what does an internal wholesaler do?

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Joe in Piscataway, New Jersey

95 months ago

I am looking into internal wholesaler positions. What is average starting salaries for these jobs? Will companies hire recent college graduates to be internal wholesalers? Are wholesalers typically paid on an hourly basis, or do they have attractive comissions? Any insight as to the nature of the work or the pay would be great, thanks.

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Braden in Columbus, Ohio

95 months ago

I work for a large Ohio based insurance company. I have gone through a gauntlet of interviews to get an internal wholesaler position. Here's my inside look to what we require(most companies this size) and what you might expect:

- A bachelors degree in a finance or related field is preferable. Specifically if you are trying to come on board from the "outside". An associates degree and/or 3-5 years work experience in a related field will also work. I have a degree and spent 2-3 years in the inbound Sales and Service area. Where I acquired my Series 6 license. I made market exchanges for variable products and was trained to be a universal agent for my field.

-NASD Series 6 license (For a financial position obviously) and possibly a State Insurance License. [Most companies will pay for your classes and licenses]

-Pay is usually a decent base anywhere from 35-38k/yr. VERY nice compensation in addition if you hit your monthly targets. These targets vary on territory, sales channel, and the quality of you field reps/external wholesalers also depends on how the state of the economy effects your industry. If you were to hit 80% of your goals for the year...you can gross up to, and maybe over, 60k/yr.

In the door: If you're trying to come in right out of college you will need to have sales experience. ANY sales experience! I once sold carpet part time when I was in school. My other buddy sold copier machines before he came in from the "outside" to land an internal wholesaler position with us. You MUST have a "sales" personality. This field will chew you up and spit you out if you can't roll with it.

Overall, try to get your foot in the door of any organization that you're interested in. You might have to put a year or two in to learn the industry. While climbing the ladder...impress...impress...impress.

Good luck Holmes!

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Braden in Columbus, Ohio

95 months ago

Sorry..this was a reply to you NJ Joe.

I work for a large Ohio based insurance company. I have gone through a gauntlet of interviews to get an internal wholesaler position. Here's my inside look to what we require(most companies this size) and what you might expect:

- A bachelors degree in a finance or related field is preferable. Specifically if you are trying to come on board from the "outside". An associates degree and/or 3-5 years work experience in a related field will also work. I have a degree and spent 2-3 years in the inbound Sales and Service area. Where I acquired my Series 6 license. I made market exchanges for variable products and was trained to be a universal agent for my field.

-NASD Series 6 license (For a financial position obviously) and possibly a State Insurance License. [Most companies will pay for your classes and licenses]

-Pay is usually a decent base anywhere from 35-38k/yr. VERY nice compensation in addition if you hit your monthly targets. These targets vary on territory, sales channel, and the quality of you field reps/external wholesalers also depends on how the state of the economy effects your industry. If you were to hit 80% of your goals for the year...you can gross up to, and maybe over, 60k/yr.

In the door: If you're trying to come in right out of college you will need to have sales experience. ANY sales experience! I once sold carpet part time when I was in school. My other buddy sold copier machines before he came in from the "outside" to land an internal wholesaler position with us. You MUST have a "sales" personality. This field will chew you up and spit you out if you can't roll with it.

Overall, try to get your foot in the door of any organization that you're interested in. You might have to put a year or two in to learn the industry. While climbing the ladder...impress...impress...impress.

Good luck Holmes!

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NJ Joe in Newark, New Jersey

95 months ago

Hey Braden, thanks a lot that was very helpful. I would probably be looking at a few larger companies in the NY/NJ area. I have a small amount of sales experience, similar to what you said. I feel that I have the sales personality, but am not exactly sure, as I have not been in sales long enough. Based on what you said, I will apply for a few positions, and maybe if I do not get an internal wholesaler position, a financial advisor would be a good place to start? Not exactly sure what I'm going to do, but I know that I have a strong drive to make some money, so figured sales is a good place for me!!! Any further recommendations or advice would be greatly appreciated. Thanks again...

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Jeff in Roseland, New Jersey

94 months ago

NJ Joe in Newark, New Jersey said: Hey Braden, thanks a lot that was very helpful. I would probably be looking at a few larger companies in the NY/NJ area. I have a small amount of sales experience, similar to what you said. I feel that I have the sales personality, but am not exactly sure, as I have not been in sales long enough. Based on what you said, I will apply for a few positions, and maybe if I do not get an internal wholesaler position, a financial advisor would be a good place to start? Not exactly sure what I'm going to do, but I know that I have a strong drive to make some money, so figured sales is a good place for me!!! Any further recommendations or advice would be greatly appreciated. Thanks again...

Most companies will want you to have your series 6, and series 63, and if you're dealing with life insurance or annuities you will need your life insurance license. I would suggest you to get a position in financial sales and get some sales experience on the field. YOu will be working with advisors/agents, so you should know how it feels to be one first.

