External Wholesaler

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CashMoneyBrothe's picture
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Joined: 2006-10-19

Just finished the last round for an External Wholesaler role.  Did not get it, man it it is tough to land an external job.  Let me ask you guys this, do you think it is hard to land a job like that when you are black.
 
Cash Mondy Brother.

Morphius's picture
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Joined: 2007-07-21

It's hard to get a job like that no matter what color you are.  If it was easy, everyone would be doing it. 

henryhill's picture
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Joined: 2007-08-23

I am curious.  What is your education/work history?  Could that be a factor?

MISS JONES's picture
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Joined: 2007-08-28

CashMoneyBrothe wrote:
Just finished the last round for an External Wholesaler role.  Did not get it, man it it is tough to land an external job.  Let me ask you guys this, do you think it is hard to land a job like that when you are black.
 
Cash Mondy Brother.
 
I think it could have more to do with your personality.. I wouldn't hire someone that would use the title.. "Cash Money Brother". Being an external wholesaler is the equivlent as being the face for the firm. You have to give the right impression.. I am in the south and I couldn't care less if my wholesaler was black.. But if he sounded ghetto that wouldn't work no matter the race. (some white guys act Ghetto)
 
My comment isn't meant to be rude but instead honest.
 
Miss J
 
Advice- Make sure who you are in your personal life is who you want to be in the professional life. This is a must or you will be playing a role just for work and it won't last.

CashMoneyBrothe's picture
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Joined: 2006-10-19

No problem.  I am not ghetto (LOL) just used that as a screen name for this board.  You should never judge a book by its cover.  I am qualified degree, MBA, 6, 7, 63 and my greatest strength is my personality.   First off this not trying to sound racist but the majority of men you meet in this business are white men, I am excited when I see a woman or minority in a decision making position.   Just thought I would ask.  Thanks for the responses.
<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" /> 
Cash Money Brother.

Gordon Gekko's picture
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Joined: 2007-07-08

There needs to be more diversity for sure. I am sick of seeing people like me (fat white guys who play golf) 99% of the time, although I really like wholesalers who are educated on their product and have an opinion about where the market is headed and what to invest in.
 
There seems to be a lot of turnover in the external wholesaler positions so keep trying if that is what you want. I wouldn't want the job, too much schmoozing with the people in the parenthesis above.

nestegg's picture
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Joined: 2007-06-14

Most of my wholesalers are green maybe that is why

BACFA's picture
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Joined: 2006-03-26

There are several openings for Columbia Funds externals in the Northeast (most of the existing ones quit within the last 10 months).  I guess Bank of America has the ability to wear down every line of business.
Even Tom Marsico hated them enough to borrow money and pay a 145% premium to buy back his firm.

anonymous's picture
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Joined: 2005-09-29

"Just finished the last round for an External Wholesaler role.  Did not get it, man it it is tough to land an external job.  Let me ask you guys this, do you think it is hard to land a job like that when you are black."

 
The reality is that the pool of qualified black guys is much, much smaller than the pool of qualified white guys.  Therefore, although it is possible that you didn't get the job because you are black, there is a greater chance that you got to the last round of interviews because of your skin color and not because you were the best qualified candidate.
 
Before anyone jumps on me, I know nothing about CashMoney and I am not saying that is the case.  Instead, I am speaking more to the generality that many businesses would love to hire top caliber African American men.     In order to achieve diversity goals,  it is sometimes the case that someone can get hired because they are qualified to do the job instead of being the most qualified. 
 
In some ways, it reminds me of college admissions for athletes.   Someone doesn't need a 4.0 and a 1600 GPA to get a football scholarship to Harvard.   Being a good football player will get them into school if they are qualified to do the work...even though many more qualified students will get turned down for admissions. 
 

ezmoney's picture
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Joined: 2004-11-30

typical response from a brother to play the race card. incredible!

