Internal Wholesaler career path may lead to...?

A friend had asked for my advice if he should accept an Internal Wholesaler position with a very respectable firm…, and I didn’t really know what to tell him. I mean, I know quite a lot about what an Internal Wholesaler does, but I just don’t know if working in that position will enable him (in any way) to accomplish his goal of becoming a portfolio manager in the future. His short-term goal is to be a research analyst and then work his way to become a PM for a mutual fund/hedge company in the long-run. I mean, internal wholesaler position is somewhat a sales position…, and I don’t think he will be able to move from that position to an equity/fixed income research position…etc. This position might be a dead-end for him. What say you smart/knowledgeable folks?

Fido has a ton of these jobs. You spend all your time on the phone. They pay ok and there is of course potential to move to an outside wholesaler role where you work 30 hours a week, most of which is spent on the golf course, and make $200K+. This is strictly a sales track and won’t get you in as a PM.

Agree with Serviced By Others. Our internal wholesalers have a quota of phone contacts they must hit each day. They spend all of their time on the phone pushing the fund of the month. I’ve got tons of friends on our sales desk and none of them are happy with their jobs and would jump at the chance to get out. The guy in my territory passed all three levels of the CFA exam two years ago. He’s pretty smart/outgoing and I though he might have a chance at landing a research role because of his current location in our home office (we work for a large IM firm). He’s interviewed a bunch of times, but nothing has panned out. The jobs always go to my invst. mgt. side of the business. I think once you are on the sales track you get pegged and it’s going to be almost impossible to transition in the job track for portfolio mgt. True they make decent money, but I would tell your friend to wait for a better opportunity.

I’m a wholesaler. The money is decent and the normal path is to start as an internal then go external. It obviously varies by firm, but typically externals make good money. Being that it is based on sales goals your bonuses vary widely from year to year. At the firm I work for externals make around $250k at the low end and about $750k on the high end. If you’re on the high end though, your goals get jacked so it’s not consistently $600k+, but over three years you could be looking at an average of $400k-$500k. After I’m done with level 3 I’m going to try to move over to a portfolio as an analyst but it’s not an easy jump. I’ve made my manager aware of where I want to go. Just have to see if it pans out. If you like sales and like the fund company you represent, wholesaling is a pretty good gig.

Sweep the Leg, since you’re an internal wholesaler you definitely should know what to tell this dude that’s been stressing me out with advice! He’s been working a for a couple of years…around 3 yrs. He works for a pretty good IM firm (back-office job), but doesn’t make that much. Thinking about getting into the CFA program, but hasn’t signed up for Level 1 yet…, & wants to be a PM in the long-run. I told him getting the internal wholesaler position might be a dead-end…, even though he’ll be making much more than he’s making now. He thinks he should do the internal wholesaler for 3-4 yrs and then try and move to a research position once he gets his L3 if he ever decides to sign up for the CFA program. I told him moving from an wholesaler position to research might be doable…, but almost impossible! Sweep, do you like what you do? Work for a firm in the NE? What’s your typical day like…, so I can tell this dude so he can leave me the freak alone (he probably still won’t!!!). daviskr, that’s what I’m trying to tell this dude, but he says his current job sucks anyways, and here he has a chance to make more money. He believes it should be easy to move over to research once he gets his L3.

A friend of my left our company about 1.5 months ago. She went from working in pm (fixed income) to an index sales position. She’s currently a L2 candidate and took the job for the title and the fact that her total comp went up about 50%. I just spoke to her over the weekend and she told me she wishes that she never left the IM side and was just wooed by the $$. She’s looking for a new job as we speak … If your friend is serious about moving on to an analyst track in the s.t. then up to a pm role, I would advise him not to take the job. He’s working at an IM firm (BO) now right? He should network like crazy. He’s got his foot in the door now. With some hard work and dedication, he can move over in time. Tell him to get his @ss in gear and register for L1. The job he wants isn’t just going to fall in his lap …

daviskr Wrote: ------------------------------------------------------- > A friend of my left our company about 1.5 months > ago. She went from working in pm (fixed income) > to an index sales position. She’s currently a L2 > candidate and took the job for the title and the > fact that her total comp went up about 50%. I > just spoke to her over the weekend and she told me > she wishes that she never left the IM side and was > just wooed by the $$. She’s looking for a new job > as we speak … Is she good looking? If not she never should’ve left the investment side.

^She definitely has some assets to work with … lol You tell me though, I’m friends with her on FB. Go to the album named “photos”. She’s in the red …

daviskr Wrote: ------------------------------------------------------- > A friend of my left our company about 1.5 months > ago. She went from working in pm (fixed income) > to an index sales position. She’s currently a L2 > candidate and took the job for the title and the > fact that her total comp went up about 50%. I > just spoke to her over the weekend and she told me > she wishes that she never left the IM side and was > just wooed by the $$. She’s looking for a new job > as we speak … > > If your friend is serious about moving on to an > analyst track in the s.t. then up to a pm role, I > would advise him not to take the job. He’s > working at an IM firm (BO) now right? He should > network like crazy. He’s got his foot in the door > now. With some hard work and dedication, he can > move over in time. Tell him to get his @ss in > gear and register for L1. The job he wants isn’t > just going to fall in his lap … Yeah, the dude currently works for a well-respectable IM firm, and the wholesaler position will be with the same firm. He hates the thought of working in the back-office for the next 3-4 yrs (making little money) while trying get the charter, when he can make more in the same time period by doing the internal wholesaler gig. He said he already believes it will be difficult for him to move from his back-office role to a research position as it is. I’ll tell him to just be patient…, while networking like crazy at the same time. Regarding your friend, how can she move from a pm (fixed income) to an index sales position??? I’d think her former position gave her more chance to transition to the PM role than her current gig. Plus, she probably is not able to meet her quota…etc.

