What are the best internal wholesaler qualifications and training to get ahead?

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What is the best training for becoming an internal wholesaler? What types of ongoing training or certifications are necessary to be an effective internal wholesaler?

What do non-traditional career paths look like?

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Reggie in Carteret, New Jersey

89 months ago

Last comment from that idiot is not even close to answering your question. They look for someone with financial sales experience in mutual funds or other financial products. You will be supporting an external wholesaler selling mutual funds to independent financial advisors or institutional firms. Your will also need your series 7, 63 and 66 license.

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Charles in Dallas, TX in Garden Grove, California

76 months ago

Reggie was a little abrupt with his response. Usually an internal comes from either one of 2 different backgrounds. Either they were recruited by an insurance company or wirehouse and sponsored for their securities license. Or, they started in an investment company (mutual fund, annuity, REIT) and worked their way up from a customer service or administrative position to the sales desk. The one requirement is that you need to have the appropriate license. If you aspire to a mutual fund or annuity sales desk, you need to have your series 6 & 63, at the least. If you aspire to a sales desk that is more comprehensive, you would need your 7 & 63. A 66 is not usually required, unless you are working in the field of managed money. You can also have a 63 and 65 instead of a 66 (which is what I have, I actually have a Series 6, 7, 63, 24, 26, 65 also a life, accident, HMO and health insurance license in the state of TX & MA, and a Texas Real Estate Salesperson license). Most internal wholesalers use the job as a stepping stone to a more lucrative career as an external wholesaler. The top pay for most internals I know is around $150,000/yr, and the average is $75,000/yr. The top pay for an external position is approx. $1,000,000 with an average compensation of $200,000. I've been securities licensed since 1993 and have been a financial advisor, internal wholesaler and am currently an external wholesaler for a real estate securities investment company. Great career.

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Barbara in Thiensville, Wisconsin

75 months ago

The next logical question, then, is how do you find out about such a job? I am fully licensed (7, 63, 65, 24, life, health & accident)and have been working as a registered rep and branch manager. I'd be interested in pursuing an internal wholesaler's position but I'm not sure how to find them!

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Charles in Dallas, TX in Marlborough, Massachusetts

75 months ago

You may have to move to a location such as New York, Boston, CA, Denver or Texas to where the companies have their headquarters. Try looking at www.precisestrategies.com or www.jctrident.com for headhunters. Or, www.hotjobs.com for company postings.

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Dave in Angels Camp, California

74 months ago

I got my position from Juju. Type juju internal wholesaler in google... The thing about internal wholesaling is that the sales desk has to be in your area or you have to move to the desk. I don't know of any mutual fund companies in Wisconsin. But I cover the area and I love it! (except the cheese)...

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Barbara in Thiensville, Wisconsin

74 months ago

Come on, what's not to love about cheese? I've come to accept that there is very little chance of an internal wholesale position for me since there is little to no chance we will ever move out of this snow-magnet state. I will continue to keep my options and eyes open for opportunities, though!

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Calistyle in Toronto, Ontario

65 months ago

You don't NEED financial experience, but if you don't have it, you need GREAT sales experience and a SOLID university degree. Be prepared to move. Especially is you are applying for an internal position. Most internal teams are positioned by region or nationally, but not by city.

And are you kidding me?!?!?! You could move to Denver, CO or Calgary, AB for a position!

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Jack in South River, New Jersey

64 months ago

I will be graduating from college in May and am very interested in working in the funds wholesaling field. I've heard that an internal can typically be an entry level position, but with the job market that is not the case. What other positions or recommendations does anybody have about breaking into this field?

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highkick in Toronto, Ontario

64 months ago

I am not sure about positions in the US but in Canada an Internal isn't an entry level position. Depending on your degree, I would suggest to obtain solid sales experience if you have a finance degree, or finance experience otherwise. Even look at fund companies for sales assistants/client services. Also, make sure that you have all the required licenses. I know a few people that never had finance experience but got a job as an internal because they were good at sales, so I think it's always possible.

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BC in Marlborough, Massachusetts

64 months ago

Boston and New York City are hotbeds for Mutual Fund wholesale positions. Getting in is more about being a right fit. Many internals fit the bill of what an external is ... Look like a million bucks you may sell a million bucks. Very fit people that take care of themselves.

Once you get a taste of wholesaling it is fine. Very competitive people who are thinking just like you - Want to make money. Typically, successful internals who earn an external role may relocate to a territory that is known as a starter. For instance, expect to not be in highly lucrative locations such as Dallas, Chicago, or New York City as a newbie external. Besides, why would the current external leave that territory unless it is with another fund or product altogether.

The time and chance is well worth the wait since an average external could make over $200,000. Perhaps that number is lower due to the markets. The S&P 500 in 2008 was down - 37.00%. For fun, what is $200,000 less of -37.00%? That is still $126,000 in the worst of times.

