Institutional Sales vs. External Wholesaler
Institutional Equity Sales vs. External Wholesaler selling mutual funds.
(Both at prestigous firms)
Which one would you take and why? Would you take any?
Institutional Sales is perhaps a dying career and not what it once was....People are opting to go with indexes as opposed to actively managed funds.
What are your guy's thoughts? Does one career path greatly outweigh the other in regards to lifestyle and compensation?
Wouldn't this rationale affect Wholesalers as well?
Anyway, having previously worked in BB PWM I came to despise wholesalers and would not enjoy their life or job whatsoever.
Yes, I meant that Institutional Sales is not what it used to be and for mutual fund wholesalers, people are choosing indexes over actively managed funds. Just trying to state cons about both positions, but I'm looking for which career has the most positives aka better comp, exit opps, growth, longevity etc.
I've also heard mixed reviews about the wholesaler lifestyle. Some people like the travel and others don't. Is it tough to make good money (300k and up) these days as a wholesaler?
Hey guys, what's an "external wholesaler"?
Slanger of mutual funds.
So mutual fund companies, asset management firms, etc (pretty much any firm that manages mutual funds) has a sales force that go city to city, office to office trying to convince PWM Advisors to implement their mutual funds into their clients portfolios. They are called "external wholesalers" because they are always out on the road meeting with potential buyers of their product. They usually have an "internal wholesaler" (inside sales, usually younger) that supports them and maintains regular contact with the PWM offices over the phone. The funny thing is, mutual fund managers can't consistently beat the market or generate alpha, so you really need to be pure salesman to be successful and convince people that these PMs deserve 2% management fees.
Both are essentially sales roles but inst. sales deals with the big money managers(hedge, mutual...) while wholesalers work with RIAs.
I work with a firm that does both and instituional sales is the more exciting of the two. Though trading volume and as a result, research budgets aren't what they used to be, there will always be a place for institutional sales guys and wholesalers.
External wholesaler could be a great gig in a major city...but would awful somewhere in the middle of nowhere
Internal vs. External wholesaler Career Trajectory (Originally Posted: 01/29/2016)
Hi Everyone,
I'm trying to get a better sense of what the a career trajectory within internal vs. External wholesalers in the ETF space (including a salary trajectory). Any and all thoughts and suggested resources are greatly appreciated.
Thanks in advance!
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