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Robert Wilkos: 7 Myths About Stock Brokers

-Keyport Venture Advisors-

Stockbrokers have developed a certain reputation throughout the years

STATEN ISLAND, NEW YORK, UNITED STATES, July 12, 2021 / -- Stockbrokers have developed a certain reputation throughout the years. For instance, they're all sharp-dressed, smooth-talking individuals, right? They're all worth millions, right? Stockbrokers have gained these as their reputation, but this isn't necessarily true for every stockbroker. Robert Wilkos would like to help put an end to some of these stigmas and help you understand who stockbrokers really are.

1. All Wear Suits

While you see the more recognized stockbrokers walking down Wall Street in suits, this isn't true for every individual. Yes, many stockbrokers dress to the nines at all times. It gives the appearance of wealth, even if the stockbroker hasn't quite made it yet. However, you may work with a broker who dresses down and has a more laid-back appearance. I've known a few throughout my time working with investments.

2. Big-Firm Brokers Are More Trustworthy

Robert Wilkos says just because a broker is with a large firm doesn't mean he's successful and honest. Being with a large firm isn't a reflection of his character or success. You'll find stockbrokers who take advantage of people and are with big firms, small firms or are independents.

3. Fancy Title Means Success

Some stockbrokers have earned their mark with their company for the right reasons. Some of have climbed the ladder legitimately because of hard work, dedication, and knowledge. However, this isn't the case for every broker out there.

4. Stockbrokers All Sell the Same Stocks

Robert Wilkos explains that you would naturally assume that any stockbroker can sell you any type of investment you want. However, this isn't the case. While a stockbroker may be able to help you access and invest in any stock, they don't always do that. A broker may only sell you a stock that pays the highest commission because they're looking out for themselves first and not you.

5. Brokers Give Financial Advice

A stockbroker isn't the same thing as a financial advisor. A stockbroker is just there to help you invest in the stock market, private equity, or other types of investment. They aren't there to give you financial advice and help you plan for your future or retirement.

6. Brokers Only Deal With the Incredibly Wealthy

You may see stockbrokers on TV and in magazines who are working with a debonair man. This isn't always the case in real life. Many middle-classed individuals invest in the stock market, and brokers work with these individuals as well. The images portrayed are for advertising purposes. You see a wealthy individual, and you'll automatically put yourself in their place.

7. All Brokers Are All Millionaires

This isn't the case for everyone. Many do make millions. However, some make one, or possibly several, bad investments and actually lose quite a deal of money.

Robert Wilkos knows that stockbrokers aren't always what you see advertised. They work hard to get where they are, often more than a standard 40-hour workweek. Not all of them sport $2,000 suits and drive a Mercedes. And not all of them are successful at what they do.

Robert Wilkos
Keyport Venture Advisors
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