Internal Wholesaler Salary
I am thinking about taking an internal wholesaler role with a large Asset Management firm on the east coast. Their pay scale is all over (some people I have heard are all in at $140k and some are all in at $85k). I am currently in the CFA process (level III candidate), have previous internal experience, and I am going through B-school application process now. Any ideas on where I could negotiate my salary to?
Those figures sound closer to external fund business development roles i.e. 'External Wholesalers' but I just may be completely off the mark haha.
I personally know internals making well over that 145k number at a couple of different firms. It varies widely from firm to firm. That being said, usually the salary is not all that negotiable, but total comp can be.
I would make sure you have a good understanding of how the comp is going to work before accepting anything. ie manager discretion vs. sales
Salaries vary--the pay is largely commission driven. Base is typically 42k-60k (with 60k being the high end in my experience). And ultimate pay off is very high...I had a friend as an internal that was clearing 250k a year believe it or not. I'd say negotiating within the above range should be fine...you should be aware that if your base is higher (70k+), it most likely means you're getting shorted on basis points for commissions.
At the firm I’m starting at this summer, comp usually looks something like this for someone out of UG. Base: 60k Commission bucket #1: 20k (goal of external is to get their internal in this range) Commission bucket #2 5k-25k Think the majority in their first year make around 85-95k but obviously some can make 100k.
I was never a wholesaler, but I know a couple guys that moved from the desk to the investment side of the house, and took a pay hit to do so. My understanding was that base was a bit under $75k, which was actually a bit higher than the base for the externals, which was about $60k. Bonus could be up to an extra $25-50k in a good year before any "christmas gifts" from your external. Everybody wanted to graduate to being an external though. Being an internal is brutal grinding the phones and emails all day long, trying to set up meetings so your external could take clients to lunch. All in comp for externals was a lot higher too, since the bonuses were exponentially larger. $250-500k was normal, and in a great year you could break $1m.
What city?
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