Going from Wealth Management to Internal Wholesaling?
I'll keep it pretty high level, I'm 24. I fluked my way into MS WM as an advisor at 21 after finishing my masters (Pooled model, firms book not mine). One of my friends had referred me over to JPM WM for their comparable pooled model. Product suite was super limited there, I like to say it's UMA or go away. Both roles had me right at about the $100k/yr marker in a low to mid COL area but, ultimately I'm just really bored & uninspired by the industry. Short of the long, I've been interviewing with this startup AM company with lets just say 10 Billion AUM for an Internal Wholesaler role that focuses on Fixed Income ETFs, does this seem like a bad career move segueing from these big brand names? I figure stepping up my scope of work into AM / Wholesaling would allow me to pivot later if this ends up not being for me, or I can always just go back to WM worst case.
Transitioning from Wealth Management (WM) to an Internal Wholesaler role in Asset Management (AM) can be a strategic move, especially if you're feeling uninspired in your current role. Based on the most helpful WSO content, here are some key considerations:
Career Trajectory: Internal Wholesaling offers a broader scope of work compared to WM, particularly in terms of relationship-building and product expertise. You'll be focusing on selling Fixed Income ETFs and working with financial advisors, which can diversify your skill set and open doors to other roles in AM or even back to WM if needed.
Brand Name vs. Opportunity: While moving from big names like MS or JPM to a startup AM firm might seem like a step down in terms of brand prestige, the $10 billion AUM indicates the firm is established enough to provide stability. Startups often offer more hands-on experience and growth opportunities, which could be valuable for your long-term career.
Compensation and Growth: Internal Wholesalers at reputable firms can earn lucrative compensation packages, with top performers making six to seven figures. If the startup has a strong product lineup and growth trajectory, this could be a financially rewarding move.
Pivot Potential: Internal Wholesaling is a versatile role that can serve as a stepping stone to other areas in AM, such as external wholesaling, product management, or even portfolio management. If you decide it's not for you, your experience in AM will still be valuable for a return to WM.
Passion and Fit: If you're bored and uninspired in WM, this move could reignite your interest in finance. The focus on Fixed Income ETFs and the sales-driven nature of wholesaling might align better with your career aspirations.
In summary, this doesn't seem like a bad career move at all. It allows you to diversify your experience, potentially increase your earning potential, and keep your options open for the future. Just ensure the startup's culture, growth prospects, and product suite align with your goals before making the leap.
Sources: Q&A: Internal Wholesaler at a Mutual Fund, PIMCO Internal Sales Account Associate, Negotiation for Guaranteed Promotion?, Move from ECM to coverage / M&A, Switching from IB to AM/WM in undergrad?
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