Do it and take the chance to accept a lower base salary as an internal in order to have a great career.

Once you are good you will build a networking base. Meaning, who could be a wholesaler until you die regardless of the fund company you happen to represent. If you could sell a pig into a ham who cares what the bread is!

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Fund Man in East Brunswick, New Jersey

60 months ago

Jack in South River, New Jersey said: I will be graduating from college in May and am very interested in working in the funds wholesaling field. I've heard that an internal can typically be an entry level position, but with the job market that is not the case. What other positions or recommendations does anybody have about breaking into this field?

I manage an Internal Wholesaler Desk for a very reputable firm. I would advise you to go get some sales experience right now because you're right, the job market stinks and you're not going to get you dream job out of college unless you have a 4.0 from MIT (and I'm guessing you don't). Take a sales job (I started with a base salary of $12,000 in 2005) and work you butt off. Once you have 9 - 12 months of this experience, you can make the jump to a desk. You'll have to convince the manager that you won't fail your 7 etc., but assuming that you can do that, you'll get hired somewhere. Also, in whatever you do, get in early, don't leave at the bell, and work your butt off...you'll do fine.

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NYCSearcher in New York, New York

55 months ago

Fund Man - I own a search firm here in New York and am looking for a manager of an internal desk (currently 6 wholesalers, growing to 10-12 by year end) for a fund client of mine in midtown. We've got a strong "in" as we also placed their Head of Distribution 2 yrs ago and have also placed 2 or the internals.

Any chance you might know of someone who'd want to confidentially discuss w/me?

Thanks

Fund Man in East Brunswick, New Jersey said: I manage an Internal Wholesaler Desk for a very reputable firm. I would advise you to go get some sales experience right now because you're right, the job market stinks and you're not going to get you dream job out of college unless you have a 4.0 from MIT (and I'm guessing you don't). Take a sales job (I started with a base salary of $12,000 in 2005) and work you butt off. Once you have 9 - 12 months of this experience, you can make the jump to a desk. You'll have to convince the manager that you won't fail your 7 etc., but assuming that you can do that, you'll get hired somewhere. Also, in whatever you do, get in early, don't leave at the bell, and work your butt off...you'll do fine.

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Dan Forsberg in Greensboro, North Carolina

51 months ago

Charles in Dallas, TX in Garden Grove, California said: Reggie was a little abrupt with his response. Usually an internal comes from either one of 2 different backgrounds. Either they were recruited by an insurance company or wirehouse and sponsored for their securities license. Or, they started in an investment company (mutual fund, annuity, REIT) and worked their way up from a customer service or administrative position to the sales desk. The one requirement is that you need to have the appropriate license. If you aspire to a mutual fund or annuity sales desk, you need to have your series 6 & 63, at the least. If you aspire to a sales desk that is more comprehensive, you would need your 7 & 63. A 66 is not usually required, unless you are working in the field of managed money. You can also have a 63 and 65 instead of a 66 (which is what I have, I actually have a Series 6, 7, 63, 24, 26, 65 also a life, accident, HMO and health insurance license in the state of TX & MA, and a Texas Real Estate Salesperson license). Most internal wholesalers use the job as a stepping stone to a more lucrative career as an external wholesaler. The top pay for most internals I know is around $150,000/yr, and the average is $75,000/yr. The top pay for an external position is approx. $1,000,000 with an average compensation of $200,000. I've been securities licensed since 1993 and have been a financial advisor, internal wholesaler and am currently an external wholesaler for a real estate securities investment company. Great career.

I am president of an oil and gas development firm in the Appalacian Basin....we are planning to form a BD soon and hire an experienced team to build relationships with RIA/BD community..any advice? Thanks Dan

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Erik in New York, New York

38 months ago

I am an MBA student with a 3.93 GPA at a top school in NYC. Previous experience is strictly in the media/film industry, as I have a bachelor’s degree in media. I have an interview this week for an internal wholesaler role at an asset mgmt firm in the NYC area. Any suggestions on how to prepare for the interview are appreciated.

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Steve in New York, New York

37 months ago

You can get a job on the phones with the service side of the business. I manage a call center service desk. The sales desk will often recruit from my staff and, even more important, my former staff has an outstanding track record of success.

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SimplyHireME in Sacramento, California

35 months ago

I just set an interview with a mutual fund wholesale manager. The majority of my experience involves retail brokerage and a buy-side internship with a pension fund. I just graduated and this is a "Sales Assistant" ie. entry level position. Any suggestions for my interview would be greatly appreciated from you industry professionals. Also is this a great starting positions will be licensed within 6 months he said.

