Anyone in here a wholesaler? I heard these guys make alot of money man. I have a friend who is a wholesaler and made like $10,000 last month without even trying too hard. Can anyone enlighten me on this field?
Its alot if you didn’t even try hard to get it. But no actually it is not alot in general. Just alot for doing basically making a couple of calls per day.
Externals can do well, very well. I think it would be fun while your young and single. Lot's of travel , lot's of lunches, lots of meeting with nice and not so nice brokers.
Most have to start internal I believe.
Could you make a big hit on one client? I ask this since 10k could be one big hit and a few little clients…
Well from what i understand the “client” is the broker/dealer so I assume that you can from one hit. I personally like the old fashion cold call sales.
No I was trying to say the client (customer) is a whale or one big sale… you could expect a big commission from that one client.
When I decided to leave ML, I looked at wholesaling for a while but decided I wanted to stay an FA. Here's what I found:
At the couple of firms I looked at, internals fresh into the industry start out at 50k-60k base. Experienced internals (already licensed, sales training) can get up to 75k base (which was very surprising to me).
Externals make right at $100,000 (or more) out of the gate, and as their "book" grows so does their income. Obviously they have bosses, who make CONSIDERABLY more (one annuity wholesaler told me recently, as he had his 5th or 6th vodka and red bull, that his boss could be pulling down 500k.
So yes, wholesaling can be VERY lucrative. Business to business sales is easier than retail sales (brokers have to use SOMEBODY's mutual fund/annuity but clients don't HAVE to buy anything). But you have to be willing to build relationships (kiss a**) with brokers. But IMHO, it can't be any worse than dealing with some of my clients...
In the end (for me anyway) you have to decide if you want a career or a business. As a broker, and yes, even a bank broker, you are building up clientele that produce revenue that you can either take independent, or to a wirehouse for a check.
As a wholesaler, you are an employee. Employees are expenses, and sometimes expenses have to be cut. Business owners rarely fire themselves.
my .02 cents.
Wholesaler? And have to kiss the butts of Type A Arrogant prcks like us? No Thanks…
[quote=rightway]Wholesaler? And have to kiss the butts of Type A Arrogant prcks like us? No Thanks.. [/quote]
Just an observation, most of the wholesalers I know are going on their third marriage. Personally, I don't know how you can maintain a healthy relationship if you're traveling out of state 90% of the time.
Just an observation, most of the wholesalers I know are going on their third marriage. Personally, I don't know how you can maintain a healthy relationship if you're traveling out of state 90% of the time"
So you should stay single, have a 'friend' in every town you visit, and when you become a VP, settle down in one city, and find your mate.
Me and Blarmy are on the same page for sure...
I came pretty close to getting hitched once...not doing it was the best move I could have made.
Yes to the above…there are plenty of execs and salespeople that travel often. I don’t think travel will destroy a good marriage, nor will it help a bad one. The average guy is on their 2nd wife at some point, so I don’t think wholesaling jobs are the main issue.
How are wholesalers compensated anyway? Base salary plus some kind of commission schedule for new assets brought in I assume?