Have any of you thought about switching to the wholesale side??
[quote=moneyadvisor]Have any of you thought about switching to the wholesale side??[/quote]
I've given it a lot of thought. I would want to do something with managed accounts.
I don't know one of them that makes less than $125,000 per yr. with expense accounts of $50,000 - $100,000. I'm sure it sucks pitching to brokers, but at least your talking the same language all the time. I just wonder how secure that method of distribution for fund companies is.
I understand Putnam sucks…it would be one of the other 10,000 fund companies that one could wholesale for.
Don’t let anybody fool ya, wholesaling is a cut throat profession. There’s not a week that passes that I don’t eat lunch on the wholesaler of the day & sit through a 30min product of the day pitch. 80% of these wholesalers are gone from the Fund or Annuity company within a year. From my vantage I see more turnover in the wholesaler ranks than I see with new brokers.
[quote=moneyadvisor]I understand Putnam sucks.....it would be one of the other 10,000 fund companies that one could wholesale for. [/quote]
OK, so one word wasn't enough to make my point, whic was that as a wholesaler your whole existence is tied to one company's product. Putnam sucks now, but 5-10 years ago they didn't. Just imagine being a wholesaler for Putnam when all the mutual fund scandals broke - I would guess many saw thier pay drop by half or more practically overnight (most wholesalers get paid on new money coming in, but they don't get any trails on those assets already in like we do).