internal wholesaler interview tips
Hello everyone, this is my first post...I have been interviewing for the role of internal wholesaler. my background: I am 3 years 7 mo in my role as a client associate and fully registered including insurance licensed. I was wondering if anyone can give me some helpful pointers to differentiate me from other candidates IE. a FA who is trying to break into the role. Although I have limited sales experience, I have a pretty good grasp at the current capital markets and client and FA relationships. I have done a variety of phone and in person interviews and made it to the last round of a few of them so far. How can I close on my interviewers? Thank you to anyone who can provide me insight. Any tips would GREATLY be appreciated!
So what really sets internal wholesalers apart on paper is pretty much like any other job: school, experience, licenses, designations etc. However, if you have at least your series 7/66 (and really the 7 because the firms I have been with sponsored people for the 66 if they didn't have it when moving over) you should be fine. When things such as designations (CFA/CIMA/FRM/CAIA etc.) or other licenses come into play are when you are targeting specific types of internal roles (if you want to specifically work on an RIA team, with 401k plans, or on an institutional sales team).
For now it just seems like you are trying to break into the role. If that is the case, honestly, the most important part is your personality and that you show them a desire to assume your role and learn quickly. Sales is really a game of relationships--if you can establish a relationship with your interviewer (i.e. just act naturally and have fun with it while still implementing what you know about capital markets etc.) then bells will start going off in their head. The name of the game for those hiring managers is to hire someone who can come in and hit the metrics (most firms have some sort of # of calls and "quality contacts"/certain amount of time actually speaking to warm bodies per day) and who will be able to assist the external in generating both continued and new sales. Have you received any offers at this point?
I have and I have accepted an offer. I am so excited !
That's awesome! Congratulations, let me know if you have any other questions--you can PM me if you want or just ask here. My first internal role was a very interesting experience. I was matched up with two externals at the time, one in NY and one in NJ/Philly area...they were two completely different types of wholesalers. I was able to learn a lot from one of them, he was truly a master of his craft. I also learned a lot about firm politics at this role and that there are definitely up's and downs...but overall I really liked the job. Good luck!
Internal Wholesaler Interview(s) (Originally Posted: 10/23/2017)
Hi all, Ever since graduation from college I knew I wanted to go into the sales side of Asset Management. I took and passed my Series 7 summer before my senior year of college and took and passed the 66 upon graduation. I had a lot of interviews with a bunch of different Mutual Fund companies but have yet to really nail an interview. I landed a position as an entry level product associate, beginning steps of an Internal position. The company is average at best and I have been looking to transition out of the company to a full internal position at a better company. Getting the interview is not the problem for me, it's the interview itself I have yet to master. I am the type of person that gets very nervous during interviews and I feel like that projects negatively toward the interviewer. I always make sure to talk about the markets and the companies product line. Compliment the companies reputation, product line, etc. I have 3 interviews lined up for different mutual fund companies all for Internal Wholesaler roles. I was just wondering if there were any tip/tricks/info anyone could share that would be helpful to use in an interview? Thanks so much in advance.
Hey rltoujours, I'm the WSO Monkey Bot and I'm here since nobody responded to your thread! Bummer...could just be time of day or unlucky (or the question/topci is too vague or too specific). Maybe one of these topics will help:
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You're welcome.
Social skills are going to be the biggest contributor here. For a wholesaler product knowledge is obviously important, but you aren't selling to hedge fund managers.
Not the most ground breaking advice, but try to turn the interview into a conversation. If you can get to the point that you are asking questions throughout instead of just firing off answers, you're in.
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