So you want to become a wholesaler...

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dividends's picture
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Joined: 2004-12-04

Anyone ever made the jump from producer to wholesaler on this forum.  I am not bad at what I do, actually think I am very good.  Just sometimes get tired of the screwball compliance being involved with a large wirehouse.  Besides a hellish travel schedule and handing out nice pens do people who go into that job enjoy it?  What type of base pay and or compensation is involved?  What led you to the move?  Do MFD companies not like picking off producers from firms they sell to or do they even care?

hubbabubba's picture
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Joined: 2006-08-03

Salary will depend on the type of wholesaler.  For funds you should expect $50k min.
 

bankrep1's picture
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Joined: 2004-12-02

Most externals make very good $, the job requires a ton of travel a lot of time, you also work very long hours, lots of night activities and morning meetings.

NASD Newbie's picture
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bankrep1 wrote:Most externals make very good $, the job requires a ton of travel a lot of time, you also work very long hours, lots of night activities and morning meetings.
Way too much work for a guy who wants to sit at his little desk in a bank lobby nodding at people who walk by.
However, if you're single--or married to somebody who also travels--it's great way to make a lot of money very fast.
It all depends on who you represent--which is even more critical than your own skills.
The jobs are actually difficult to land--and sharp women have an inside track.

Starka's picture
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Joined: 2004-11-30

How long were you a wholesaler, Newbie?

hubbabubba's picture
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Joined: 2006-08-03

sharp women have an inside track? I know very few women wholesalers.  Key account managers, maybe.  You must be talking about drug reps.  Women are much better represented there.

knucklehead's picture
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Joined: 2006-07-27

hubbabubba wrote:
sharp women have an inside track? I know very few women wholesalers.  Key account managers, maybe.  You must be talking about drug reps.  Women are much better represented there.

THat's because there's very few sharp women.

NASD Newbie's picture
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Joined: 2005-08-01

hubbabubba wrote:
sharp women have an inside track? I know very few women wholesalers.  Key account managers, maybe.  You must be talking about drug reps.  Women are much better represented there.

And how many wholesalers have you encountered in your long and illustious career?
What I said was that sharp women have an inside track--just because you have not met many means nothing unless you've met them all.

BankFC's picture
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Joined: 2005-05-27

Have you met them all NASD?  Every single one of them?

hubbabubba's picture
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Joined: 2006-08-03

I used to be a wholesaler for 10 years.  I think I know more wholesalers than you.

NASD Newbie's picture
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BankFC wrote:Have you met them all NASD?  Every single one of them?
Nope, but I've taken phone calls asking if I knew a "sharp woman" in (say) Louisville who was not really making it in production but who would be a good wholesaler.
And I've met a lot of them, and many of them are sharp women.
Do you think women do not have an inside track?

hubbabubba's picture
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Joined: 2006-08-03

"Do you think women do not have an inside track?"
 
No, I think they are at a disadvantage in this industry and have to be better than most guys.  They will have an easier go at it in the pharmaceutical industry, esp if they know how to flirt with doctors.  And I know tons of female drug reps b/c my wife is a clinical pharmacist.

NASD Newbie's picture
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hubbabubba wrote:
"Do you think women do not have an inside track?"
 
No, I think they are at a disadvantage in this industry and have to be better than most guys.  They will have an easier go at it in the pharmaceutical industry, esp if they know how to flirt with doctors.  And I know tons of female drug reps b/c my wife is a clinical pharmacist.

Why do you know them--do you sit around as your wife's lap dog?
How many does it take to make "tons of them?"

hubbabubba's picture
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Joined: 2006-08-03

That's funny, newbie.  Spoken like a complete idiot.  As usual you resort to flaming when you are out of your element.  You just can't stand it when someone knows more about the topic at hand than you, huh?  You are a fool and you just keep proving it with your idiotic posts.

vbrainy's picture
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Joined: 2006-07-26

knucklehead wrote:hubbabubba wrote:
sharp women have an inside track? I know very few women wholesalers.  Key account managers, maybe.  You must be talking about drug reps.  Women are much better represented there.

THat's because there's very few sharp women.

Maybe the ho you hang with isn't sharp, hey why would she be with you.
Women are huge decision makers when families determine which FA they will do business with.  And they are very intuitive.  That means they can tell jerks like you don't respect them.  Once you have them as a client, and they trust you, they will be your most loyal clients.  Women are also great referral sources.
While I am sorry that your mother was not sharp and that she beat you as a child, it still does not excuse you from making this ignorant statement about women.

Starka's picture
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Joined: 2004-11-30

hubbabubba wrote:That's funny, newbie.  Spoken like a complete idiot.  As usual you resort to flaming when you are out of your element.  You just can't stand it when someone knows more about the topic at hand than you, huh?  You are a fool and you just keep proving it with your idiotic posts.
What IS his element, hubbabubba? 
Newbie's posts are erroneous at best on just about every topic he's chimed in upon.  And that's quite a few.

hubbabubba's picture
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Joined: 2006-08-03

You got that right Starka.  Unfortunately, he chimes in on everything.  An old prof of mine had a saying.  "It's better to be thought a fool than to open one's mouth and prove to everyone that you are one."
And vbrainy I hope you didn't infer that I think there are not smart women.   There just aren't very many women wholesalers in financial services.  There are many, many more who are drug reps.  That's the prime message of my post.  Nothing more, nothing less.

