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Business Development/Wholesaler Roles NYC

Hey All,

Anyone got any tips on getting a business development/external wholesaler gig out in NY? Looking to move into this field but tricky without the internal wholesaler background.

You have the right of it. You’ll need some sort of sales experience to land an external gig. Almost all externals were internals first. No easy way to leapfrog that step.

A right of passage so to speak. Plenty of sales experience…just not in the US as an internal/external wholesaler. Tough to breakdown that barrier. 

Not just a right of passage, but time for management to get comfortable with you. Externals are a costly investment for any firm. Normally they’re given a pretty long leash, at first, particularly if they’re new to the territory. So a company may hire them, pay them a good chunk of change each year, and let them build relationships for at least 2 years before really starting to worry about hitting sales goals. If the firm chose poorly and the external doesn’t work out, not only are they out over a million bucks in comp+benefits, but also the time and opportunity cost of having to rebuild the territory from the ground up.

Of all the externals I’ve seen hired, I can only think of one that wasn’t promoted from the internal desk or was an external from another shop and had existing relationships in the territory. 

That’s very helpful. I will have to modify this search slightly.