NYC area.  That explains why you are such a prick.

[quote=BNT1120] [quote=Dust Bunny]

Oh, by the way.  I catagorize you as TS (too stupid to help)

Search the forum.

[/quote]

since this forum loves to correct stupid people with online grammar and spelling, might as well right? its I categorize. so yes I categorize you as TS as well.
[/quote]

 yup

[quote=Indyone]

Ask yourself this: “What will I be doing to deserve making $30,000 a month?”  The answer is, nothing legal.  You have no skills to offer worth that kind of money, so put the fantasy to rest and go to school.  If it were that easy to legally make such a living fresh out of high school, no one would go to college.

..and for the most part, nice cars are piss poor investments.  The sooner you learn that, the sooner you'll have a chance at real success.

Hey folks, here's a pic of BNT1120 at his high school prom.  He's third from the left:

BNT-

This is a tough business populated with smart, successful people who have a low tolerance for bs.  So let me apologize sincerely if they roughed you up a bit.  But to a great extent it’s for your own benefit whether you believe it or not.

FYI I’m not going to point out people specifically, but I can tell you that at least 2 of the posters who have responded to you have been in the business for over 10 years and are making the type of income you describe and aspire to.

The fact of the matter is that whether or not this seems like a legit operation to you upon investigation, it has all the hallmarks of a lowbrow boiler-room operation.  How do I know this?  Well I started in the business in Manhattan, and spend most of my 14 years in the industry in the NY metro area.  It’s a hotbed for these types of firms.

One of the biggest new accounts I opened as a rookie was a 1 million transfer from Stratton Oakmont, which most people agree was the model for “Boiler Room”.  I knew people who worked at First Jersey(google that, plus “Robert Brennan”), Laidlaw Securities, and DHBlair, both as RR’s and in management.  Those are a few I remember, and there were others.  I also was very close to the person who provided all of the limo service for the principals and top brokers at Sterling Foster when it was the hot shop in Melville, NY.  So I’ve seen a little bit in that time and think I have the right to offer a few thoughts.

How do these places operate?  They target young, aggressive kids who want to make big money.  They make sure to show off their success when they allow you the “opportunity” to come in and interview with them.  Lots of bling-nice cars, make sure their ‘rolls’ show plenty of hundreds, custom shirts with cufflinks, often diamond pinkie rings, expensive ties, etc.  They make sure to casually drop a mention of how much they made last month.

The ‘bring in 20 accounts for your sponsor and then we’ll make you your own broker’ is a classic protocol in that world.  There is honestly not ONE legit firm that does this any more.  I think at one time Bear and Lehman used to do something like this, but I don’t think they do any longer.  The 50 bucks they’ll give you for an account is pennies compared to what the broker makes when you give them to him.  Oh, and in case nobody mentioned it to you it’s not legal for you to open accounts for anyone without a series 7.  Generally it’s also not OK to cold call for someone unless with a very limited script.  Firms like you’re talking about don’t really worry about those technicalities.

So if you get past those first 20 accounts, they work you like a dog to make sure that you get your first decent paycheck ASAP.  When you start making some bank, the boss makes sure to send you to his tailor for a nice custom suit, because after all “you deserve it”.  Same when you get enough coming in to go pick up a nice car, and then of course there are the nights out at the nice restaurants and clubs and so forth.  The whole idea with this routine is to get you hooked on the fast life, so that you are used to a certain lifestyle and can’t afford to quit your job because then you’d have to give it all up.  That way when you see certain ‘compromises’ being made, you’re more than willing to look the other way so you can keep making bank.

I watched a friend of mine go through this after he left First Jersey to ‘go legit’ at Merrill.  He had a Porsche at the age of 23 and eventually had to sell it while he was working on building up a legit business.  Now he’s a million plus producer at Morgan.  The real deal.

National might be a pretty legit firm from your outside investigation, but these smaller indies often don’t have terribly tough compliance.  So it’s entirely possible that an independently owned branch is operating in this manner.  Guys who used to be on this ‘dark side’ of the business keep resurfacing until eventually they end up being completely barred, or they rip off enough people to afford to retire.

Anyway-look, I could tell more but I’ve already gone on too long.  I’m only trying to give you an idea of how you could really screw yourself up by getting involved in this mess instead of going to Syracuse, which is a very good school, by the way.  I know you don’t want to walk away from what seems like big bucks, and it hurts to realize that maybe you’re being a little naive, but it’s better than finding out the hard way.  Trust me.

Oh, and by the way, NOBODY here is impressed to hear about your parents expensive cars.  We have our own money and our own toys.  Bad move on your part.

Good luck to you.  If you have specific questions you can PM me.

