Graduating this spring and just received job offer - Just received an offer
I recently received an offer for a BDA role at a leading financial services and mutual fund group. The typical career path for this role leads into their sales department through internal and external roles. I like the sounds of the job, and I see it as somewhere I would do well in. However I am a bit worried about this career path, and would love to hear some advice from those of you with experience in a similar role. I am concerned about the effect that big data and fintech companies will have on a sales role like this. PWM's have easier than ever access to fund facts, thus minimizing the role that a wholesaler can play, as well as more and more people are turning to other forms of investing that offer alternatives to mutual funds.
Are these concerns legitimate, and a warning sign to stay away from this offer, or do you see there always being a place for the financial wholesaler in the retail space?
The last part has been true for a long time. You're underplaying the role of an external wholesaler though. These types of products are "pushed" and require a lot of face-to-face interaction. Advisers want to feel like they're being respected and have a story to tell around a product. I don't see the role going away, however that being said...
This is definitely a concern for the whole industry and I don't see this trend reversing anytime soon. However, even passive fund families have external wholesalers that go out and push their products.
Overall I see the profitability of the industry declining over time. While some of this will be offset by reduced headcount, the average compensation for IM professionals will decline. Wholesalers might feel some of this but I don't see the need for them going away.
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