So you want to become a wholesaler

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Aug 29, 2006 1:27 am

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?

Aug 29, 2006 7:59 am

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


Aug 29, 2006 8:28 am

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.

Aug 29, 2006 8:48 am
bankrep1:

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.

Aug 29, 2006 9:06 am

How long were you a wholesaler, Newbie?

Aug 29, 2006 9:21 am

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.

Aug 29, 2006 9:31 am
hubbabubba:

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.

Aug 29, 2006 9:49 am
hubbabubba:

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.

Aug 29, 2006 9:58 am

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

Aug 29, 2006 10:02 am

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

Aug 29, 2006 10:02 am
BankFC:

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?

Aug 29, 2006 10:07 am

"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.

Aug 29, 2006 10:13 am
hubbabubba:

"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?"

Aug 29, 2006 10:21 am

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.

Aug 29, 2006 12:54 pm
knucklehead:
hubbabubba:

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.

Aug 29, 2006 12:54 pm
hubbabubba:

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.

Aug 29, 2006 1:01 pm

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.

Aug 29, 2006 1:09 pm
vbrainy:
knucklehead:
hubbabubba:

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.

Aug 29, 2006 1:15 pm
NASD Newbie:
BankFC:

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.

Aug 29, 2006 3:06 pm

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.