Making the Move: Financial Advisor to Wholesaler?

[jblaine116]

Hey everybody, I'm a young financial advisor, I graduated college last year, passed the 7, 66, life and health and am doing pretty well at my firm. However I was recently called by a recruiter to make a move into a Mutual fund internal wholesaler position for guardian and eaton vance which intrigued me.

Can anybody give me any details on the life of an internal wholesaler and if theres a better overall earning potential looking into the future (with an objective to become an external wholesaler a few years down the road). The base salary is double (about 40,000) what I'm guaranteed now, however the opportunity for commissions is lower (they said probably only 25,000 more max on the internal side, but much higher once you move external).

 

[Golfnut2112]

I would stay where you are at and try to go independent in a few years if you are a good producer. I had a similar opportunity after college in 1987 and turned it down. At the time I thought I made a mistake but as I get older I'm glad I did. If you can build a good book of business as an independent you have more security and earning potential than as a wholesaler not to mention free time.

 

[DHK]

If you were to make the move, I'd pick up a copy of Nick Murray's book: The Value Added Wholesaler

Welcome to Nick Murray Online

In my mind, a great wholesaler would be a business consultant to all his clients. The better consultant would be able to provide value for his advisor clients, and the advisor clients will sell his products out of loyalty. My old AIG SunAmerica wholesaler had quite a few programs to do exactly this.

Internal wholesalers set up appts for their external, run quotes and are often a resource on those proposals (eg. 72t and other tax law issues). They are also a problem resource when things happen with their company.

You will definitely need to know your competition's products. I was rather hard on an internal wholesaler one day. He was calling regarding his company's VAs and to set up an appt. I told him that I've already got x, y and z. And they provide me with x, y and z benefits. Why would I need their product?

In essense, I told him exactly the information needed to help him sell me on an appointment. He never called me back.

Yes, it was a product-focused conversation. If he would've focused on a free business service that most advisors would've found valuable, then that might've changed the tenor of the conversation.

 

[warrenins]

Travel, travel, and more travel