Sounds too good to be true

kimmy393 · 5 July 2011 at 12:01PM

Ok, well my young bro recently applied for a job via reeds as a sales exec/junior stockbroker - (no experience needed).

He got a call back from the company stating they wanted him for interview as he sounded money hungry and thats what they wanted. Even though on their website they state they are a family company who are about developing relationships with their clients and dont have a ruthless approach.

So he went to the iterview and got the job.

The job is commission only basis, no basic Even though for 1st month they will pay him £120 plus travel and food. The company is based in canary wharf, and its a team of 20ish all young quys "jack the lad" sort. The MD is only 24 and stated to my bro he was a millionaire etc, and the other guy was saying how he earns £120k a years. And that the min people earn they was £5k a month , and it was easy to do so. They were basically "selling" the job to him. They even asked him if he way gay - as my bro is a pretty boy . But who really would do that in a formal interview.

The company states they sells carbon and are an ethical investment company.
The company has only been running for under a year, and they even have a sister company website in gold bolliard (only registered for 5 months). They claim they have global clients etc. But also only have 30 odd poeple connected to their FB site.

So not sure how the title (broker) goes in with this job. Plus my bro has no real qualifications or experience to do this. Only minimal sales experience.

At the interview the MD stated he had not even looked at my bro CV, and got him to do the "sell me a pen" and asked him about his character etc. He claimed he had seen over 70 people for the job and hired my bro on the spot. As he was just what they were looking for.
They even kept telling him how much money he would be earning in the next 12 months.

We have googled the company but their is not much on it only their own website, and one compalint from a person who contacted the FAS asking if the company was legit. That the MD had called him and given him the hard sales call sell. And something about how he thought the company was a bit dodgy. But that was just one complaint.

My brother obviously is all sky high about this thinking he has landed this amazing job that wil be racking in £100k a year. Ok I know it means he would have to be really good at selling as its commission only - but does this all sounds dodgy. Or are we all being over worried.
My brother is just very niave.

saintjammyswine · 5 July 2011 at 12:20PM

Gut feeling is usually right in these things, up to a point. Mine says I would stay away, yours might be different although the fact you are posting and the way your post reads, I think you agree with me!!!

heretolearn_2 · 5 July 2011 at 1:45PM

It is not a real stockbroker job, that's for sure. Real stockbroker trainee jobs are hard to come by and there is huge competition, normally requiring a higher degree these days, you have to train, register with the FSA and pass exams. Stockbrokers do not sell the shares of a single company.

Sounds like a 'boiler room' operation - selling dubious shares to gullible/vulnerable people over the phone, cold calling, hard but yes, people can make money with it (but usually just the firm owner) and you have to have a strong stomach and a lack of ethics/morals to do it as the companies make their profit by selling cheap crap shares expensively to people with no understanding of what they are buying. Google 'boiler room'.

starchild1972 · 5 July 2011 at 1:59PM

Commision only is carp, they still have to pay minimum wage. If he is EMPLOYED they have to pay minimum wage. They can only legally pay comission only if he is self-employed status.

smileylondongal · 5 July 2011 at 2:40PM

Mm, it does sound dodge, doesn't it! Most sales jobs will offer a basic as nothing is a 'sure thing' plus okay you don't need qualifications to be in sales but when it's FSA regulated companies most of the time you need to train. I would be concerned if location was seen as adding to the credibility of the role by your brother - there are lots of tiny firms that go bust or perhaps aren't the most above board at Canary Wharf so please pass on that anyone can open a company there so long as they can pay the monthy rent to the Corporation!

I'd get him to do some more digging around. Otherwise, there really is nothing else you can do. Sometimes our little brothers need to learn from their own messes, unfortunately.

saintjammyswine · 5 July 2011 at 2:43PM

It does sound like an episode of Hustle!

kimmy393 · 5 July 2011 at 5:10PM

I dont want to put the companies name on here, in case of course they google it. However I wouldn't mind if someone who is able to look a bit more into the company for him, could pm me , and I will let you know the company .

TIA

System · 5 July 2011 at 5:17PM

Sounds like he'll end up doing door to door sales!

ILW · 5 July 2011 at 5:24PM

As said before it's a boiler room operation. probably legal. They will take on anyone that turns up for an interview and some will make money. The vast majority will not. Be careful if they try to get you to get your friends and relatives to invest in whatever it is they are selling.