Brokers are scum.

Optional · May 18, 2009

I am writing a book about my career in the brokerage business.
I have finished my own story and I am looking for other people, in the business, who would be willing to share their stories.
Total anonymity guaranteed.
You can just PM me if you want to share, or post them here, whatever.

The title could be "Brokers are Fucking Scum".
or something in that vain.

Suggestions?

MrDODGE · May 18, 2009

Brokers, "They take YOUR MONEY and trade THEIR BOOK"

That should be their definition.

Optional · May 18, 2009

yeah, i worked in the stock brokerage biz for some time and that correctly describes them.
I also did some futures brokerage and the culture there is really something else, worth writing about.
Don't get me wrong - there are some good firms, and some good brokers - but they are few and far between.

zdreg · May 18, 2009

brokers are no different than hedge fund managers. there is an inherent conflict of interest between the interest of the client and the broker.

I hope your book will be a serious book instead of the tirade of your original post.
the subject is not exactly a new one.
what will you be adding?

kxvid · May 18, 2009

I agree. I was a client of a scum futures brokerage once. All they really care about is their bottom line. The rest is just details.

matador04 · May 18, 2009

I suggest you interview brokers and then take their comments completely out of context to suit the theme you're looking for.

Cdntrader · May 18, 2009

Quote from Optional:

Suggestions?

write about the structure of these firms. The " you need to hit this production level or your out" mentality that leads eveyone to conflicts of interest and ultimately over trading/high costs to "clients".

And also that managed money is simply another product to sell. The truth being that brokers are not trained to manage money, they are not skilled in managing money, and have no real idea how to manage money.

And highlight that client performance is not even talked about or even on the radar of senior management.

screenstruck · May 18, 2009

How is that different from lawyers on the clock or doctors in a big practice or management consultants etc etc

Quote from Cdntrader:

" you need to hit this production level or your out"

IronFist · May 18, 2009

Quote from kxvid:

I agree. I was a client of a scum futures brokerage once. All they really care about is their bottom line. The rest is just details.

Which broker was it?

Optional · May 18, 2009

Quote from zdreg:

brokers are no different than hedge fund managers. there is an inherent conflict of interest between the interest of the client and the broker.

I hope your book will be a serious book instead of the tirade of your original post.
the subject is not exactly a new one.
what will you be adding?

Totally serious - a memoir of my experiences and the stories I heard and saw.

hedge fund managers are much different than brokers because their performance is linked to their compensation. Not the same for brokers. At least not to the same degree.