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Internal Wholesaler Interview

whatsyourgovt wrote:

An internal role is the most mind-numbing exp i have ever went through. The monotony of work will leave you with brain atrophy and a disdain for advisors. The money is decent (esp for someone looking to get their foot in the door) but i wouldn’t recommend it for anyone looking to become an analyst.

It’s a great role if you don’t like crunching numbers and can handle the emotional highs and lows of a sales job.

Yeezy, I work in a similar job for a different product and target market. Every thing sweep said is bang on, even regarding product knowledge, they will teach you that.  I think its key to emphasis that you can handle rejection, have ambition and are an outgoing and likeable guy.

The compensation is simply decent now however a few years down the road it can get to be very lucrative.

Thank you Ramos4rm, Sweep, whatsyourgovt and bodhisattva for the kind words and advice.

This is a big step up for me from my past job so I’m F*&kn stoked!

And Sweep, do you mind shootin me an email so I can contact you directly with any future questions instead of starting a whole thread. Thanks.

Kan-yeezy congrats on getting the job! I used to be very active on AF a few years back and just signed up with a new UN. May I suggest targeting Institutional Sales or Product management/Product Specialist positions once you finish CFA. 

Just for some background I’ve worked as a BD wholesaler, then RIA and Institutional wholesaler and now Fixed Income Product Manager all at large shops. 

Feel free to get in touch with any questions as well.  I’d be glad to help of possible. Best of luck

Thanks WholesaleMan29. It’s funny you bring up Institutional Sales and Product Management because I was strongly profiling those for my next career jump; even though I just started my current job, I like to plan ahead.

Shifting towards the product side seems pretty straight forward for me. Just rock it at my job, network with the product side of my shop and slide my way in. The Product Management Director at my shop was also an IW back in the day, and I already have him on LinkedIn.

Not sure how to make the Institutional jump though. I was actually wondering if my experience could translate into an equity/FI/derivative sales job at a large sell side firm. I know they usually hire directly from schools via their S&T programs, but this is an avenue I am willing to explore.

And do you have an email that I can use to get in touch with you in the future? Thanks.

Sweep the Leg wrote:

Congrats buddy!  Nicely done.

The golden rule is to keep you external happy. Be sure to do any follow up or tasks he/she gives you immediately. Nothing pisses off externals like promising something to a client then having an internal fail to deliver. It’ll probably take about six months for your external to trust you, but if you do everything they ask eventually you’ll get some autonomy.

To keep your manager happy just hit your goals. It’s a results driven business so while being the first one in and last to leave is nice - particularly for your first few months - it’s really your activity level that they pay attention to. If you’re suppose to average 30 calls a day make 40. If you can do that and leave at 4:00 no one will care.

Pay attention to the call coaching you’ll receive. When your manager gives you a “suggestion” for a calling campaign or a way to approach a product be sure to weave it in to a few calls. They appreciate you at least trying.  You do all this and you’ll be golden.

Going external is a little different. For that you need to play politics a bit. Get to know the external managers as quickly and as well as possible. Let them know right away you aspire to go external. Whenever they’re in the office be sure to look good. They have to be able to invision you in front of a client. Whenever you have the opportunity to go out drinking with them do so. Also, golf. Practice your public speaking and take any opportunity to get in front of your peers to present. Generally just be awesome.

Pay attention to which managers like to promote off the desk and which tend to hire outside externals. Kiss ass accordingly. Depending on the size of the external sales force at your firm you could make it off the desk in 2-3 years, but I’d say be prepared to put in >5. But, for most people the external position is the end of the line. Having to wait five years for your last job, and one that pays so well, isn’t that bad.

As you get ramped up let me know if you have any questions.  

whatsyourgovt wrote:

Congrats - I would add attitude is key. Always spin off anything (reorg in the firm, a new manager, a new external, switching terrs) as an opportunity. You’ll have frustrating days where sales are low or your external had a bad meeting in which he/she may vent on you - always realize this is only business and never let your emotions get in the way of performing your job. Finally, surround yourself with those who are viewed positively by the firm. Every firm has their disgruntled employees - try to disassociate yourself from that group because it will help you maintain the right mindset while building your image among the rising stars. Remember, consistency is king…

Just got promoted to External Wholesaler boys. Thanks for the great advice, it definitely made a difference.

Break a leg!

