How much do stockbrokers make on average?
I know stockbrokers are based on commission but do they earn a lot usually? How competitive is it? What is usually the top end and low end salary? Why arent stockbrokers view highly compare relatively to other finance positions?
average in NYC?
Question answered by djjk
it depends whether they offer advice or just place trades. because of the prevelance of online brokers stockbrokers arent as necessary anymore.
I know in Australia they get paid around $70k to $100k + bonuses. Not sure about the states but the median salary in the USA would be a bit less. Around $50-60 early on. (maybe with the exception of Chicago and NYC. salary.com will have exact amounts
How does the economy affect the stockbrokers at a time like this?
Don't they make money either way by commission no matter if their clients are making money or losing? Even if they lost all the money, it is ultimately their own fault for getting themselves into the mess and not them right? The stockbrokers can always just live to trade another day when the economy change for the better again, no?
Question answered by C G Pop
Well, I will take a stab at this although I am not a stockbroker.
I believe they make money when the client makes a trade. If the client sells I believe that is when he makes commission. A lot of people are selling so the stockbrokers are likely making $ for now.
I do not know for sure if stockbrokers make money on a flat portfolio that does not trade. There may be some small annual fee but I am not sure.
If customers decide in mass to go cash then the stock broker will likely be out of work and bankrupt if he/she bought stocks prior to this down market.
It used to be a lucrative career if you are good at sales and people trust you. You must wear a suit and tie and sit in an important office perhaps at a bank or a downtown investment firm such as Goldman Sachs.
Is there a minimum amount for investing with stockbroker?
I have stated interest in investing in some stocks through a stockbroker. Since I am 14, I do not have a lot of money. My father says that stockbrokers will not do business with someone who only wants to invest 100-200$. Does this claim have any truth to it? Will stock brokers do business with me? Thanks.
Question answered by RJ W
Unfortunately you need to be 18 so you will need the help of your dad. You don't want a stockbroker because it will eat up your entire savings with the fees.
Sharebuilder is a good cheap broker. You can even get a bonus of $50 I believe for signing up.
If you have earned income it's a great time to start a Roth IRA. You can do it for as little as $50 a month a T. Rowe Price.
How do you make money from shares when it costs so much for the stockbrokers commission?
Do you just have to be really good?
Is the internet better for buying shares for a cheaper stockbrokers bill.
Question answered by dnldslk
Commissions are very low with online trading. How can you beat the low commissions that, for instance TD Ameritrade is offering--$10 for a block of any size? And this is a reputable company, too. (I don't use this company myself, but I wouldn't hesitate to give them a try.)
Talk about cheap.
Definitely go with online trading.
You'll find that it will NOT be the commissions which determine how you fare as an investor. It will be your own smarts when it comes to picking what and when to buy and sell.
In today's investment scene, commissions are negligible.
Have you ever heard of a stockbroker telling his client not to buy stocks now because we are in a bear market?
Are there any stockbrokers who even know what a bear market is?
Citizen Know Nothing
Question answered by surfin U S A
that would never happen
stockbrokers have tunnel vision and are only concerned with booking their next comission
that would be like hearing a real estate broker telling people it wasn't a good time to buy a house
it would never happen
What are the risks of being a stockbroker?
Are stockbrokers killed a lot? Is it like the mafia where if you lose a client's money you are afraid for your life?
Question answered by SLACK 79
i find stock brockers end is due more to suicide and not so much homicide. but i may be ill informed.
How do I find a good stockbroker in Chicago?
I'm a new person when it comes to investing and wanted to know how you go about finding stockbrokers or other investors or if you just walk into the office of one. How does it work, is there websites to see stockbrokers portfolios? I'm not looking to become a real aggresive investor just trying to invest into something for a year more or less. I need help getting started.
Question answered by Randy W
If your time frame is one year, then you probably shouldn't be investing in stocks. The risk of experiencing a loss over that small a time frame would suggest investing in CD's or a Money Market Mutual Fund.
For advice on how to find a good broker, I suggest the American Association of Individual Investors (AAII), a not-for-profit educational organization.
What is the difference between a trader, a stockbroker, and a investment banker?
Trader vs Stockbroker vs Investment banker
What difference tasks occur with each profession?
Which one has the potential to earn more?
Which one has the least risk involved?
Which one is less/most stressful?
Which one is harder to get into?
Question answered by A nobody
A trader is one that buys and sells securities either for their own account or for an account of the firm in which they are employed. Depending on the firm and the products traded, traders are paid a salary and may share in any trading profits their department makes, some traders are paid a percentage of the profits that their department makes but they are also charged with any losses the department incurs.
A broker is one that services the clients of the firm with investment products. Depending on the company that holds their license, sales reps are paid a percentage of the commission generated from customer transactions. and/or any mark-up/mark-downs of products they provide to the customers.
An investment banker works for a financial institution that helps to provide capital to new or existing corporations. The firm will either raise money from some of their contacts or help in structuring a public offering.
The potential for making money depends on the individuals knowledge and abilities, An investment bank may make more money per transaction but a trader can make money consistently. A trader, if they are good has more opportunity to make money an investment banker has to either have corporate world contacts or work for a firm that does.
A stockbroker has the least risk, they do not have any skin in the game, they risk nothing sp they usually make less than a good bank or a good trader.
Being a stock broker has no stress.
Any one with a little effort can pass the test to be a stock broker, but it takes time, studying and experience to be a trader or an investment banker.
A trader can always be a sales person or an investment banker, not many sales people can be traders but if they have the right contacts can be investment bankers.
Which is better depends on the motivation, ambition or intelligence of the individual. Not all people can be traders or investment bankers and not all people can be sales reps or traders..
What does a stockbroker exactly do and do they get good salaries?
Is it better to become a stockbroker or an accountant?
Question answered by BrandonM
Stock Brokers manage financial portfolios. They research stocks and market conditions and make recommendations to their clients as to which stocks to buy, hold, and sell. They typically do not make salaries at all, they make commissions. Good Stockbrokers are highly paid a they are paid by trade and by monies earned. There usually is not a guaranteed pay for them though. When it's all said and done, a stockbroker is nothing more than a glorified salesman.
With the market the way it is today, I would not be looking to get into stockbroking at the moment since all the stocks are in massive decline. Accounting would be a better area, but even that isn't too great right now considering jobs are showing signs of drying up. (I was looking into going back to get my MBA in accounting/management). Still, I'd stick with accounting, you can always go ahead, jump ship, and get your Series 7 and Series 67 license and sell stocks when the market is more favorable.
What is the difference between a Stockbroker Trainee and a Financial Services Representative Trainee?
Is there a difference? Or is it that a financial services representative sells mostly insurance and is required to pass the Series 6, 63, and Life and Health, but opposed to Stockbrokers, they need the series 7 and 63.
Question answered by GETaLIFE
It's a fancy title for a stock, insurance and/or investments sales person. People got so hung up on titles in the 90's that nobody seems to know what anyone else really does anymore.