Yeah, I like what I do but it’s not a natural path to the buyside. I’ve made my intentions very clear with my manager and he’s helping me to network within the company - meet the analysts and PMs, that sort of thing - so when I’m ready (read: done with the CFA) I have a fighting chance. Not in the NE, I’m in Kansas City. Typical day is basically making a lot of phone calls, about 30-40. Not too bad. Every Internal is partnered up with an External. Your External is basically your boss. The Internals I know that don’t like their job almost always say it’s because they hate their external. Luckily the culture at my firm is pretty awesome so that helps too. I know another firm here in town that runs their wholesalers ragged. That’d suck. I’d tell your friend if he’s hoping to get into an analyst position taking a job as an internal wholesaler won’t help him unless he plans on staying at the same firm. Then, like me (hopefully), he’ll have a chance to network and he’ll be aware of when there are positions open. If he switches firms his wholesaling experience won’t help him a bit. It varies widely by firm, but internal wholesalers make pretty good money and it’s not too intense so it’s a fine position to work while you complete your MBA and CFA. At least, that’s my deal.

wtf I must’ve clicked on your facebook page 20 times and it keeps saying profile unavailable. F FACEBOOK

I thought Internal Wholesalers had sales quotas to meet…etc. And I thought they receive inbound phone calls from brokers as opposed to making outbound calls. Don’t they also help brokers make sales presentations…etc? Maybe I’m mistaken?

Damil4real Wrote: ------------------------------------------------------- > Regarding your friend, how can she move from a pm > (fixed income) to an index sales position??? I’d > think her former position gave her more chance to > transition to the PM role than her current gig. > Plus, she probably is not able to meet her > quota…etc. She was working in the fixed income area in more of an analyst/junior pm type role. Our company is not know for promoting from apm to pm from within (very infrequent). They would prefer to hire more senior pms from outide the company. She left b/c of the $$'s and the location (job was on wallstreet).

I only get calls from advisors in my territory that I work with. Random inbounds go to our sales reps. Making calls is the job. Externals do the presentations. Rarely internals will help out with stuff like that for the really big conferences that require more than one person. We’re compensated on sales so there are goals just like any other sales job. Some firms pay wholesalers on net investment others on just sales.

I wanna be Daviskr’s facebook friend…

Sweep the Leg Wrote: ------------------------------------------------------- > I only get calls from advisors in my territory > that I work with. Random inbounds go to our sales > reps. Making calls is the job. Externals do the > presentations. Rarely internals will help out > with stuff like that for the really big > conferences that require more than one person. > > We’re compensated on sales so there are goals just > like any other sales job. Some firms pay > wholesalers on net investment others on just > sales. Turnover/layoffs should be pretty high then during tough economic times like the one we’re in. I’d always thought internal wholesalers don’t make outbound calls, but I guess I had always been wrong. I thought they only receive inbound calls from brokers in their territory…, answering questions about a particular mutual fund…etc. Then you can try and sell them on some other products…etc, but I didn’t know you also need to make outbound calls like a typical telemarking/cold call crap. Oh boy…, this dude needs to not only walk away from the offer, but RUN!

iheartiheartmath Wrote: ------------------------------------------------------- > wtf I must’ve clicked on your facebook page 20 > times and it keeps saying profile unavailable. F > FACEBOOK Did you get in yet?

I’d say less than 5% of the calls are cold calls. A lot of it is managing the territory with your external partner, follow up from meetings and events they do, making the rounds with our top advisors to update them on what’s going on with the funds they use, and just selling our funds. Back in November we had to lay a few people off like pretty much every other financial institution, but otherwise turnover has been zero. It’s not like mutual funds aren’t selling, even this time last year. Just went from talking about equity funds to fixed income funds. If I worked for a company with crappy funds this job would suck. Luckily our funds are good so it’s much easier.

daviskr Wrote: ------------------------------------------------------- > iheartiheartmath Wrote: > -------------------------------------------------- > ----- > > wtf I must’ve clicked on your facebook page 20 > > times and it keeps saying profile unavailable. > F > > FACEBOOK > > Did you get in yet? Yeah. Are you referring to the chick in pic 37 of 42? If so I think the other chick in that picture is better looking.

iheartiheartmath Wrote: ------------------------------------------------------- > daviskr Wrote: > -------------------------------------------------- > ----- > > iheartiheartmath Wrote: > > > -------------------------------------------------- > > > ----- > > > wtf I must’ve clicked on your facebook page > 20 > > > times and it keeps saying profile > unavailable. > > F > > > FACEBOOK > > > > Did you get in yet? > > Yeah. Are you referring to the chick in pic 37 of > 42? If so I think the other chick in that picture > is better looking. OMG, are you serious? The other chick in that pic is a million times better looking. Initially I thought she referred to the chick in red in pic 19 of 42. hahahaha