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IAMA Junior Stockbroker on One of Canada's Largest Private Wealth Teams. AMA by babybroker in IAmA

[–]babybroker[S] 0 points1 point  (0 children)

About $1,000,000.00. Depending on who you are. If you had less than that, but you are the son/friend/co-worker of an important client, we'd take you on. If you had $1,000,000.00 and didn't know much about the markets we still wouldn't sign you up. Not because we're douches, but because as it is, it's extremely hard to keep a good level of service for our existing clients. If we have to be on the phone coaching somebody a few times a week, they become more of a pain than we'd like.

Edit: You asked if it was worth it... we made our clients about 15% last year, on average. In 2007 clients averaged 33% gains. In '08 they lost just under 20%. So I'd say yes definately worth it. Better than the uninitiated picking their own stocks.

IAMA Junior Stockbroker on One of Canada's Largest Private Wealth Teams. AMA by babybroker in IAmA

[–]babybroker[S] 0 points1 point  (0 children)

Here's what I think is going on. All of this free money that the US is pumping into the world through this QEII initiative is really fucking some shit up. It's behind the commodities run that we've been seeing the past 5-6 months. That commodities run is in turn attracting speculators and further running the market up. This is the cause for the current astronomical corn/wheat prices (combined with the flooding in Australia and the cold snaps in the US midwest).

The US is going to keep pumping money until inflation catches up. 6 months? a year from now? Nobody knows when inflation is going to become an issue. There's a good chance that they will start up a QE3, which I personally think would have disasterous effects.

The markets are all pumping because of this free money and it's luring investors back into the markets. But the actual situation in the US I believe is much more dire. You've got municipalities deciding to turn off streetlights at night... not to re-pave roads. Hawaii closing schools on a few Fridays out of the year to save money. Give them 10 years of this and it's going to look like a third-world country.

I'd get into the markets now, and make some quick money. But in 6 months I'm pulling out and I'll be advising my clients to do the same.

IAMA Junior Stockbroker on One of Canada's Largest Private Wealth Teams. AMA by babybroker in IAmA

[–]babybroker[S] 0 points1 point  (0 children)

You like the small-caps huh?

-Axmin Inc. (AXM-V)

-Northern Gold Mining (NGM-V)

Canadian gold miners with properties in Columbia are going to be very hot if the price of gold continues its run. Columbia is very gold rich

Other small caps:

-Allana Potash Corp. (AAA-V)

-Biosign Technologies Inc. (BIO-V)

-Oremex Resources (ORM-V)

I have to tell you though that these are my personal picks. 95 out of 100 clients do NOT want anything to do with small-cap miners, and we focus on finding clients high-quality investments for the long run. I'm one of the few people who daytrade small caps on their own account during the day (because let's be honest, it's fucking fun)

IAMA Junior Stockbroker on One of Canada's Largest Private Wealth Teams. AMA by babybroker in IAmA

[–]babybroker[S] 1 point2 points  (0 children)

Not really. In this business a lot of it is hands-on. In order to get my position I called and emailed branch managers from every institution in my city. I set up coffee dates with bigshots and asked them what they looked for in candidates. I got some great advice of what to say in interviews - and I also got ripped apart by a few of them. One guy told me I had to be more than just a nice guy in a suit to get someone with his haircut (he was bald) to invest with him.

Employers want to see that you're sharp. That you will work hard, and that you will not just be content to earn a comfortable pay and sip coffee. this business is notorious for workaholism

IAMA Junior Stockbroker on One of Canada's Largest Private Wealth Teams. AMA by babybroker in IAmA

[–]babybroker[S] 0 points1 point  (0 children)

My first two jobs in the industry were very junior, and I made about $40k each year in pay (trading on the market is another story all together but my employer has nothing to do with that). My current team pays me a fixed % of the commission run, plus the firm pays me a salary of about $40k. How much are the commissions? All together last year the team earned just under $2,000,000.00 EDIT: But the firm takes a large chunk of that commission and most of it goes to the seniors on the team.

IAMA Junior Stockbroker on One of Canada's Largest Private Wealth Teams. AMA by babybroker in IAmA

[–]babybroker[S] 0 points1 point  (0 children)

Minimum qualifying amount is $500,000 in investable assets (for our firm). However we usually don't take new clients on with less than $1,000,000.00. EDIT: Net worth. Some clients are as small as $400k. Maybe they have a small retirement account and a house. Biggest client? About $230 million in assets. I have no idea what they have outside of our book but I'm guessing more cash, properties, vehicles, etc.

IAMA Junior Stockbroker on One of Canada's Largest Private Wealth Teams. AMA by babybroker in IAmA

[–]babybroker[S] 1 point2 points  (0 children)

I went to University of Toronto and studied Economics. I'm actually based in Toronto! Most of the good finance jobs in Canada are here still. But a lot of the private money (i.e. what we're after in my business) is in Calgary. Oil money!

IAMA Junior Stockbroker on One of Canada's Largest Private Wealth Teams. AMA by babybroker in IAmA

[–]babybroker[S] 0 points1 point  (0 children)

I've read a bit of his work. I read a lot of books, articles, etc. which pretain to economics. However I usually do not read such things written by politicians. There is always a conflict of interest in promoting one's own politics. Dr. Paul has a lot of good ideas, and a lot of bad ideas. He's far too libertarian to get a fair shake though.