Indyone's picture
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Joined: 2005-05-30

EZ, cut him a little slack...he's just asking if we think that plays a part.  While it's possible, I'm doubtful it did as most employers I've been around have bent over backward to diversify the workforce with women and minorities.  Smaller employers may be behind the curve here, but most companies in this industry would not be considered small by my standards.

CashMoneyBrothe's picture
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Joined: 2006-10-19

Thanks,
<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" /> 
One thing I will never do is say I did not get a job because I was black.  I understand how this business works, and I do understand there is a small pool of African American talent in this business.  I have been on 7 interviews for external roles; firms have paid for my travel to interview.  I have the talent I just wonder sometimes and wanted to know what your opinions are.  I have been blessed to be on both sides of it, grew up in a white dominated area, but went to an all black college.   So I understand all points on this subject.  I am not going to give up, I have come this close, and in the end I will be fine.  But I really do not put my trust in people but God and in the end I will get the right job. 

ezmoney's picture
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Joined: 2004-11-30

good attitude. I believe in the end you will get the right job. Good luck and keep the faith.

skolbrother's picture
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Joined: 2005-07-12

I realize it depends on the fund family but what is typical compensation for an external wholesaler?

nestegg's picture
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Joined: 2007-06-14

CashMoneyBrothe wrote:Thanks,
 
One thing I will never do is say I did not get a job because I was black.  I understand how this business works, and I do understand there is a small pool of African American talent in this business.  I have been on 7 interviews for external roles; firms have paid for my travel to interview.  I have the talent I just wonder sometimes and wanted to know what your opinions are.  I have been blessed to be on both sides of it, grew up in a white dominated area, but went to an all black college.   So I understand all points on this subject.  I am not going to give up, I have come this close, and in the end I will be fine.  But I really do not put my trust in people but God and in the end I will get the right job.  From what I have seen most Externals either have expereience being an External at another Fund Company or have been promoted from within...I think it is a harder sell to try to get that job coming from outside..

pghkid's picture
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Joined: 2007-03-27

Cash - Besides your education and licenses, what is your industry background - share all of it.  Do you have a position currently?  What area in the country do you live in.
 
External positions are tough to get.  I do know of two in my territory that are black and they both happen to be with the same firm - Lord Abbott - both solid guys. 
 
If you are not already wholesaling a product in the channel and territory they are looking to fill, the odds are heavily against you.  At least that is my experience.
 
The good thing is that there are multiple channels to cover and a number of different products that need representation.
 
Have you been in touch with a number of different head hunting firms?

anonymous's picture
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Joined: 2005-09-29

Offtopic:  Pghkid, sorry to hear about Myron Cope.  He was a quality guy and was someone who was very important in my life...despite never meeting him.

CashMoneyBrothe's picture
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Joined: 2006-10-19

Thanks for all the response.  I am a Sr. Internal Wholesaler.  For a firm in <?: prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />Houston (you do the math there are only few in Texas).  Currently I sell money markets, but I am educated in all products.  Gets a little frustrated because Some times I fell I am being used to say hey we interview a African American but that is when I have to get my mind right because that will only hold me back I just take the interview if I am giving the opportunity and do my best.   Never heard of Lord Abbott, will read up about them.
<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" /> 
Thanks agani

GoneIndy02's picture
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Joined: 2008-03-05

99% of the time you start internal.  If you're up against that kind of experience (internal)you will have a tough time.
 
Beware-many companies will fly you out to interview you because they want to show that they have interviewed enough women and minorities.
 
On the flipside, many firms are looking for qualified minorities. 
 
Call Charles Payne...that's one positive brother.

CashMoneyBrothe's picture
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Joined: 2006-10-19

Yeah, i feel that way sometimes.  That the only reason they are looking for me is because i am black and meet the mim qualications, but you know what i have to look past that, my faith is in God not people so i trust that he gives me the oppurtunites.  So when they come up I will go after it again. 
 
Hey not trying to preach to you, just how i feel.
 
