Any "Failures" out there?

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Jul 26, 2006 12:28 am

Hi All,


Forgive the misleading subject line, but I was actually requested by the head of HR for another firm I recruit for in CT to find someone who is not succeeding at a retail training program for an internal wholesaler position.


So my question is, why would someone who is not doing well in retail be desirable as an internal whosaler??


Any insight would be helpful as I try and understand that reasoning in my recruiting efforts.



Jul 26, 2006 12:31 am

Perhaps because they  view internal wholesaling as a rather low-value position that adds little value?  Often, in my experience, it is.

Perhaps they're being cheap and figure that they can get someone who already is licensed without having to pay for training and testing?

Jul 26, 2006 1:56 am

Yeah, I would have thought that also, but they are willing to pay this person between 65K and 95K in their first year.  Go figure...


In any case, I think you're right in that they want to find someone from another wirehouse like Morgan Stanley, Merrill Lynch or UBS who has already been through a training program.. so yes, they would already be licensed.. little training etc. just like you said.


So maybe they are being cheap... who knows.


Also, my understanding is they are positioning this as a stepping stone into become an external wholesaler in a year or two.  I don't recruit for externals, but I understand they do pretty well financially (if you like to travel).


Anyway, thanks for the insight...   

Jul 26, 2006 10:36 am

Because internal wholesaling is like a paved freeway into the management ranks.  And, you would not want to place someone with any common sense or success background in the industry on course to manage people.  Independent thinkers are also not welcome in management.

Jul 26, 2006 2:00 pm

They want someone who knows the culture, training programs and 'feel' of a wirehouse and can talk shop with brokers.  What 'successful' broker is going to want to give up their profitable practice for an internal wholesaler position? 


Who else fits that bill?   Hmmmmmmmmmmmmmmmmmmm


Failed brokers and that's about it, other than non sales types like assistants and compliance folks, but who wants to hire those people into a sales job?

Jul 26, 2006 5:31 pm
RecruitingAce:

Hi All,


Forgive the misleading subject line, but I was actually requested by the head of HR for another firm I recruit for in CT to find someone who is not succeeding at a retail training program for an internal wholesaler position.


So my question is, why would someone who is not doing well in retail be desirable as an internal whosaler??


Any insight would be helpful as I try and understand that reasoning in my recruiting efforts.






CUE NASD NEWBIE 

Jul 26, 2006 8:41 pm

RecruitingAce,


This company wants "failed" brokers for the same reason that the sports industry wants "failed" athletes.


They have the knowledge, skills, training, and education to succeed.  Unfortunately they lacked 1 or 2 skill sets necessary for "on field" performance.  This does not mean that they do not have a "baseball IQ" (or relevant industry experience).


In this case an internal wholesaler is very similar to a coach.  Their job is to motive and provide knowledge.  Those that have certain innate skills to apply the knowledge actually perform the work in the field.  By properly motivating and education the coach can still show his work and earn a reasonable salary.

Jul 26, 2006 11:47 pm
menotellname:

RecruitingAce,


This company wants "failed" brokers for the same reason that the sports industry wants "failed" athletes.


They have the knowledge, skills, training, and education to succeed.  Unfortunately they lacked 1 or 2 skill sets necessary for "on field" performance.  This does not mean that they do not have a "baseball IQ" (or relevant industry experience).


In this case an internal wholesaler is very similar to a coach.  Their job is to motive and provide knowledge.  Those that have certain innate skills to apply the knowledge actually perform the work in the field.  By properly motivating and education the coach can still show his work and earn a reasonable salary.



In theory that sounds great.  In practice most internal wholesalers have no idea what our jobs are like and they just waste gobs of time if you let them.

Jul 27, 2006 12:40 am

Obviously, I am very suspicious of the recruiters motives here. But here goes anyway...



So you are looking for someone in the connecticut area who would want a $65-$95k income. They should also be willing to use this as a stepping stone to an external wholesaling job in just 1-2 years (and they do really well).



If you want to post a job opportunity on this website, stop with the hidden messages and come out and say it.





Jul 27, 2006 11:16 am

"In practice most internal wholesalers have no idea what our jobs are like and they just waste gobs of time if you let them."


Joe just gave you your answer right there Recruting Ace.  They want someone who might just have an inkling of what an advisors job/life is like.


Jul 27, 2006 9:25 pm

Thank you all for the feedback.

it's much appreciated!