Best Jobs in Sales?
I've been looking into different career options in finance and think I would be best suited for sales. My question is, what are the best kinds of sales jobs to shoot for? Is it easier to get a prestigious sales position, than than an ER or IBD position? I'm also willing to work for 100% commission, because my parents live close enough to NYC for me to be a bum, until business takes off.
I know financial advisers are essentially the same thing as telemarketers in the beginning. However, I have some question to ask about the profession. Are financial advisers limited to marketing themselves to individuals, or can they focus on other companies? In high school I worked in a factory with about 65 employees, and one guy was essentially the financial adviser for every employee at the firm. You'd be surprised how many of these factory workers had 401k's worth $300,000-$400,000. I'd estimate that he had $5 million AUM from that one company alone. He only stopped by 3 or 4 times a year, and all the money was essentially put into one of the different funds that the company he worked for offered, so I'm assuming he didn't spend too much time managing money. I'm gonna guess and say that we were not the only company under this guy, because when the stock market took a beating, he really didn't spend too much time consoling the guys at the factory. How do I get that job? It seems like selling financial services to small businesses is a lot more efficient than selling financial services to individuals.
I've heard of mortgage brokers making $300,000 per year, their first year out of college, but that was before the financial crisis. I've also heard of some guys that become financial advisers and never make more than $30,000 a year that's ultimately what, I'm trying to avoid.
HF sales seems pretty cool to me. I know an MD who's head of Sales and Marketing for a 4B$ HF and he is deep into the 7 figures. Associates that work for him are also making close to 400K all-in. It's crazy hard to get a job there though and they never have openings.
The difficult thing about HF sales, it that it is illegal to solicit to people that you don't know. So, unless you already have a VAST network, you probably aren't going to make too many sales.
So I'm guessing we're not talking about the S in S&T here?
What are your thoughts on that GoodBread?
On sales vs. investor relations/brokerage type stuff?
I'm not really sure what it is I'm looking for. I'd like to be the guy I described in my original post. Maybe institutional sales is the term I'm looking for? Or simply a financial adviser with a hell of a marketing plan? I just think the concept of spending all day cold calling individual prospects, who are not likely to have much to invest is not the most efficient way to go about doing business. I'd rather be cold calling businesses, with revenue in the $10 million+ range, and try to become the go to guy for employee 401k's and/or try and sell the firm itself financial services.
Only dealing with only high net worth clients is another option.
Basically what I'm trying to say is, what separates the guys who spend all day cold calling broke people and the super stars?
Four out of five financial advisers fail in the first five years, so another question is, what kinds of jobs in sales have higher success rates and/or greater income potential?
I don't know much about the job you're describing. I think banks and mutual funds have relationship managers that work on stuff like that. People probably start at the bottom working on RFPs and end up taking on a more interactive role with the client and generating new business.
The sales of S&T is very different. You're basically pitching trade ideas to the buyside that will make money for your customers without pissing off the traders on your desk too much. Much more market and product-specific than what you're describing.
I'm presuming, that those trades are mostly technical analysis based and geared more towards the short term. Do the sales guys actually think of trades themselves, or do they just deliver the pitch?
I thought there would be a greater variety of sales jobs in finance...
Depends on the salesmen and the product. There are great variety of people selling stuff, but people on WSO typically refer to sales as the job I'm describing. The relationship management jobs I described exist, they are just outside of S&T.
Thanks for clearing that up GB.
BTW, bls.gov has the mean annual wage for a personal financial advisor in NYC listed as $151,510 and the 10th percentile wage at $52,660. The 75th and the 90th percentile is listed at (5), which means it is over $166,400. I imagine the 90th percentile is around $300,000. I wonder if the failure rate for personal financial advisors is lower in NYC. They might not make that much nationwide, but it looks like they make big bucks in NYC.
You should look into being an "external wholesaler" for financial products, REIT firms, ect...sweet job, travel, meet with advisors all day and sell, nice salary and large commission. Top guys make 500k and its a cake walk.
Thanks, I will most definitely look into it.
It seems like jobs as an internal wholesaler are much easier to get, I'm assuming external wholesalers are usually promoted from internal wholesalers?
More thoughts on the S in S&T would be much appreciated, GB.
lol.
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