One of the great attractions for many that become
stockbrokers, is that there is no such thing as a typical day. In fact, being a
stockbroker is essentially the same as being a small business owner. You decide
when, how and who you work with.
While that sounds like a wonderful life of leisure, it
usually takes successful brokers five to 10 years to get to that level. The
first few years can be especially grueling. During this time, the vast majority
of a stockbroker's energy is put into finding new clients with assets to
invest. Since the average stockbroker generates approximately 1% revenue on
their assets under management, and they only get to keep 30-40% of that
revenue, a new broker would typically need to find $10,000,000 in new client
assets to make $30,000-40,000 in their first year.
While some stockbrokers get lucky or have great connections,
the vast majority of new brokers do initially keep a daily schedule that is
built heavily around marketing themselves. This means showing up at the office
an hour or two before the stock market opens for trading, so that they can get
all their research done early in the day. The first few hours of trading are
spent contacting their existing clients with recommendations for their
portfolio. Following a short lunch, the broker may meet with a few clients or
prospects face-to-face as well as wrap up the day's paperwork. Then, most new
brokers usually end their day by spending two to four early evening hours
making cold calls, networking or teaching seminars to prospective clients. It's
not uncommon for new brokers to spend four to six hours on Saturdays, doing
some kind of marketing as well.
