Sign up  |  Log in

External/Hybrid Wholesaler Career?

Hello AF community,

I’ve been considering the possibility of pursuing the role of External Wholesaler or potentially Hybrid Wholesaler but wanted to gain some insight first. I have experience as a financial advisor and have my S7 and S66 and reside in NYC. Questions I’m hoping could be answered are:

1) I’ve read (on this forum actually) that External Wholesalers can make upwards of at least $250k/yr and averaging out at around $600k/yr. Are these figures still accurate today? How much of a base? ( I know the bulk would come from commissions but curious as to what a reasonable base salary might be)

2) In my search for job openings as an External Wholesaler I’ve only come across 1 or 2, most of the positions I see open are for Internal Wholesalers. Any idea as to why that might be? I’m also seeing some Hybrid Wholesaler roles, what would that entail(job responsibilities? Pay?) compared to an Internal or External?

3) I’m also noticing many of the companies I see with openings for Wholesalers of any kind are not investment banks but rather insurance companies(Prudential, Lincoln Financial Group, New York Life). Is that where the greater demand for wholesalers are? Any particular reason why? Is a career as an External Wholesaler (or Internal or Hybrid) just as lucrative at one of these companies as it would be at an investment bank or other kind of firm?

4) If a career as an External Wholesaler is as lucrative as I been made to understand it to be($250k/yr+) what are some of the firms you would recommend looking into for employment where’d it’d be possible to make that sort of income? I’ve looked at all the big names that came to mind 1st(J.P. Morgan, Fidelity, Charles Schwab, Morgan Stanley, BlackRock, Merrill Lynch, UBS, State Street, Vanguard, Franklin Templton) and none have any wholesaler roles open

Thanks in advance for any/all feedback

1) I’ve read (on this forum actually) that External Wholesalers can make upwards of at least $250k/yr and averaging out at around $600k/yr. Are these figures still accurate today? How much of a base? ( I know the bulk would come from commissions but curious as to what a reasonable base salary might be)

Salary is around $100-150k based on experience, and your total comp can reach the $250-350k (The $600k years are long gone).

2) In my search for job openings as an External Wholesaler I’ve only come across 1 or 2, most of the positions I see open are for Internal Wholesalers. Any idea as to why that might be? I’m also seeing some Hybrid Wholesaler roles, what would that entail(job responsibilities? Pay?) compared to an Internal or External?

Internal wholesalers get promoted to external internally, so very few jobs are posted. The internal wholesaler spends most days at the office talking to advisors.

3) I’m also noticing many of the companies I see with openings for Wholesalers of any kind are not investment banks but rather insurance companies(Prudential, Lincoln Financial Group, New York Life). Is that where the greater demand for wholesalers are? Any particular reason why? Is a career as an External Wholesaler (or Internal or Hybrid) just as lucrative at one of these companies as it would be at an investment bank or other kind of firm?

Investment banks don’t have wholesalers. Fund companies do… Insurance companies are just as good as fund companies when it comes to career opportunities in wholesaling. 

4) If a career as an External Wholesaler is as lucrative as I been made to understand it to be($250k/yr+) what are some of the firms you would recommend looking into for employment where’d it’d be possible to make that sort of income? I’ve looked at all the big names that came to mind 1st(J.P. Morgan, Fidelity, Charles Schwab, Morgan Stanley, BlackRock, Merrill Lynch, UBS, State Street, Vanguard, Franklin Templton) and none have any wholesaler roles open

Can’t comment here as I am in Vancouver.

Thanks for the info Empire, I really appreciate it. Too bad the good ol’ 600k days are gone. I’ll shoot my shot with these insurance companies and see. Thanks again.

Anyone else welcome to add to it. Would appreciate any insight from anyone in the states, more particularly NYC since that’s where I’m based.

Empire wrote:

1) I’ve read (on this forum actually) that External Wholesalers can make upwards of at least $250k/yr and averaging out at around $600k/yr. Are these figures still accurate today? How much of a base? ( I know the bulk would come from commissions but curious as to what a reasonable base salary might be)

Salary is around $100-150k based on experience, and your total comp can reach the $250-350k (The $600k years are long gone).

Comp is coming down but $600k during a good year is completely in the realm of possibility. If you’re an external at a decent sized shop and your total comp averages $250k, you’ll be looking for another job soon enough.

Sweep the Leg wrote:

Empire wrote:

1) I’ve read (on this forum actually) that External Wholesalers can make upwards of at least $250k/yr and averaging out at around $600k/yr. Are these figures still accurate today? How much of a base? ( I know the bulk would come from commissions but curious as to what a reasonable base salary might be)

Salary is around $100-150k based on experience, and your total comp can reach the $250-350k (The $600k years are long gone).

Comp is coming down but $600k during a good year is completely in the realm of possibility. If you’re an external at a decent sized shop and your total comp averages $250k, you’ll be looking for another job soon enough.

Most wholesalers in Canada don’t get to that $250k you mentioned. Needless to say that the sales volumes (targets) are lower here because of the smaller population and smaller capital market.

Sweep the Leg wrote:

Empire wrote:

1) I’ve read (on this forum actually) that External Wholesalers can make upwards of at least $250k/yr and averaging out at around $600k/yr. Are these figures still accurate today? How much of a base? ( I know the bulk would come from commissions but curious as to what a reasonable base salary might be)

Salary is around $100-150k based on experience, and your total comp can reach the $250-350k (The $600k years are long gone).

Comp is coming down but $600k during a good year is completely in the realm of possibility. If you’re an external at a decent sized shop and your total comp averages $250k, you’ll be looking for another job soon enough.

****, really? I’m still $70K… .

¯\_(ツ)_/¯ It be like that sometimes.