The Great AdapterQ: You had a Series 7 while you were in grad school?
A: They let me get my Series 6 and 63. I was doing life insurance
planning, variable life, and variable annuities. Any mutual fund
business I’d refer to the rep above me. It was a great experience.
I learned how to run your business while going to school. Most
importantly, it provided a solid foundation and work ethic which I
applied to my trading career.
Q: Did you cold call a lot?
A: The first year I did a heck of a lot of cold calling and figured out
that is the lowest percentage game out there. I worked hard and
learned to work a little smarter as time went on. Going to school
full time and working 30-plus hours demanded I learn to manage
my time efficiently.
Q: What did you do differently in the second year to help you
build your book?
A: I really started hammering referrals. I’d get in there and
try to do the best job I could, give the best advice, do the most
for the client, and then ask them for referrals. Instead of beating
up the phones, I’d ask them who their five best friends are and
call on them. So that’s where I thought I was headed out of grad
school.
Q: And then what happened?
A: Well, I took my wife, who at the time was my girlfriend in
the spring of ’99, down to see my best friend, my childhood friend
who I grew up with. He was living in Houston at the time. When
I got there, he had all this day-trading material on his coffee table
because that’s what he was going to do. He was going to quit his
job, cash in, and go trade full-time. So I started reading and then
I felt guilty that he was taking time off from his job to cater to us.