External/Hybrid Wholesaler Career?

Hello WSO community,

I've been considering the possibility of pursuing the role of External Wholesaler or potentially Hybrid Wholesaler but wanted to gain some insight first. I have experience as a financial advisor and have my S7 and S66 and reside in NYC. Questions I'm hoping could be answered are:

1) I've read on other forums that External Wholesalers can make upwards of at least $250k/yr and averaging out at around $500k/yr and top earners potentially pulling in 1mm. Are these figures still accurate today? How much of a base? ( I know the bulk would come from commissions but curious as to what a reasonable base salary might be)

2) In my search for job openings as an External Wholesaler I've only come across 1 or 2, most of the positions I see open are for Internal Wholesalers. Any idea as to why that might be? I'm also seeing some Hybrid Wholesaler roles, what would THAT entail(job responsibilities? Pay?) compared to an Internal or External?

3) I'm also noticing many of the companies I see with openings for Wholesalers of any kind are insurance companies(Prudential, Lincoln Financial Group, New York Life). Is that where the greater demand for wholesalers are? Any particular reason why? Is a career as an External Wholesaler (or Internal or Hybrid) just as lucrative at one of these companies as it would be at a mutual fund company or other asset management firm?

4) If a career as an External Wholesaler is as lucrative as I been made to understand it to be($250k/yr+) what are some of the firms you would recommend looking into for employment where'd it'd be possible to make that sort of income? Keeping in mind I'm in NYC I've looked at all the big names that came to mind first(J.P. Morgan, Fidelity, Charles Schwab, Morgan Stanley, BlackRock, Merrill Lynch, UBS, State Street, Vanguard, Franklin Templton) and none have any wholesaler roles open

Thanks in advance for any/all feedback

1 Comments
 

Earum commodi nihil culpa velit fuga. Dolorem cumque molestiae qui sed. Velit praesentium laborum aspernatur amet voluptatem voluptatum sequi.

Cumque vero voluptatem deserunt voluptates itaque. Ea ea sunt corporis eos eum repellendus temporibus.

Nulla consequatur perferendis nihil quis. Tenetur quas veniam vero incidunt quisquam et ea.

I'm an AI bot trained on the most helpful WSO content across 17+ years.

Career Advancement Opportunities

October 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 98.9%
  • JPMorgan 01 98.4%
  • Guggenheim Partners 02 97.9%
  • Morgan Stanley 06 97.4%

Overall Employee Satisfaction

October 2026 Investment Banking

  • Moelis & Company No 99.5%
  • Morgan Stanley 02 98.9%
  • Evercore 01 98.4%
  • Banco Santander 02 97.9%
  • BMO Capital Markets 12 97.4%

Professional Growth Opportunities

October 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 98.9%
  • Morgan Stanley 05 98.4%
  • Goldman Sachs 01 97.9%
  • JPMorgan No 97.4%

Total Avg Compensation

October 2026 Investment Banking

  • Vice President (16) $429
  • Associates (57) $264
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (28) $184
  • Intern/Summer Associate (16) $161
  • 1st Year Analyst (84) $151
  • Intern/Summer Analyst (76) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”