Hours a week... seriousely, no exaggerations
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Mandatory - usually 8:30-5pm M-F with an occasional mandatory work night..... Suggested - 2-3 nights per week till at least 7pm.....and 1 day out of every weekend.... Reality - If you are bringing in accounts and finding success from putting in many hours, you will want to work more and more and more and more.........If you are spending a ton of time in the office and not exceeding your goals, you will quickly get frustrated and stay on until they tell you that it's not working...... Forget about the hours.......think about how you will bring in assets......I don't know the current goals, but let's call it 25 million in 3 years......When you decide how you will prospect.....and when you see how successful you are......you will either love what you are doing and make it......or you will grow to hate it and move on.... Good Luck......I’m in the process of interviewing for a spot at the local MSSB. I went to a career orientation and they said to expect working insane hours the first few year - every night + weekends. Seriously, how much of that is for real and how much is just to scare the lazy asses? What’s a typical schedule going to look like for the first few years at MSSB and how much of it is actually mandatory?
The pleasing methods are the things that the failures do. Read the “book”. Google it. It is a 5 minute read.
I worked in my office 12 hours yesterday and today (7am-7pm) then spent the rest of the evening out socializing with prospects/clients til about 9pm. I’m just starting out (2nd year in the biz), so that’s a pretty typical day for me.
I'll try to leave work earlier on Fridays, but I if I have dinner plans or something downtown where my office is I'll work til 5/6ish. Another day another $1 I guess... although right now it feels like more days than dollars :)Nobody works 12 hour days unless they are first starting or have appointments all day.
There was a great example of a schedule on here somewhere.. I will try to find it..Wow haha, is that really what I have to look forward to for the first couple of years? 12 hours of cold calling with a few pee breaks sprinkled throughout the day? I mean, that’s pretty much all I do now but I figured that was only because I’m at a sh*tbag no name “boutique” firm. I bet the cold calls at least are a bit different… we pitch a stock & try to get them into a trade right off the bat. At a wire you guys do what, try to set up an appointment? Portfolio review? Something like that right?
[quote=Squash1]
7:30 AM - read papers - IBD - WSJ print or online, as you drink coffee & listen to morning call, think about a strategy you might want to use for any assets you have in. If you have an investment "policy" that you use, or matrix - rely on that as your filter. If you don't spend some time on a weekend or late at night to come up with somethin. 8:00 AM Pick up phone, start dialing cold calls 8:50 AM Stretch, get coffee, check market. . 9:00 AM - Pick up phone, start dialing cold calls 9:50 AM pee, Get coffee 10:00 AM Ifyou have no appointment - pick up phone start dialing cold calls 10:50 - drink water, have snack 11:00 Pick up phone, start dialing cold calls 11:50 - Heat up the lunch you brought in, listen to noon calls, analyst info Read and reply to e-mail. 1:00 If you have an appointment, go on it, If not.....Pick up phone, start dialing cold calls 1:50 Check with assistant to see if there are any missing paperwork items....etc that need to be dealt with, grab mail. DON"T READ IT yet. 2:00 Pick up phone, start dialing cold calls 2:50 Scan mail, - toss junk. Put things to follow up on or read aside. 3:00 Pick up phone, start dialing cold calls 3:50 pee, afternoon snack.....check market close info 4:00 Pick up phone, start dialing cold calls 4:50 - check e-mail, reply, drink something - coffee or water 5:00 Pick up phone, start dialing cold calls 5:50 - eat something for dinner, scan headlines, read mail. Think about what you might want to put in for trades for market open. Call any clients you have an pitch that. 6:30 Pick up phone, start dialing cold calls 8:00 Leave after setting up for tomorrow This was provided by TAKINGNAMES for a newbie at a wire... As you can see there is some down time [/quote] First of all: Are you a wall street warrior? Or a chop shot(isn't that the old name for "boutique firms") Second. The first 30 minutes is set-up, 8-11:50 is calls with 30 minutes of breaks(say 45 minutes) so 3 hours of actuall dialing. 12-1pm is lunch and misc(no actual work) 1pm-550pm 4 breaks at 15 minutes is an hour, so 4 hours of actuall calling if no appointments 550-630pm Eat(no actual work) 6:30-7:30 calls 7:30-8pm set up for tomorrow. So of things defined as work it is 8 hours of calling or appts.I wouldn’t say chop shot because were buying mostly stocks of very reputable companies and wherever the owners/managing partners of the firms are pulling they recommendations from, they tend to do pretty well. No boiler room type situation. Yes, similar to the brokerage firm on wallstreet warriors but bigger and more professional.
