Financial Sales

Anyone currently wholesale or consider themselves an external in some capacity? My next leap of faith will most likely take on this role and i have a few questions as it relates to relocating and T&E. With respect to relocating, what is the average amount you can expect (i.e 10k to close out of any pending rent leases along with a few k for moving expenses). Secondly, can i expect car payments, to be financed by the company? Finally, average budget for expenses (over under 60k?)

All of that depends on the company. Relocation costs are always covered and I’d be willing to bet they’d cover your remaining rent. No, they won’t pay for your car but you’ll be reimbursed for mileage which can really add up depending on your geographic territory. Budget for expenses varies greatly by firm. Can’t predict that one. At a larger fund company (say anything over $100B AUM) you’ll have plenty to wine and dine everyone you need to. Keep in mind there are compliance rules about how much you can spend per client so a larger expense budget is determined more by how many clients you’re expected to see and how much travel you’ll have to do.

StL is right on.

Mileage reimbursement can add up to a pretty penny if you have large territory and have to drive a lot.

Budget for expenses can also have vary dependent on multiple factors; AUM of firm, how profitable the territory is, overall firm profit, market conditions etc. Everyone at my firm is well north of $60K.

Hey dude. How’s the gig going? Sights set on going external?

I had some joker call me about a couple of these roles. One was comparable on comp and another was well below. Recruiters…

I may make this switch for the right role, think there can be a lot of potential and it can be fun. But, the product line up and firm pipeline/recognition has to be there.

As STL said, people I know who have made this jump do not complain about not having a large enough expense account.

Thanks all,

In response to StL…

The gigs going well, the sales growth in my territory since I joined the team has been ridiculous. As for going external, I’ve kept that door open. The VP for the externals has identified me as one of the people he’s keeping his eyes on. So that avenue looks promising.

However, I’m more interested in Institutional Sales and Investment Management. I’m going to start networking hard with that side of the business to see what my options are.

Have you seen anyone transfer from being an Inside to the Institutional side of the business?

That’s what I did.

As for going over to investment management…that’s a tough one. I assume your firm has roles like Client Portfolio Managers or something similar? A specialist that sits with the portfolio team on a specific strategy(ies). That would be your best bet to get in with investment management, though it’s still a sales role (and tons of travel). But, it’s possible, you could move from a CPM role to an analyst role if you played your cards right. You’d take a huge pay cut though.

K - your story sounds similar to mine. Do you want to make the switch to the institutional side / IM because you do not find retail intellectually stimulating?

Institutional Sales is my main aim right now. Goal would be to land a spot at one of the larger firms (PIMCO, Fido, BlackRock, Vanguard etc.). The Institutional Sales side of my firm is surprisingly underdeveloped, but top brass is starting to throw serious money at it to drive expansion. Hopefully somewhere in that expansion I find a spot.

I think you put it best for me last year with the following quote:

“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”

Though work can be enjoyable and my colleagues are an absolutely amazing group of people, I feel myself getting dumber and also don’t get to flex my mental muscle. It’s also about career progression on the retail side, so I become an external in a year or two… then what? The combination of career prospects plus the interesting nature of the work is why I’m leaning towards institutional.

Where you located in Canada?

Where I am physically located? Toronto.

The geographic territory I cover? I would rather not disclose.

haha brilliant. I’m glad you’re in Canada otherwise we’d probably be foes.