Any Insight on Asset Management Sales?
I’m currently a junior in university who is interested in learning more about Asset Management sales. Does anyone have experience in this field and care to elaborate what this role does and what your general day to day is like?
Based on the most helpful WSO content, sales and client relationship management positions at major asset managers can be quite lucrative. In asset management, there are two primary silos: managing money and distributing that money management. The distribution side typically involves working with large pension funds, corporations, endowments, family offices, or supporting brokers.
Although the WSO community may not always appreciate sales jobs, a good wholesaler supporting brokers can make a significant income, with some earning 7 figures. The role involves building and maintaining relationships with clients, understanding their needs, and presenting suitable investment products and services.
Keep in mind that this information is based on the WSO dataset, and individual experiences may vary.
Sources: Asset Management Sales - SA and Exit Options, Ask You Anything: Learning about Sales, Asset Management Exciting/Boring? Day-to-day?, RE / REPE - What is your typical day to day like?
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Do we mean like a fund wholesaler?
You'll probably start as an internal assistant. Essentially the department b**ch fielding inbound questions with no thanks or encouragement. Questions will be like "When does the dividend get paid?" (And you'll call me and I'll tell you that finance hasn't announced that yet)
After that you may move up to an internal wholesaler. I know that a few years ago base was $75k in NYC for that with maybe a $10-20k bonus. You'll be cold calling and setting up meetings for your external. It's somewhat like all the movies but you're supporting your one external wholesaler who WILL get all the glory. If he likes you he might double your bonus out of his own pocket though.
Some stay as internals, but 90% of internals want to become externals. There you'll get fat from eating at Del Friscos and the Cap Grille 3X/wk with clients. You don't need to be smart, just personable and able to lean on the technical staff. (me) It's also very much eat what you kill. ~4 years ago (they moved most of the desk so my info is a little stale) base was $45k, but total comp was normally $250-500k, with people bringing in a cool mil in banner years. You'll also have to live in your designated territory, which will affect comp, but $250k goes a lot further in Minnesota or SLC than $500k goes in NY.
Throughout this the straight-up fail-out rate is nowhere near as high as a FA, but the burn-out rate is high. I'm a bitter sarcastic b@st*** so I could never do it, but you do you.
Piggybacking off of this, if you can get a gig like this at an alternative investment manager (think private equity/credit etc) the pay will be significantly better. For example, for A1 MFs usually pay 100k base and anywhere from 30-80% bonus. You will be making very close to banking money with much better work life balance. However, lots of cold calling, not a lot of technical skills that you learn. Up to you what your skills/preference align with. If you want to be client facing almost immediately/don’t care about the more technical part of finance, this is a good choice.
Any idea how to get into this kind of role? Sounds like a great opportunity that more people should consider.
I’m currently an internal. Getting into the role varies from firm to firm. Some shops offer internships, which I did. I came on full time after graduation in a sales support role. Very administrative but you will be studying for your exams (7 and 66) during this period. Most people tend to get promoted after you pass your exams.
On the other hand, I know some firms don’t have as structured of a program. Some people will come in from WM or other areas of finance. It really just depends on the company.
Can also add on to this. Depending on the shop like a JPM it can be as much as 2 years before you get the internal promotion or a wisdom tree for etfs might take a year or 2 to go from analyst so sales associate. Not as many grads get to start as an internal these days as the role has become much more technical and professional in nature. Then the jump from internal to external is a roll of the dice but for most people in their 20s being an internal is pretty layed back with pay around 100-250k depending on shop and product. It’s a good route just also a bad route for those who aren’t actually into the roll itself.
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