External Wholesaler

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Feb 27, 2008 2:30 pm

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.

Feb 27, 2008 3:10 pm

It's hard to get a job like that no matter what color you are. 

If it was easy, everyone would be doing it. 

Feb 27, 2008 3:13 pm

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

Feb 27, 2008 3:50 pm
CashMoneyBrothe:

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.
Feb 27, 2008 5:08 pm

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.


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Cash Money Brother.

Feb 27, 2008 5:26 pm

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.
Feb 27, 2008 6:42 pm

Most of my wholesalers are green maybe that is why

Feb 27, 2008 11:11 pm

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.
Feb 28, 2008 12:15 am

"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. 
 
Feb 28, 2008 8:48 am

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

Feb 28, 2008 10:12 am

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.

Feb 28, 2008 3:45 pm

Thanks,


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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. 

Feb 28, 2008 7:58 pm

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

Feb 28, 2008 10:55 pm

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

Feb 28, 2008 11:40 pm
CashMoneyBrothe:

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..

Feb 28, 2008 11:44 pm

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?
Feb 29, 2008 6:44 am

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.

Feb 29, 2008 11:39 am

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.


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Thanks agani

Mar 9, 2008 3:24 am

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.
Mar 12, 2008 3:09 pm

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