Stockbrokers looking to move to a locally owned brokerage firm be careful of First Financial Equity Corporation.
They are so nice in wooing you to join at first. They will make it seem like it is one of the best payouts in the brokerage industry in Phoenix in between a wire house firm and an independent firm, which to some extent it is. However, the hassles you have to go through with the President of the firm, George Fischer and his Compliance Department Melissa Strouse is not worth the "higher payout". They both are compliant conscience for a few reasons.
First, the compliance director has no real world experience in the brokerage industry, so just about everything you try to run by her will be denied. She would rather err on the side of being conservative and deny your compliance requests such as advertising, etc. Than grant it. Too risky for them. Might as well not take the risk. Unfortunately, this is not good if a broker wants to produce and they want you to produce.
Second, since Mr. Fischer has had more complaints against him than probably all of the brokers at the firm combined, he wants to keep a low profile. For good reason. Check out his background This should tell you who you are dealing with.
Once you are in, everything seems to change. They told you no sales quotas? Expect them. You think they are going to graciously pick up normal costs that most firms generally pick up for you because you are a "big producer"? Think again.
Think the ticket charges on each trade are a good deal. Subtract the real cost of the ticket charge from what Mr. Fischer is charging you the broker and you will find how much profit he makes on each trade.
There are too many incidents at this firm to list here. But the main thing to do is check out the firm's regulatory background and make sure you get everything in writing or don't join this firm!
No Longer a Stockbroker
Arizona
U.S.A.
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