I wouldn’t say chop shop because were buying mostly stocks of reputable companies and wherever the owners/managing partners of the firms are pulling their recommendations from, they tend to do pretty well. No boiler room type situation. Yes, similar to the brokerage firm on wallstreet warriors but bigger and more professional.
[quote=Squash1]
7:30 AM - read papers - IBD - WSJ print or online, as you drink coffee & listen to morning call, think about a strategy you might want to use for any assets you have in. If you have an investment "policy" that you use, or matrix - rely on that as your filter. If you don't spend some time on a weekend or late at night to come up with somethin. 8:00 AM Pick up phone, start dialing cold calls 8:50 AM Stretch, get coffee, check market. . 9:00 AM - Pick up phone, start dialing cold calls 9:50 AM pee, Get coffee 10:00 AM Ifyou have no appointment - pick up phone start dialing cold calls 10:50 - drink water, have snack 11:00 Pick up phone, start dialing cold calls 11:50 - Heat up the lunch you brought in, listen to noon calls, analyst info Read and reply to e-mail. 1:00 If you have an appointment, go on it, If not.....Pick up phone, start dialing cold calls 1:50 Check with assistant to see if there are any missing paperwork items....etc that need to be dealt with, grab mail. DON"T READ IT yet. 2:00 Pick up phone, start dialing cold calls 2:50 Scan mail, - toss junk. Put things to follow up on or read aside. 3:00 Pick up phone, start dialing cold calls 3:50 pee, afternoon snack.....check market close info 4:00 Pick up phone, start dialing cold calls 4:50 - check e-mail, reply, drink something - coffee or water 5:00 Pick up phone, start dialing cold calls 5:50 - eat something for dinner, scan headlines, read mail. Think about what you might want to put in for trades for market open. Call any clients you have an pitch that. 6:30 Pick up phone, start dialing cold calls 8:00 Leave after setting up for tomorrow This was provided by TAKINGNAMES for a newbie at a wire... As you can see there is some down time [/quote] This is awesome. I have a similar timeblocked day but think I'll change to this. I was doing 2 hr blocks of cold calling with 30 minutes of break afterwards. The schedule posted above is 5:1 cold call to break whereas I was 4:1 cold call to break, and I feel that I won't get burned out as often by calling for 50 min instead of 2 hours.[quote=Moraen]i can’t believe TAKINGNAMES takes a piss during the workday. Weak.[/quote]
Seriously like Wallstreet warriors? Those guys where hacks, why would you build a position in one stock.. just stupid..I wouldn’t say chop shot because were buying mostly stocks of very reputable companies and wherever the owners/managing partners of the firms are pulling they recommendations from, they tend to do pretty well. No boiler room type situation. Yes, similar to the brokerage firm on wallstreet warriors but bigger and more professional.
i agree. we build multiple large positions, and trade around them as opportunities present themselves. the place i work at is much better and bigger than that place, but similar in structure; a bunch of pee-on prospector and openers (about 30-40) getting paid peanuts and a few brokers (about 10) trading the accounts, interacting with clients and making big money. that’s what i meant by the comparison.
I always wondered what those "Boiler room" guys who were doing the hard calling got paid?
What kind of big money?well, payout is about 60% for senior brokers, and the top earners at my firm are taking home around $50,000.00 a month after fees (but before taxes) consistently. but, of course, for every senior broker there are 3-4 guys cold calling and opening accounts for a few hundred bucks a week, enabling him to have a steady flow of new clients at a minimal cost. i am one of these slaves.