FA to Internal Wholesaler

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Aug 5, 2008 12:19 pm

Hello FA’s –

I am beginning research behind the position of an internal wholesaler.  I am a registered rep with nearly two years experience in the retail realm and eight years in corporate capital finance.  My primary reasoning for considering this position is in the event the business plan I’m currently hired under at my large wire house proves too expensive for me to continue.  Thus, requiring a plan B.

Aug 5, 2008 12:21 pm

I am looking for information on the basics of the position of an internal wholesaler.  Salary, bonus structure, career path, etc.<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />

Aug 5, 2008 12:44 pm

Xover, what is your business plan?

Also, have you spoken to any of your internal wholesalers that you use? (I assume you are referring to fund or insurance wholesalers).

The income and path is fairly determinant on your vendor, your ability, and your willingness to relocate for an outside wholesaler position. Most of them require you to relocate to a less-desirable location before getting the place you want. Do you have any vendors in mind? I am friends with two internals that I could ask, but I need more details on your situation and what you are looking for.

Aug 5, 2008 3:03 pm


Tell me more so I can tell you more. 

Business plan?  As it applies to becoming an internal? Vendors?  I have no focus on a provider as of this point.  I can say that I would prefer product that is innovative, competitive and really addresses the needs of the end user; which are, ultimately, the needs of the Advisors I’d be seeking a relationship with. In order to know what I’m looking for, I would start with the question why someone seeks a career as an internal. Do you think it is a good idea to approach an external during a visit to my office and ask him or her about this position?  Maybe turn the tables and take this person out to lunch for a change?
Aug 5, 2008 3:29 pm

Sorry, you mentioned your “business plan” in your current FA position.  Was curious what it was exactly that you were doing that may be “too expensive”.

  As far as innovative products, why don't you look at the products that you use, see what is your most compelling story, and talk to that wholesaler about his job.   I would certainly approach wholesalers.  It's a giant pond out there, and unless you tell them you want to be a wholesaler at their firm in their region, I doubt they would feel threatened.  But I think the life of wholesalers (internal and external) varies widely from firm to firm, and product to product (for example, some of my insurance internals that I use do nothing other than shuffle papers for policy reviews, policy paperwork, etc., where the mutual fund internals do a lot of "sales pitches" and product updates to the FA's on the phone).