[quote=joedabrkr] Guys who used to be on
this ‘dark side’ of the business keep resurfacing until eventually they
end up being completely barred, or they rip off enough people to afford
to retire.

[/quote]



The simple fact also is that at 19 you lack the perspective on these
matters. There is simply nothing else a 19yo from a middle class
background should be doing except for going to college.



Entering the boiler room world will result in a dirty resume, and its
no fun to say during a job interview that you left your old job b/c 5
people in your office got arrested for securities fraud. Plus any sort
of NASD sanction will pretty much end your career options for any
legitamate firm.



I’d look the potential employer in NASD Brokercheck before going forwards.



http://brokercheck.nasd.com/Search/Search.aspx?PageID=1

Thanks joedabrker for your explanation. I do realize they only target the young people thats why I was a bit suspicious, because I’ve noticed that there is nobody there in there late 20s thru 30’s. So i was thinking either it really is a bad job that everyone around that age finally noticed and left, or the optimistic view is that they all got super rich and retired.

ALlreitit, first of im 17, I do not know what you consider middle class but i sure don’t feel i live in a middle class family. But i agree, not only middle class but every class should attend college. That is why i came to ask if i should take this opportunity or stick with classic plan.

Anyway i did check that already and it seems legit. I was just worried about the way they do there business, many points of which joedabrker made. So Thank you again Joedabrker for your response.

Your first clue that they aren't legit is that they are willing to hire you.  By "you", I mean  17 years old, no previous meaningful work experience, no previous life experience, no credentials, no contacts, willing to get screwed by having to bring in clients for somebody else, etc.

[quote=BNT1120]
ALlreitit, first of im 17, I do not know what you
consider middle class but i sure don’t feel i live in a middle class
family. But i agree, not only middle class but every class should
attend college. That is why i came to ask if i should take this
opportunity or stick with classic plan.

[/quote]



At 17 you know half as much or less than what 19yo’s know. And 19yo’s are pretty stupid.



At this point every single person in this thread has told you to go to
school and not waste your future on what seems like a boilerroom
operation.

[quote=AllREIT]

[quote=BNT1120]
ALlreitit, first of im 17, I do not know what you
consider middle class but i sure don’t feel i live in a middle class
family. But i agree, not only middle class but every class should
attend college. That is why i came to ask if i should take this
opportunity or stick with classic plan.

[/quote]



At 17 you know half as much or less than what 19yo’s know. And 19yo’s are pretty stupid.



At this point every single person in this thread has told you to go to
school and not waste your future on what seems like a boilerroom
operation.

[/quote]

first of all please don’t judge my intelligence, you do not know me. And yes they have told me to go to college, and a lot of people outside of this forum has told me that too, thats why i didn’t take the job yet right?

anyway, so does anyone know anything about this firm? National Securities LLC. www.nationalsecurities.com ? thanks

You won't be employed by National Securities.  You'll be self- employed.  No reputable firm will hire you as an employee.   Will National Securities even let you be a rep with them?  The $50/client deal is not with National Securities.  It is with an independent contractor.  For your own sake, you better check to see if National Securities is even willing to let you be a registered rep with them.  Don't listen to the person hiring you.  Talk to National Securities directly.

We're all capable of judging your intelligence because we were all 17 years old at one time.  Your writing and your questions don't help your cause.

I already know for SURE its not a boiler room, and my post was simply asking if it is possible for a 19 year old, cold calling to make 30,000 a month. The reason i started this thread is only to find out more about the person who is hiring me because i Have doubts on what he told me.

And you have been told the answer. No it isn't possible for an obnoxious teenager to cold call and make 30K a month in a legitimate business.   And YES they are lying to you. And that the firm sounds like a boiler room.  If you want to get scalded after the advice that you keep ignoring, then that's your problem

Nationalsecurities is a broker dealer for independent agents. Just like LPL, Financial Network, ING Financial Partners, Raymond James etc.  They are a perfectly legitimate b/d.  

In and indy set up the b/d is not your employer so the reputation of the b/d has nothing to do with the reputation and quality of the guys who are trying to recruit you.  The agency/independent group can be a bunch of scum that haven't been booted out by National yet or they can be a great organization.

I suspect the former as do many others on this forum. 

Think of it this way.  The brand of car you drive has nothing to do with how you drive.  Whether you are a good safe driver or not.

[quote=BNT1120]Thanks joedabrker for your explanation. I do realize they only target the young people thats why I was a bit suspicious, because I’ve noticed that there is nobody there in there late 20s thru 30’s. So i was thinking either it really is a bad job that everyone around that age finally noticed and left, or the optimistic view is that they all got super rich and retired.