Inducted into the AF Hall of Fame, class of ‘17

Awesome update. Congrats Kan-yeezy

"Verdict: TRUE" - Fact Check

Kan-yeezy wrote:

Sweep the Leg wrote:

Congrats buddy!  Nicely done.

The golden rule is to keep you external happy. Be sure to do any follow up or tasks he/she gives you immediately. Nothing pisses off externals like promising something to a client then having an internal fail to deliver. It’ll probably take about six months for your external to trust you, but if you do everything they ask eventually you’ll get some autonomy.

To keep your manager happy just hit your goals. It’s a results driven business so while being the first one in and last to leave is nice - particularly for your first few months - it’s really your activity level that they pay attention to. If you’re suppose to average 30 calls a day make 40. If you can do that and leave at 4:00 no one will care.

Pay attention to the call coaching you’ll receive. When your manager gives you a “suggestion” for a calling campaign or a way to approach a product be sure to weave it in to a few calls. They appreciate you at least trying.  You do all this and you’ll be golden.

Going external is a little different. For that you need to play politics a bit. Get to know the external managers as quickly and as well as possible. Let them know right away you aspire to go external. Whenever they’re in the office be sure to look good. They have to be able to invision you in front of a client. Whenever you have the opportunity to go out drinking with them do so. Also, golf. Practice your public speaking and take any opportunity to get in front of your peers to present. Generally just be awesome.

Pay attention to which managers like to promote off the desk and which tend to hire outside externals. Kiss ass accordingly. Depending on the size of the external sales force at your firm you could make it off the desk in 2-3 years, but I’d say be prepared to put in >5. But, for most people the external position is the end of the line. Having to wait five years for your last job, and one that pays so well, isn’t that bad.

As you get ramped up let me know if you have any questions.  

whatsyourgovt wrote:

Congrats - I would add attitude is key. Always spin off anything (reorg in the firm, a new manager, a new external, switching terrs) as an opportunity. You’ll have frustrating days where sales are low or your external had a bad meeting in which he/she may vent on you - always realize this is only business and never let your emotions get in the way of performing your job. Finally, surround yourself with those who are viewed positively by the firm. Every firm has their disgruntled employees - try to disassociate yourself from that group because it will help you maintain the right mindset while building your image among the rising stars. Remember, consistency is king…

Just got promoted to External Wholesaler boys. Thanks for the great advice, it definitely made a difference.

Holy **** dude, that’s great! That was a quick move. Way to kick ass. What territory are you going to cover?

Sweep the Leg wrote:

Holy **** dude, that’s great! That was a quick move. Way to kick ass. What territory are you going to cover?

Ya man, it’s been crazy. For the next few months I’m covering a short term leave here in the greater Toronto area. However once that person returns I could be anywhere in Canada, don’t know where yet. I’m hoping for Vancouver as I really want to live out west for a few years… even though the cost of living is outrageous out there.

Hey, 

I applied for a internal wholesaler position at a mutual fund firm in toronto. I’ve read the posts, and I know it’s been a while since you have been through the interview process. Can you give me a little insight in regards to the process. I believe my first interview is with someone from HR. 

Anything helps!!! The call is today -_-

congrats man!!! Vanvouver is super beautiful…Such a great city…Some people hate it but I am into trees, skiing, golfing, outdoors, fresh air and nicer people. 

Be yourself. The world worships the original.

Kan-yeezy wrote:

Thanks WholesaleMan29. It’s funny you bring up Institutional Sales and Product Management because I was strongly profiling those for my next career jump; even though I just started my current job, I like to plan ahead.

Shifting towards the product side seems pretty straight forward for me. Just rock it at my job, network with the product side of my shop and slide my way in. The Product Management Director at my shop was also an IW back in the day, and I already have him on LinkedIn.

Not sure how to make the Institutional jump though. I was actually wondering if my experience could translate into an equity/FI/derivative sales job at a large sell side firm. I know they usually hire directly from schools via their S&T programs, but this is an avenue I am willing to explore.

And do you have an email that I can use to get in touch with you in the future? Thanks.

I currently work in Fixed Income Product Management and I really enjoy the job. You get exposure to both the investment and sales people at your firm and you learn a lot about investments and how the business works. Passing the CFA will be a big boost to your chances at landing one of these jobs. The pay can be lucrative as you move up and you end up developing relationships with everyone important at the firm. You can keep the best parts of the sales job, such as travelling and playing golf with clients, while also cutting your teeth on the investment side of things by learning the portfolios, strategies, etc. until you become the subject matter expert.