BankFC's picture
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Joined: 2005-05-27

vbrainy wrote:knucklehead wrote:hubbabubba wrote:
sharp women have an inside track? I know very few women wholesalers.  Key account managers, maybe.  You must be talking about drug reps.  Women are much better represented there.

THat's because there's very few sharp women.

Maybe the ho you hang with isn't sharp, hey why would she be with you.
Women are huge decision makers when families determine which FA they will do business with.  And they are very intuitive.  That means they can tell jerks like you don't respect them.  Once you have them as a client, and they trust you, they will be your most loyal clients.  Women are also great referral sources.
While I am sorry that your mother was not sharp and that she beat you as a child, it still does not excuse you from making this ignorant statement about women.

Somebody is a man-hater... 
Nazi fem man-haters are quick to spew insults and take things out of context.  It's actually very predictable.

BankFC's picture
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Joined: 2005-05-27

NASD Newbie wrote:
BankFC wrote:Have you met them all NASD?  Every single one of them?
Nope, but I've taken phone calls asking if I knew a "sharp woman" in (say) Louisville who was not really making it in production but who would be a good wholesaler.
Does one instance equal an industry trend?  No, it doesn't.
And I've met a lot of them, and many of them are sharp women.
By "many", do you mean to say "the majority?"  What constitutes "many?"  Don't spout off unless you have verifiable figures to back up your claims.
Do you think women do not have an inside track?
I do no think women have an inside track.  I have met "many" wholesalers myself (over 100 easily) in the past (although for the past year I have refused to see most) and the vast majority of those 100 plus have been male.

Registered Rep's picture
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Joined: 2006-07-18

I'll take the opposite position on this subject & say YES I DO think women have an inside track especially if they are mature enough & good looking enough to use their sex appeal to open doors.
2 of my favorite annuity wholesalers are women & they both are very good at teasing you just enough for intrigue but never enough where you really think you have a chance.  They are both very bright & work very hard so the sex appeal is just the icing on the cake that takes them over the top. 
There's not a week that goes by that some wholesaler isn't buying lunch in this branch so I see allot of wholesalers & the "good" one's stand out. Somebody said there are not allot of women, you're right less than 5% of the one's I see are women but they tend to be a talented minority.

hubbabubba's picture
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Joined: 2006-08-03

RR, you just validated my point.  There are NOT alot of women wholesalers AND the few that are out there have to be better than most of the guys.  Why?  No one would take them seriously.  How do I know?  Because there is a dumb thread about it.
 
 

bankrep1's picture
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Joined: 2004-12-02

They must send all of the women wholesalers to the wirehouses I am stuck with a bunch of men.

futureadvisor's picture
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Joined: 2006-08-27

So back to the salary...how does it work?  How difficult is it to get those jobs?

dividends's picture
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Joined: 2004-12-04

I agree with future advisor.  Can any of your current or former wholesalers chime in?

hubbabubba's picture
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Joined: 2006-08-03

I would recommend two points of attack.  First, contact a few recruiters.  Second, if you are still in production, ask some of the wholesalers that you know for advice.
futureadvisor, I'm not sure I know what you mean about how the salary works.  You have a salary.  That's pretty straightforward.  You also get commissions from broker trades.  The commissions depends on numerous things.  If you are at a large fund complex, it will be small-maybe even 1 bp.  However, you won't get a job there when you break in.  Maybe as an internal though....  The smaller complexes will pay you more bps b/c they don't have volume.  I can't tell you about VA wholesalers 'cause I wasn't one.
 
If you have specific questions, feel free to PM me.

BankFC's picture
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Joined: 2005-05-27

The VA wholesalers I have a good enough relationship to ask all have about the same set-up.  Salary plus 25 bps on a new sale by an advisor (no trail).
Also the expense account is nice, but a lot of travel.

ezmoney's picture
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Joined: 2004-11-30

The money is good for the wholesaler but the travel is hell and there is no equity or trails like an advisor. If you stick with the FA gig for a while, you make more money with a better lifestyle than the typical wholesaler.
As a wholesaler you can be let go anytime. This is true for an FA as well, but we walk with some equity ( our book). They can't take that away.

hubbabubba's picture
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Joined: 2006-08-03

ez$ pretty much hit the nail on the head.  The money is much better early on, but no equity and no trailers (for fund/VA wholesalers).  Depending on the firm, you are incented to sell specific products with correspondingly higher payouts.  There are 2 sides to fund complexes: the money management side and the marketing distribution side.  They are, at times, in conflict with one another.  Just remember, the grass isn't always greener.

other1's picture
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Joined: 2005-06-17

The good wholesalers definitely stand out and it is very easy to recognize the good ones.  They can and do make a lot of money, the good wholesalers va or funds easily makes at least 300k.  Yes the travel is challenging but so is building a book.  The good wholesalers after 2-3 years with become DVP’s with less travel.  There are no trails and yes you can be let go at any time but if you are GOOD and want to get into management you can expect to make 300-500k.   Most annuity wholesalers make 50-75k base plus 20-28 basis points and bonuses 30-100k annually.  A rep has no chance to get a job with a top tier company.   Start with a 2nd tier company and prove yourself and the headhunters will call guaranteed

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