ALlreitit, first of im 17, I do not know what you consider middle class but i sure don’t feel i live in a middle class family. But i agree, not only middle class but every class should attend college. That is why i came to ask if i should take this opportunity or stick with classic plan.

Anyway i did check that already and it seems legit. I was just worried about the way they do there business, many points of which joedabrker made. So Thank you again Joedabrker for your response.

[/quote]

You have about a 1% chance of your optimistic view being right, and about 99% chance that it’s a crappy job that can ruin your resume or even put you in jail.  You want to bet on those odds?

Go to school.  You’ll thank us.  Any fast money you’ll make while these guys stay in business pale in comparison to what you can earn over the long term with a degree from Syracuse.

So how close was my description compared to what you saw there?

pretty close your description, the vice president told me about everything how I will make big money, a failure is considered making 60,000 a year he said. Which in reality is what I’m guessing the brokers there make.

Anyway for the people who are helping me i found something interesting,
Revenue

That is there company profile my friend found, it says they had 58.2 Million Revenue last year. Funny thing is, the Vice President told me the Owner of the firm makes $15million dollars a month. ( Which is hard to believe, he drives a dodge durango, but maybe some people just like it, who knows? )  Anyway $15million x 12 is 180 Million a year, thats more than the whole company, so once its either they lied about there income or they are doing something illegal.

[quote=BNT1120] Anyway $15million x 12 is 180 Million a year, thats
more than the whole company, so once its either they lied about there
income or they are doing something illegal.

[/quote]



Reuters isn’t a good source of information about small private companies or anything else for that matter.



You need to look up the names of your boss and co-workers in the NASD brokercheck database and see what pops up.



Again, GO TO SCHOOL, DO NOT PASS BOILER ROOM, DO NOT COLLECT $30,000

[quote=AllREIT][quote=BNT1120] Anyway $15million x 12 is 180 Million a year, thats
more than the whole company, so once its either they lied about there
income or they are doing something illegal.

[/quote]



Reuters isn’t a good source of information about small private companies or anything else for that matter.



You need to look up the names of your boss and co-workers in the NASD brokercheck database and see what pops up.



Again, GO TO SCHOOL, DO NOT PASS BOILER ROOM, DO NOT COLLECT $30,000

[/quote]

i probably will go to school, im just interested in finding information about this firm, its not just me but some of my friends are still willing to work at this firm. Anyway i checked some other websites, Answers.com, hoover’s, and they all said National’s revnue is around 58million last year. So im hoping they are correct, so is there anything fishy about a owner of just 1 firm making 15mil a month?

You need to get it clear in your head that National is just the broker dealer channel.  They are not the same thing as the company that is soliciting you for hire.  The revenue of National means nothing in context of how much the owner of the firm claims he is making.

[quote=Dust Bunny]You need to get it clear in your head that National is just the broker dealer channel.  They are not the same thing as the company that is soliciting you for hire.  The revenue of National means nothing in context of how much the owner of the firm claims he is making.[/quote]

Bunny - This child isn't worth the bandwidth we are wasting here.  He is too f-ing stupid.

I liked his spiked hair in that picture a couple pages back… He fell asleep in the tanning bed and woke up to discover his prom date was that… thing… Classic Long Island… (And I have family and friends on the Island so nobody has to get up in arms about that comment…)

[quote=BNT1120]pretty close your description, the vice president told me about everything how I will make big money, a failure is considered making 60,000 a year he said. Which in reality is what I’m guessing the brokers there make.

Anyway for the people who are helping me i found something interesting,
Revenue

That is there company profile my friend found, it says they had 58.2 Million Revenue last year. Funny thing is, the Vice President told me the Owner of the firm makes $15million dollars a month. ( Which is hard to believe, he drives a dodge durango, but maybe some people just like it, who knows? )  Anyway $15million x 12 is 180 Million a year, thats more than the whole company, so once its either they lied about there income or they are doing something illegal.

[/quote]

Bingo!

Dude…you’re on the right track now take off the blinders.  These clowns have told the lie enough times that they’re probably starting to believe their own bs.

You are not going to do well in this business, nor get good grades at Syracuse, unless you develop the ability to think critically.  Share what you want with your friends, but ultimately they are going to have to make up their own minds and eventually have their own learning experiences.

Want to do something interesting?  Ask one of the big producers how they invest their own money.  You’ll probably get a funny look or a bs answer.  Why? Because(unlike an FA at a legit firm with a few years under his belt) they AREN’T buying the same crap they are selling to their clients.  They’re spending everything on bling because that’s the culture there, and that’s how they show off how successful they are so they can ring in suckers like your friends.

Drop this crazy idea and move on.  I’ve spend enough time on this.