Stockbroking Licence

[dylza]

I'm just curious about the steps needed to be taken to be granted an ASX Broking licence (Unsure what the correct title is called, but you get my drift)? Looked on a few websites (including asx.com.au) and to no prevail.

Does anyone know application process and also if it's easy, hard, difficult?

 

[Butane]

Well, it's a little bit more complicated then just getting a 'Stockbrokers licence'. Do you mean a AFSL licence that a company dealing with fincial products would need or do you mean a personal licence that you may need to get to apply for a job with a stockbroking firm? In which case you'd be looking at your RG 146, most company's would hire somebody with a degree in a finance/maths field and then put you through the short course to attain your RG 146 but it certainly helps to have it already.

I did the Stockbrokers Association of Australia(SAA/Deakin) RG 146 which I think is a lot more difficult then other ones out there. But I went a little bit further with this course and earnt a diploma of Stockbroking through them.

I'm happy to answer any questions you may have.

 

[Pornstar]

It's a pretty crappy industry. Clients want to pay cheap brokerage fees these days so brokers have to be glorified salesman that can convince people to pay extra to use their advice. Once the clients realise their broker is a fraud they take out what money they have left and close their account, and the process continues. If you get a job in broking you will find that there are many, many ********s around you losing a lot of their client's money.

If you like the stockmarket you should look into a career in funds management. That is where anybody with true trading talent is.

 

[Jimmy_the_Gent]

It's a pretty crappy industry. Clients want to pay cheap brokerage fees these days so brokers have to be glorified salesman that can convince people to pay extra to use their advice. Once the clients realise their broker is a fraud they take out what money they have left and close their account, and the process continues. If you get a job in broking you will find that there are many, many ********s around you losing a lot of their client's money.

Is it a similar scenario for financial planners?

I only ask because it's what I study and I'd like to get a feel for what to expect.

 

[morgoth]

It's a pretty crappy industry. Clients want to pay cheap brokerage fees these days so brokers have to be glorified salesman that can convince people to pay extra to use their advice. Once the clients realise their broker is a fraud they take out what money they have left and close their account, and the process continues. If you get a job in broking you will find that there are many, many ********s around you losing a lot of their client's money.

If you like the stockmarket you should look into a career in funds management. That is where anybody with true trading talent is.

Ignorance is bliss.

 

[Pornstar]

Is it a similar scenario for financial planners?

I only ask because it's what I study and I'd like to get a feel for what to expect.

You could say it is similar. Financial planning is a very sales oriented profession. You are judged (and rewarded) predominantly on how much business you write. There are plenty of bad financial planners out there, putting their clients into dodgey investments, just like brokers.

 

[BarryG]

anyone actually used a financial planner?

 

[Spermbird]

anyone actually used a financial planner?

I used to write financial plans but most financial planners are ex life insurance sales people so they have a sales mentality as opposed to a service mentality.

Planners tend to earn about half of their money through insurance commissions and half through trailing commissions (either in built into the product or as a service fee).

With the change to a fee based system, in theory, they should actually provide a service and not receive extra cash because the market happened to go up.

If you ask me most financial planners out their are rubbish who give the good ones a bad name. You should never use a bank financial planner either as they have to use bank products for their advice regardless of if its the best option for you.

If I were to go to a planner these days I would meet with them get a quote for how much the plan is going to cost and go from there. Probably see 2 or 3 because realistically if you need a planner you should have sufficient cash to afford it.

 

[Nothing]

I used to write financial plans but most financial planners are ex life insurance sales people so they have a sales mentality as opposed to a service mentality.

Planners tend to earn about half of their money through insurance commissions and half through trailing commissions (either in built into the product or as a service fee).

With the change to a fee based system, in theory, they should actually provide a service and not receive extra cash because the market happened to go up.

If you ask me most financial planners out their are rubbish who give the good ones a bad name. You should never use a bank financial planner either as they have to use bank products for their advice regardless of if its the best option for you.

If I were to go to a planner these days I would meet with them get a quote for how much the plan is going to cost and go from there. Probably see 2 or 3 because realistically if you need a planner you should have sufficient cash to afford it.

This is one view, there are others.

The best advice above is to seek more than one opinion. If you find someone you like, go with them, whether they be a bank planner or not. Your financial planner will be with you for a long time.