Let’s be honest a stockbroker doesn’t have a typical working day. One of the attractions about becoming a stockbroker is the fact that it is like running your own business from home. Effectively you can choose your own working hours, work on the go and you aren’t tied to a job unless you work for a stockbroking office. Usually on an average it will take a stockbroker roughly ten years to get to that level, where you have regular clients and your day has some kind of routine.
The First few Years
If you are starting out on your own then the first few years is literally a grueling process of finding and marketing to new clients. This is time consuming and can be disappointing. On average a stockbroker makes 1% revenue on their assets to to be able to make between thirty and forty thousand a year you would need to have clients who have over ten million wanting to invest in assets.
How to Manage Your Time
If you are beginning to start out as a stockbroker then you need an office space. You need to think of it as a job otherwise you will get lazy. Set a time in the morning and enter your office an hour or two before the stock market opens. You can then get all the research done before you begin trading. Secondly, you need to set a time where you market your services.
The first few hours of the working day would then be contacting clients so you can advise them on their portfolio. You may also include some trading into this time. After a lunch break you might possibly meet with some clients face to face and rounding up the day’s paperwork. It is also important that as a new stockbroker you really push yourself into it. In the evening make some calls to potential clients, market your services and make yourself known. Try teaching seminars and networking through different conferences and public engagements that might take place near you. It is also normal to work on the weekend.
After the First Few Years
After the first few years of tiring work you have probably by now built up a good, firm client base. Your mornings will be taken up by watching the news, reading reports and working on trading strategies. When the trading market opens you will then trade for your customers, advise them on the day’s best trades and any possible losses or profit they make. By the afternoon you are ready to meet with your regular clients to give them a run-down on their trading accounts. It might be possible that you engage in conversation with new, pending clients and then you will need to organize paperwork and finances.
Once you have a good, few clients then you will probably feel you don’t have enough time on your hands. When you feel you are making more than the average salary then you can think about adding someone to your team. Possibly an assistant or a secretary who can help take calls, organize your meetings and make your job a little easier for you. As a stockbroker you can’t be everywhere at once and when your stockbroking career takes off you won’t know what phone line to answer or what trade to make first.
This type of work can be very rewarding especially when you have clients that praise a good trade and profits you make. Losses are common and they happen to every good stockbroker. Take the time out from your job and make time to sharpen up on your skills and your knowledge. You should always be in the know about every market you are trading with and with every economy position around the globe. If you want to be a good stockbroker you have to be ready to act on your client’s behalf instantly.
Stockbroking is an amazing job and isn’t just rewarding but is exciting. If you are looking for a career change and you already have some trading experience then look into obtaining the right certificates which will set you on your journey. Make sure you have profiles on the web, a page or a site where clients can check you out as well. More than anything, enjoy it!