 seconds long. Trust me, the interviewer will ask questions if they need more.
And please don't use canned catchphrases like "Youthful Indiscretions" or "I learned from my mistake". It sounds canned. Come up with an original way to tell your story.
There are very few perfect candidates. Everybody has made mistakes. Remember that you will be judged on your response just as much as you will by the character issue.