Internal Wholesaler to Bank?

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May 20, 2008 10:33 pm

Sorry I haven't posted in a while, but I am a 22 year old fresh college graduate that has been working at an insurance firm doing internal wholesaling for the past few months. If I continue with this program, in about 2 years I will be looking to become an external wholesaler. However, I have always wanted to become a financial advisor and I only went this wholesaling route to get the sales experience so a wirehouse/bank can hire me. As of right now, I have my Series 7, 63 and Life&Health licenses and will begin CFP classes shortly.

  Being so young, would the bank route be a smarter choice to go? I don't mind and WILL prospect like a monster on top of walk in referrals, but I do not come from a wealthy family nor do I have wealthy contacts. If I were to go with a big bank and not a local one, how much would I expect to gross in years 1-3? Will I be forced to sell certain products that are UNSUITABLE for clients? What if I chose to leave the bank for a wirehouse when I become a little older? Thanks in advance!
May 20, 2008 10:54 pm

My opinion is that a bank program is a great place to start.  Since you are just out of college you may want to spend a year or two with a mentor.

May 20, 2008 11:21 pm

by mentor, you mean at a bank? or stay at my job and keep learning from the heavy hitting external wholesalers?

May 20, 2008 11:50 pm

Mentor at a bank program.  Junior broker arrangement for a year or so.

May 21, 2008 8:39 pm

[quote=scrim67]Mentor at a bank program.  Junior broker arrangement for a year or so.

  scrim[/quote]   I personally feel that I am ready for a financial advising position, BUT my main problem is the lack of contacts i have, which is why I think the bank environment would be a good fit. If I go with a big bank such as Wells Fargo or Bank of American, what kind of numbers should I be looking at? Will I be paid on the number of products sold OR the AUM under my belt?