Most brokers making between 100k-300k per year are flat broke. The ironic part about the field of “professional money management” is the irresponsibility of the stewards themselves. Whenever I pass by a brokerage firm, even in the most remote area, I can easily identify who’s a broker and who’s a regular office stiff. Brokers, for the most part, are professional gamblers/huckster salesmen, preying on the weak to make a buck.
I’ve always despised the sales aspect of the business because it is low brow. Nonetheless, if you aren’t blessed with wealthy friends and family, you need to make those cold, hard, calls–to total strangers who hate you.
Back in the old days, I’d go to work at 4am to call overseas, just to mix it up a bit. We’d call everywhere from London to Israel. Some of my larger clients were from the stupid island of Australia. If done with integrity and skill, sales calls can be very rewarding, until you remember how low brow it truly is.
I know there are a lot of young punks, who are fresh in the business, reading this blog for tips. Go fuck yourselves, rookies. “The Fly” isn’t here to provide you with tips. Work hard and be original and maybe you can make enough money to raise a family with comfort.
Everyone is tossing ideas out for the week ahead, not me. I don’t have a clue where the market is heading next week. I’ll cross that bridge when I get there. Just know, there is nothing in my way from unmitigated and continuous winship but time. Whether I bank my coin now or tomorrow is immaterial, for it is coming, just like the brisk breeze of the winter winds and your eventual demise under my sharp ax.
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The Fly is god. Not to interrupt the truth of Zombie. Just to reaffirm the truth. May god save Ibancoin and may the Fly save us all.
Classic Fly.
What is your # 1 cold calling tip?
The gift of strong leads.
Leads are for winners.
Listen to what the person on the other end is saying.
I am working hard at creating an original pyramid scheme. That seems to be the way to go these days.
Unrelated – swung by TJ’s on 14th this afternoon and picked up some of that 2007 Fronsac. Nice call, good value.
Not bad
Pre #1 cold calling tip – pick up the phone and call that fucking number, NOW.
Originality is key.
When you landed a client in Australia, how the heck did you service them. Get up at 4am just to speak with them? Didn’t you know long distance relationships never work out?
easy. i never sleep
Good point.
Slick move changing your Apple Game Center I.D. To your website. Like a free banner ad.
Don’t you still manage money for clients? If so in what capacity, a RIA? I am trapped in a lame situation but struggle to see why ANYONE would join a national wire house from here on.
Hi Fly….a big fan and have been following your blog for the last 3 years.I have a question regarding your assessment to the QE unlimited. Why are you not trading options to take advantage of oncoming bull market, especially you are so confident about it? Don’t you think that would be an appropriate strategy? By the way, I followed you last year in the option trading and was able to generate real good return, thanks to you. Keep up good work…..
I agree with you on the fact that there are many brokers out there(very high percentage) that can give a shit less about their clients but likewise with the bigger “money manager” who treats their clients like just another number in their book. It comes down to the individual….
You talk about the rookie broker who checks this blog…You were one of those at one point as well…exept you didn’t have the blogs to read.
Rookie brokers deserve to be hazed.
I trade options, but not as of late.
I manage money for others.
What if you’re cold calling with the goal of getting the individual into a position you know will win; what’s low-brow about helping them make more money?
Shut up.
You call yourself a salesman you sonofabitch?
I dislike most, if not all Money Managers, this game is not their passion but just a meal ticket.
Not neccesarily Nymph. The public gives it away. Only a fool would not take it. Fuck passion. When the gravy flows bust out a huge fucking bowl. It is what it has always been.
Fake Amish, The problem is that way too many are fighting with their bowls for the drops of gravy that they could catch. All they do is obsess on how much of that sweet gravy they have collected and will collect..and in time their lives are over and all they have is a big gravy stain. I rather focus my life energy in my passion, lol, even if it is fucked up. For some, collecting gravy is their lifes passion.. those people, I can respect. But most collect gravy so they can one day stop collecting gravy..such a waste of life energy. I believe if your passion is acting, you act. If is dancing, you dance. If it is shoe making, you make shoes. If it is geeky watching and understanding all of this, then you become a stock geek…you can’t pick your passion. Money comes, it goes…fwiw, I would give all the gravy in the world to be able to be doing what I am doing right now…pure bliss,lol even though I underestimate the Clams, omg, who would have thought that Shanghai is at 2009 lows and Clams of US and Europe making historical moves in unchartered waters…Oil topping and turning..all of this is so..not gravy catching, lol. FWIW, most people never follow their passion or even know what their passion is..which is really kinda sad cuz life is way too short.
Tomorrow marks the day when fixed income clients will be told to convert their portfolio into 100% bonds. We’ll see what happens.
To all Newcomers!
Listen and learn.
Today, the Market goes down.
Trade accordingly.
Thank-you.