Junior in college here and trying to decide whether to pursue an internal wholesaler position or go down the financial advisor path. Would like to know the salary differences, hours, etc.
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Based on the most helpful WSO content, here’s a breakdown of the two career paths:
Internal Wholesaler at a Boutique Asset Manager
Financial Advisor
Key Differences
If you value a structured path with clear progression and predictable hours, the internal wholesaler route might be a better fit. If you’re passionate about building long-term client relationships and are comfortable with income variability, the financial advisor path could be more rewarding.
Sources: PIMCO Internal Sales Account Associate, Q&A: 1st year CSA/Financial Advisor for boutique PWM, https://www.wallstreetoasis.com/forum/wealth-management/qa-a-bored-financial-advisor?customgpt=1, PWM makes more money than people think at the junior level, Q&A: Internal Wholesaler at a Mutual Fund
These are very different position. I've done both. Both are in sales, but being an FA is "real sales" imo as you're actually getting checks. Wholesalers clients are the FAs, and they are trying to gain commitment and actual tickets from the FAs they cover. I enjoy aspects of both. Always liked the idea and feel of building distribution so business could happen around me (with or without my involvement). However, it all started from $0 on Jan 1 while the FA world is largely recurring revenue.
Both can be very lucrative. A good wholesaler will act more like a good FA in terms of being a consultative sales person, finding out a lot about the FAs situation, helping them optimize their business vs. selling product returns. I've always said, "live by returns, die by returns" and every fund family has a bad yr. High relationship building skills are critical in both.
Big difference is the depth of financial planning an FA will have to become good at AND the fact that they typically own their book or at least the relationships within the book (so they can take them should they leave the firm)
More $ initially as a wholesaler.
Having to get a check is a different skill than working with an FA.
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