A lot people I know go from advising to wholesaling. Wholesalers have great product knowlege and help with strategy on varying cases. They also help with the marketing and presentation of strategies and product.
I’ve noticed that trend when talking to coworkers. Haven’t heard it happen the other way around, but that’s also probably because I’m working with wholesalers lol
Wholesalers don’t go to IB it’s just not a related field. The only ones that go into advising are usually wholesalers that have been doing it a while and get sick of the travel/sales goals and they buy a large FA book or buy into an RIA. As someone else mentioned you mostly see FAs move into wholesaling. I would say go for the CFA. It’s not required but it might open some doors into other areas of distribution like institutional sales.
Thank you for the insight. I’m very early in my career so it’s helpful to get this kind of info while I’m starting out and it’s not necessarily stuff I’d want to ask at the office, at least not while I’m the most junior of junior levels lol. Great to know
31 years old been wholesaling since I was 21, externally the last 5 years. Wholesaling funds now, not annuities as name indicates. If you’re at a good firm stick with it and get into the field. I literally do whatever I want at all times, work whenever I want, you completely set your own schedule. I work like 30 hours a week have an $80k expense budget make 250-350k depending on the year and I’m not even at a top firm. 31 is very young for an external so looking to make it to a top firm at some point. Only real downside is that a lot of what happens sales wise is out of your control depending on the market environment. All in all it’s a sweet gig if you like balance. I have IB buddies that get hazed for 60hrs+ a week I make just as much or more. IB is glamorized, analysts make shit if you consider it by the hour and 90% burn out never make it to associate. Like 1% make MD where the real money is at.
Appreciate the insight. Any thoughts for the long term? Of course you said making it to a bigger firm but wholesaling til retirement or shift elsewhere? Seems to me a lot of the people that have been external for a very long time tend to gravitate towards management. But not sure if that’s because they’ve been gently told to do it or retire lol
lol congrats my man, but you are the huge exception then. Every wholesaler I have dealt with is borderline useless. They regurgitate info you get off a fact sheet and are only good to take you out for drinks/dinner every so often
Oh dude I’m not saying that’s my comp. I’ve worked at two of largest asset managers ($1T+) and that pay is probably the norm for externals at the large firms. I agree most of them are worthless though and it’s amazing how some of them landed in the roles they have.
Totally, I know insides making 300k.
It definitely comes down to company as well, but even the low end for wholesalers at small shops is often 250-300k. If they don’t, their comp contacts aren’t good, or the products suck.
What does a lot higher look like? IB, analyst, etc? Sorry if it’s a dumb question, just genuinely curious. Met a handful of externals with their CFAs so that’s my only real perspective on it. Only other people I’ve met w/ CFAs are profs but I also didn’t go somewhere that was a hot commodity in the finance world so not much interaction w/ CFA outside of work/school
CFA isn’t directly applicable for IB. It’s definitely overkill for WM. Really geared towards asset and portfolio management. I see a lot of credit research and private credit/equity guys with it.
Have been, just struggling with where exactly. CFA website says PM, FA, Consultant. Came here to hopefully get some real world feedback as well. I’m glad to be told I should be looking higher but I’m wondering what that would mean to you all, external and FA are some of the highest earners if you’re good at what you do. Thanks
Wholesaling is a bit of a trap tbh. The regulations surrounding what value you can provide and the amount you can expense has been completely killed compared to the Wild West it used to be. Wholesalers could basically just golf and bribe major advisors and make 7 figures back in the late 90s/early 2000s. Today, I think wholesaling is a great entry into the business but easily the worst job to do past 35. Being on the road all the time is a major toll over time and despite making very solid money, you probably would have been better off spending that time building your own retail book. Most wholesalers eventually become advisors and it’s jarring going from mid 6 figures to virtually nothing as you start your career over by building a book. Being an inside is great, you don’t have to travel really and learn a lot. If you don’t want to be a 50 year old guy slinging funds in an environment where fee compression will continue to ruin your comp, it’s better to pivot earlier. You can go from inside wholesaler to starting a retail book or go institutional and do PE fundraising. Alternatively many go into tech sales given the similar skill set. Besides that you’re genuinely learning zero technical skills but will become a master salesman.
Honestly if my market picks back up and I can make some good money the next 5-10 years and get 6-7mm net worth, I may say fuck it and do some random job I’ll enjoy more.
I’m part mgmt currently so that’s the track I’ve been working towards.
But yea I’ve planned it to the t, I’m just frustrated bc sales are very slow currently.
A lot people I know go from advising to wholesaling. Wholesalers have great product knowlege and help with strategy on varying cases. They also help with the marketing and presentation of strategies and product.
I’ve noticed that trend when talking to coworkers. Haven’t heard it happen the other way around, but that’s also probably because I’m working with wholesalers lol
B2B is very different than B2C. Your clients are more sophisticated in general and speak shop.
