So you want to become a wholesaler
RR, you just validated my point. There are NOT alot of women wholesalers AND the few that are out there have to be better than most of the guys. Why? No one would take them seriously. How do I know? Because there is a dumb thread about it.
They must send all of the women wholesalers to the wirehouses I am stuck with a bunch of men.
So back to the salary…how does it work? How difficult is it to get those jobs?
I agree with future advisor. Can any of your current or former wholesalers chime in?
I would recommend two points of attack. First, contact a few recruiters. Second, if you are still in production, ask some of the wholesalers that you know for advice.
futureadvisor, I'm not sure I know what you mean about how the salary works. You have a salary. That's pretty straightforward. You also get commissions from broker trades. The commissions depends on numerous things. If you are at a large fund complex, it will be small-maybe even 1 bp. However, you won't get a job there when you break in. Maybe as an internal though.... The smaller complexes will pay you more bps b/c they don't have volume. I can't tell you about VA wholesalers 'cause I wasn't one.
If you have specific questions, feel free to PM me.
The VA wholesalers I have a good enough relationship to ask all have about the same set-up. Salary plus 25 bps on a new sale by an advisor (no trail).
Also the expense account is nice, but a lot of travel.
The money is good for the wholesaler but the travel is hell and there is no equity or trails like an advisor. If you stick with the FA gig for a while, you make more money with a better lifestyle than the typical wholesaler.
As a wholesaler you can be let go anytime. This is true for an FA as well, but we walk with some equity ( our book). They can't take that away.
ez$ pretty much hit the nail on the head. The money is much better early on, but no equity and no trailers (for fund/VA wholesalers). Depending on the firm, you are incented to sell specific products with correspondingly higher payouts. There are 2 sides to fund complexes: the money management side and the marketing distribution side. They are, at times, in conflict with one another. Just remember, the grass isn’t always greener.
The good wholesalers definitely stand out and it is very easy to recognize the good ones. They can and do make a lot of money, the good wholesalers va or funds easily makes at least 300k. Yes the travel is challenging but so is building a book. The good wholesalers after 2-3 years with become DVP’s with less travel. There are no trails and yes you can be let go at any time but if you are GOOD and want to get into management you can expect to make 300-500k. Most annuity wholesalers make 50-75k base plus 20-28 basis points and bonuses 30-100k annually. A rep has no chance to get a job with a top tier company. Start with a 2nd tier company and prove yourself and the headhunters will call guaranteed