CMB

spoke's picture
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Joined: 2008-03-17

Getting an external wholesaling job the first time out is tough, but it can be done. You'll need creativity, great interviewing skills (at the interview and after), a good network, and some senior people that will become advocates for you. Ideally, those folks need to be some other wholesalers and well respected customers of your company that can speak about your public speaking skills, as well as your ability to mix easily in a crowd of strangers and endear them to you quickly.
 
Honestly, I think not already being an external will work against you more than being black. Let's face facts, the investment business is dominated by white males, so the number of minority wholesalers is rather small (growing, but still smaller than white males). I've worked with a couple of very talented black wholesalers, and believe me, their color wasn't an issue.
 
This opinion comes from someone who has twenty five years experience in financial services, with eleven as a wholesaler. I got my start when I left a large mutual fund company in Texas...you do the math.

GoneIndy02's picture
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Joined: 2008-03-05

Preach Brother!!!
 
HE will set your table in the presence of thine enemies!!!

whitewlfz's picture
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Joined: 2006-12-23

I have to tell you something... after reading this..
 
I have been in the business for over 13 years as an advisor.
I have seen more than my share of wholesalers..
 
AND IMHO! the 2 ...very best 2 I have had he pleasure to work with professionally
and personally are 1 a woman and 1 a black male..
 
The woman from JH ..OUTSTANDING service...her team is on point and her presentation skills outstanding.. the other guy from AB Funds .. Spectacular and articulate.. polished .. you get the point..
 
Anyway the reason I bring this up is because I think they too experienced the discrmination you spoke of ..but strove to be greater from it.. not lesser by it.
 
And I guess I just wanted to share that, to help you understand that if your perserverance
is in place ..and YOU are always sharpening your tools at the game at hand... You will prevail ..
 
Just my 2 cents !

ezmoney's picture
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Joined: 2004-11-30

I have to be honest at the risk of upseting some existing and ex-wholesalers. I think for what they do, they are way over paid, and I don't place much value in what they have to offer. All of them are very nice, polite and good to be around, but if I were the companies they represent I would cut their pay to about 75k salary because that's all most of them are worth. Why the employers are so particular about where they get their candidates is beyond me. I just don't see much skill out of the majority of reps that I have met in my 6 years.

professional1's picture
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Joined: 2008-03-25

I am an Internal and I have been with my company for over five years. I worked my way up through the ranks and obtained my licenses. 
 
The particular co. that I am with has promoted internals to an external role a few times since I have been here. Honestly, it doesn't happen often. However, there are new roles being created such as a hybrid wholesaler (an external whom happens to be their own internal) which is good for getting your feet wet. I have met a few that started off as an F/A, accepted a wholesaling position at a small time mutual fund co or insurance co and eventually move over to a bigger fund family.
 
With all that being said, there are externals who make six figures but work crazy hours and drive all over the map to get from office to office. Some externals are good at relationship building and some are extremely analytical and talk product. I find the best wholesalers know how to blend the two and know how to present well enough to make you listen. I know some advisor's think all wholesalers do is flip open their wallets, golf, and talk shop but there is so much more behind the scenes. There is so much compliance now days you have to spend an entire day in the office just to catch up on paperwork and completing CE credits.
 
I personally do not want to be an external but commend you for trying. There is a website www.ignites.com that displays job openings and I just saw one today for an external wholesaling position. Good luck!

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CashMoneyBrothe's picture
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Joined: 2006-10-19

Guys thanks for all the feedback!  Race, age, sex all matter and they will all come up and some point.  Do I think I get played a lot as a black man sure, but at the same time I have to keep fighting, because everybody is not like that, and I believe that in the end that God is going to work it out.  I agree with what one poster said, each stop is an opportunity to learn and get better, and I will use each experience to become a great wholesaler, but not just for my self so that I may open doors up for others (internals, woman, African Americans) when the time come.  This is bigger than just me trying to get a job, it is to help open up doors for others in the future.
<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" /> 
CMB

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