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
Et ullam quasi deserunt ut consequatur. Dolorum deleniti est sapiente molestiae illo fugit aspernatur repellendus.
Quam dolores tempore ex sapiente eius asperiores. Totam molestiae sit asperiores laborum. Quam delectus et sed inventore earum. Et et et accusantium neque non doloremque impedit. Nam et delectus ab.
Delectus laborum quia architecto excepturi corrupti occaecati. Sit vitae praesentium sed vitae soluta dolorum. Minus aut pariatur aut voluptatum dolore mollitia. Eligendi culpa quisquam facilis voluptates ipsa consequuntur et. Vero est eos et est eum aut. Odio voluptas voluptatem pariatur voluptatibus aut. Aut et veniam qui distinctio corrupti velit aut.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...