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Mike in Philadelphia, Pennsylvania

34 months ago

I have been looking to move into an internal wholesaling position for about two years on and off now and am obviously not having success (as I am still looking). My experience includes about 3 years of direct sales as an advisor at two of the biggest retail platforms and 2.5 years as a predominantly fixed-income retail sales/trading assistant for one of two banks that didnt make it through 2008.

I have been getting call backs from 60-70% of the positions that I've applied for and have gotten an invite to visit every time...live in Philadelphia now and passed on traveling thus far. I met face to face with 3 firms (two smaller mut. fund, one tier 1 asst. mgmt) in the past quarter, and only made the second round once....every last interview I knew I bombed.

My resume is obviously fine, I have the sales experience, and have sold/traded everything from Swaptions to ETF's...what am I doing wrong on these interviews? What exactly would a hiring manager be looking for out of me with my background? I feel that the market knowledge doesnt even come up in these interviews, but when i speak to internals...all I talk about is market conditions. Any advice would be greatly appreciated

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Uncle Jackson in Lansing, Michigan

34 months ago

Calistyle in Toronto, Ontario said: You don't NEED financial experience, but if you don't have it, you need GREAT sales experience and a SOLID university degree. Be prepared to move. Especially is you are applying for an internal position. Most internal teams are positioned by region or nationally, but not by city.

And are you kidding me?!?!?! You could move to Denver, CO or Calgary, AB for a position!

Actually, you'd be surprised how little industry related experience you need. More than half of our company's internal wholesaler hires have had no experience AND did not have an education in finance or sales/marketing. They all do have at least a bachelors degree though, usually just out of college. Our company hires mostly through referrals, a perfect example of how it's not what you know, its WHO you know.

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Eche13 in Houston, Texas

31 months ago

Mike in Philadelphia, Pennsylvania said: I have been looking to move into an internal wholesaling position for about two years on and off now and am obviously not having success (as I am still looking). My experience includes about 3 years of direct sales as an advisor at two of the biggest retail platforms and 2.5 years as a predominantly fixed-income retail sales/trading assistant for one of two banks that didnt make it through 2008.

I have been getting call backs from 60-70% of the positions that I've applied for and have gotten an invite to visit every time...live in Philadelphia now and passed on traveling thus far. I met face to face with 3 firms (two smaller mut. fund, one tier 1 asst. mgmt) in the past quarter, and only made the second round once....every last interview I knew I bombed.

My resume is obviously fine, I have the sales experience, and have sold/traded everything from Swaptions to ETF's...what am I doing wrong on these interviews? What exactly would a hiring manager be looking for out of me with my background? I feel that the market knowledge doesnt even come up in these interviews, but when i speak to internals...all I talk about is market conditions. Any advice would be greatly appreciated

From my experience is not what you have but how you are. What I mean by that is your personality has to do a lot with it. If you sound arrogant to the person who is interviewing you; you will not get the job. Its as simple as that; if you sound like an approchoable person then you have the job. Because they don't want somebody that sounds mean nor arrogant on the phones they want smiling and energetic people.

I know it sounds like your acting; but if you feel like you cannot be an energetic person who is always happy and at the same time can't deal with multitasking this field may not be for you.

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Jeffmo21 in Orlando, Florida

30 months ago

I have 17 years of sales experience in electrical product sales in the industrial/commercial construction market with a BSEE degree and want to know the best path to switch careers and become an external wholesaler. I have always been a top sales performer and very quick learner and I am very interested in the financial industry. I know a couple of people that are financial advisors that have told me on several occasions that I would be a good wholesaler. I actively persue and develop business from new leads, grow business with existing clientele, and have built solid long term relationships with almost everyone of my customers and enjoy a great portion of their business.

I often thought of becoming a financial advisor, but I was told to stay away from that business unless you're willing to starve for 3 - 5 years. Since my career has been B2B selling I don't think I'm cut out to try to get my family and friends to hand over their financial future to me, several people I know have alienated a lot of their family and friends in that business. I'm not starving now, but if there is another path to wholesaler given my previous sales experience other than becoming an F/A I would like to know.

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Jeffmo21 in Orlando, Florida

30 months ago

I have 17 years of sales experience in electrical product sales in the industrial/commercial construction market with a BSEE degree and want to know the best path to switch careers and become an external wholesaler. I have always been a top sales performer and very quick learner and I am very interested in the financial industry. I know a couple of people that are financial advisors that have told me on several occasions that I would be a good wholesaler. I actively persue and develop business from new leads, grow business with existing clientele, and have built solid long term relationships with almost everyone of my customers and enjoy a great portion of their business.

I often thought of becoming a financial advisor, but I was told to stay away from that business unless you're willing to starve for 3 - 5 years. Since my career has been B2B selling I don't think I'm cut out to try to get my family and friends to hand over their financial future to me, several people I know have alienated a lot of their family and friends in that business. I'm not starving now, but if there is another path to wholesaler given my previous sales experience other than becoming an F/A I would like to know.

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