Is stockbroker still a profession?

[LindorDoubleChoc]

Although I am a million miles away from the world of banking and finance and hugely wealthy people, I am curious to know if being a stockbrokers is still a profession?

I've heard of investment bankers, venture capitalists and hedge fund managers (although have literally not a clue what they all do) but stockbroker as a profession seems to have disappeared? or has it?

Of course it still exists as a job. A quick google could have told you all you needed to know.

Yes. They trade stocks and shares. The Russel Crowe character in A Good Year is one. Investment Banker invests money to make money wherever there may be an opportunity. Venture Capitalists invests money in eg start ups or a product in order to hopefully make money. Think Dragons Den reggae reggae sauce. Hedge fund is complex. Prob best seen in the film The Big Short. Someone on MN will work in these fields. Hard to get in. It's hard work, long hours, is/was a boys club but the rewards can be spectacular.

Yes and no. Any investment firm where you buy/sell securities is legally a broker/dealer. Their licensed staff are registered representatives. In old terms stockbrokers. But most would identify as financial advisors, wealth management consultants or similar these days and they charge a flat annual percentage on their clients investments rather than a commission on each trade like in the old stockbroker days. Blame McKinsey, apparently Merril Lynch got them in back in the 90s and the move away from commission to fees was their idea, thus killing the traditional stockbrocker. But also modern technology means traders can execute orders on their own.

Ah, thanks for your friendly response there ApolloandDaphne .

I was hoping to learn a bit more about the profession from the good people of Mumsnet who I like listening to a whole lot more than Google. But well done on shutting that down. Congrats on being so smart.

Thanks InTheRainOnTheTrain. I have an elderly relative who was a stockbroker (he's now in his 90s) and I'm seeing him soon and it got me thinking that you never hear of stockbrokers these days. And my son was asking about what he did for a living and I was really struggling to respond.

Thanks also @Pedallleur. All very interesting.

Oh dear, another friendly Mumsnetter who doesn't understand the difference between bald information served up on Google and contextualised discussion with actual human beings....

I think it's one those jobs that still exists but is often rolled into other functions due to technological advancement.

Technically yes but it’s very different from one’s mental image of a stockbroker as so much of that role is now just online.

Yes.

But the word isn't really used any more.

The modern equivalent would be a financial adviser.

Traditional stock brokers do still exist, but their role has changed an awful
lot due to the internet because there are now many online trading platforms.

Traditional stock brokers are able to offer more than just being a broker.
As well as carrying out trades they they can provide financial planning services, advice on investments and will research reports, and personalized investment strategies. The cost of these services is usually in the form of higher fees or commissions compared to online brokers.

Over the last few years the trend has been towards online trading platforms and discount brokers, where investors can trade stocks, ETFs, and other securities online with lower fees and commissions.

Online platforms offer the chance for individuals to invest, where they can research, select, and manage their own investments without much need or any need of a broker.

Traditional stock brokers are around but many have had to adapt the services they provide to incorporate online trading capabilities to stay competitive.

The convenience, lower costs, and accessibility of online trading have made it difficult for stock brokers to exist in today's world where many investors are now confident in managing their own investments and do not require the services of a stock broker.

I once met someone who sold tanker space - who knew(??). Where eg Shell need to move oil around the world. You need a certain tanker for x amount of time. getting the right ship and its cargo to the destination whilst oil prices were steady made him a living
A hedge fund is a limited partnership of private investors whose money is pooled and managed by professional fund managers. These managers use a wide range of strategies, including leverage (borrowed money) and the trading of non-traditional assets, to earn above-average investment returns.
That last bit from Google. So in the film Big Short, a group of fund managers realise the mortgage market in America has been rigged and its a mathematical certainty the market will collapse. They take their fund and BET with the Banks that own the mortgages that the market will collapse. The Banks dont believe it will so take the money (eg $100 million) plus the fees. this actually happened.
Hedge fund manager John Paulson reached fame during the credit crisis for a spectacular bet against the U.S. housing market. This timely bet made his firm, Paulson & Co., an estimated $20 billion during the crisis.
basically its gambling but get it right and people have made billions for the company and made themselves multi millionaires.