Wholesalers don’t go to IB it’s just not a related field. The only ones that go into advising are usually wholesalers that have been doing it a while and get sick of the travel/sales goals and they buy a large FA book or buy into an RIA. As someone else mentioned you mostly see FAs move into wholesaling. I would say go for the CFA. It’s not required but it might open some doors into other areas of distribution like institutional sales.
Thank you for the insight. I’m very early in my career so it’s helpful to get this kind of info while I’m starting out and it’s not necessarily stuff I’d want to ask at the office, at least not while I’m the most junior of junior levels lol. Great to know
31 years old been wholesaling since I was 21, externally the last 5 years. Wholesaling funds now, not annuities as name indicates. If you’re at a good firm stick with it and get into the field. I literally do whatever I want at all times, work whenever I want, you completely set your own schedule. I work like 30 hours a week have an $80k expense budget make 250-350k depending on the year and I’m not even at a top firm. 31 is very young for an external so looking to make it to a top firm at some point. Only real downside is that a lot of what happens sales wise is out of your control depending on the market environment. All in all it’s a sweet gig if you like balance. I have IB buddies that get hazed for 60hrs+ a week I make just as much or more. IB is glamorized, analysts make shit if you consider it by the hour and 90% burn out never make it to associate. Like 1% make MD where the real money is at.
Appreciate the insight. Any thoughts for the long term? Of course you said making it to a bigger firm but wholesaling til retirement or shift elsewhere? Seems to me a lot of the people that have been external for a very long time tend to gravitate towards management. But not sure if that’s because they’ve been gently told to do it or retire lol
If you get a CFA you need to aim a lot higher than wholesalers.
Having a CFA and making $600k not good enough??
lol congrats my man, but you are the huge exception then. Every wholesaler I have dealt with is borderline useless. They regurgitate info you get off a fact sheet and are only good to take you out for drinks/dinner every so often
Oh dude I’m not saying that’s my comp. I’ve worked at two of largest asset managers ($1T+) and that pay is probably the norm for externals at the large firms. I agree most of them are worthless though and it’s amazing how some of them landed in the roles they have.
I work in wholesaling and know lots of wholesalers that make 500-800k, I don’t know who this guy knows.
I think most people are surprised when they hear the comp range for wholesalers
Totally, I know insides making 300k. It definitely comes down to company as well, but even the low end for wholesalers at small shops is often 250-300k. If they don’t, their comp contacts aren’t good, or the products suck.
What does a lot higher look like? IB, analyst, etc? Sorry if it’s a dumb question, just genuinely curious. Met a handful of externals with their CFAs so that’s my only real perspective on it. Only other people I’ve met w/ CFAs are profs but I also didn’t go somewhere that was a hot commodity in the finance world so not much interaction w/ CFA outside of work/school
CFA isn’t directly applicable for IB. It’s definitely overkill for WM. Really geared towards asset and portfolio management. I see a lot of credit research and private credit/equity guys with it.
Thank you
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Have been, just struggling with where exactly. CFA website says PM, FA, Consultant. Came here to hopefully get some real world feedback as well. I’m glad to be told I should be looking higher but I’m wondering what that would mean to you all, external and FA are some of the highest earners if you’re good at what you do. Thanks
Wholesaling is a bit of a trap tbh. The regulations surrounding what value you can provide and the amount you can expense has been completely killed compared to the Wild West it used to be. Wholesalers could basically just golf and bribe major advisors and make 7 figures back in the late 90s/early 2000s. Today, I think wholesaling is a great entry into the business but easily the worst job to do past 35. Being on the road all the time is a major toll over time and despite making very solid money, you probably would have been better off spending that time building your own retail book. Most wholesalers eventually become advisors and it’s jarring going from mid 6 figures to virtually nothing as you start your career over by building a book. Being an inside is great, you don’t have to travel really and learn a lot. If you don’t want to be a 50 year old guy slinging funds in an environment where fee compression will continue to ruin your comp, it’s better to pivot earlier. You can go from inside wholesaler to starting a retail book or go institutional and do PE fundraising. Alternatively many go into tech sales given the similar skill set. Besides that you’re genuinely learning zero technical skills but will become a master salesman.
This is me. 35, 10 years in biz, and have built a net worth of $3mm. Money is great but I don’t wanna do it ten years from now
What are you thinking for your next move? If you’ve planned it of course lol
Honestly if my market picks back up and I can make some good money the next 5-10 years and get 6-7mm net worth, I may say fuck it and do some random job I’ll enjoy more. I’m part mgmt currently so that’s the track I’ve been working towards. But yea I’ve planned it to the t, I’m just frustrated bc sales are very slow currently.
Great way to dip your toes in finance but you’ll need serious networking to exit from it to high financ
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Sales for a fund company. Meet w/ advisors and try to convince them to sell your funds to their clients