Wholesalers are basically people who get advisors/agents excited about selling their product.

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Meep in San Francisco, California

91 months ago

In a phrase, wholesalers are brokers for brokers. Hiring criteria is similar, in fact almost all the (mutual fund) wholesalers I know were brokers. My base is 55 and in a normal year I would expect to make 65-75. I don't know any internals hired straight from university.

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THOMAS WHITNEY in Pittsburgh, Pennsylvania

78 months ago

Meep in San Francisco, California said: In a phrase, wholesalers are brokers for brokers. Hiring criteria is similar, in fact almost all the (mutual fund) wholesalers I know were brokers. My base is 55 and in a normal year I would expect to make 65-75. I don't know any internals hired straight from university.

I just accepted an offer for an Internal Wholesalers position. Any advice? What's the toughest thing vs. the best thing about the job? I'm really excited!

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JD in Chicago, Illinois

77 months ago

I was once an internal wholesaler until I moved to the field as an external wholesaler. I personally started out at an entry level job within my company and worked my way up. I've seen some internal wholesalers come straignt from College although its rare. Generally they are looking for people with some level of personal production experience as well as a series 6 at least. If you get an interview straight out of college, your personality and drive will have to make up for lack of experience, product/industry knowledge and licenses.(on top of that hiring managers will probably have to want some new blood with a fresh perspective)

The most important thing about being a wholesaler is your drive, interpersonal skills and sales abilities. To be succesfull you have to be self driven, know and perform your role on a team, have a good attitude and enjoy working with and talking to people(even the dificult ones). That being said if you like a challenge and working with people it can be a fun job and you get paid pretty well for your efforts.

My biggest piece of advice is to never be content with your current level of competence. Always find a way to grow and improve.

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MERILLMAN in Tallahassee, Florida

75 months ago

I started as an internal at my company right out of college. My senior year I worked as a banker at a large bank it was pretty boring but taught me the skills I needed (working with difficult people, learning different products, selling, problem solving). I think its 30% brains and 70% people skills.

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Tom in Pittsburgh, Pennsylvania

75 months ago

I've been in my position as an Internal Wholesaler for 4 months... I'm sure that there are different expectations for this title everywhere you go. I have 0, client contact and primarily do mostof my work for BDOs in the field. I basically do research marketing for them as well as benchmark fee analysis. I keep myself busy by finding ways to learn or finding ways to improve/expidite any given process. In a nuttshell, I'm sales support.

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Amy in Houma, Louisiana

71 months ago

I am a manufacturer that wholesales my product to retailers ,and I always have salesmen wanting to approach retailers to make money.How do I figure out a payscale for them?I have been approached for yrs.Does anyone know of a program that can help me figure out a sales cut?I have a successful product that is asked for worldwide just dont know how to launch this middleman salary?Any Help would be appreciated.

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Tom in Chicago, Illinois

71 months ago

It depends on the product, the product overhead and how much you plan to make.

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Amy in Houma, Louisiana

71 months ago

Amy in Houma, Louisiana said: I am a manufacturer that wholesales my product to retailers ,and I always have salesmen wanting to approach retailers to make money.How do I figure out a payscale for them?I have been approached for yrs.Does anyone know of a program that can help me figure out a sales cut?I have a successful product that is asked for worldwide just dont know how to launch this middleman salary?Any Help would be appreciated.

If I make a product for 5.00,I wholesale it for 10.00 and we retail it for 15.00.Normally wholesalers call me,but I have people contacting me to be salespeople to find the wholesalers.

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Scott in Lansdale, Pennsylvania

68 months ago

I'm a College senior interning this winter for an investment wholesaler in Philadelphia PA. Just wondering what I would specifically be doing in the sales department and what the salary outlooks are if I perform well and land a full-time job. Any comments/advice/information would be greatly appreciated!!!

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Tom in Pittsburgh, Pennsylvania

68 months ago

Concentrate on Excel... Most sales people are pathetic when it comes to technology... You'll be helping them find prospects and providing fee benchmarking analysis. At least that's what I do.

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John in Franklin Square, New York

62 months ago

joe...do you have any full time experience

Joe in Piscataway, New Jersey said: I am looking into internal wholesaler positions. What is average starting salaries for these jobs? Will companies hire recent college graduates to be internal wholesalers? Are wholesalers typically paid on an hourly basis, or do they have attractive comissions? Any insight as to the nature of the work or the pay would be great, thanks.

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John in Franklin Square, New York

62 months ago

I'm seeking an Internal Wholesaler for a NJ based firm; excellent opportunity to learn investments and retirement plans; will be in outside sales in 2-4 years; if interested, please send a resume to
jmainfo@optonline.net

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