Trying to learn about that industry due to some friends making some good coin with good work/life balance. So far this is what I have dug up, and if anyone who is in this field or in a particular role, please add some input:
So we are talking about “Inside Sales” here, which is working for a large mutual fund company trying to push their funds in the broker/financial adviser distribution, so when clients go into a broker’s office to invest in mutual funds, you hope your “sales” efforts will pay off so that broker/advisor can push your funds.
So It starts with 1) Regional/Inside Sales. These guys work with/under a “Wholesaler”. and the main duties of the Inside guy is to work the phones/emails to push the product to a select group of brokers/advisors and can even sell blocks of funds over the phone, or at least try and make an appointment for that borker/advisor to meet with the “Wholesaler”.
2) “Wholesaler” is the Interactive/Face to Face sales guy who meets with these select brokers/financial advisers, does presentations etc.
So after Wholesaler, I assume you move up to a “Region” where your responsible for wholesalers etc…
From what I understand there is a BIG difference between the type of firm you work for. You could be working for a very small mutual fund company such as a firm that specializes in one product (e.g social responsible funds, principal protected notes, etc) and if the company is not that popular, then the role is basically cold calling/telemarketing, but if you work for a well-established mutual fund company such as a Fidelity, Vanguard etc… then the role is still sales in nature, but more focus is on the relationship building with these brokers/advisers. I also understand that designations such as the CFA were not really “required” but are now becoming more common place among these big firms because it all comes down to credibility when you are selling a certain fund to a broker, and being able to provide that extra knowledge/information etc.
I understand that most of these roles are modest base salarys with lucrative bonus structures, and I also know that alot has to do with the econmoy and such a time as know when people are liquidatiing there accounts due to personal reasons or due to liquidity concerns, the net redemptions hurt your sales figures and your bonuses.
Am I right here guys?
people that work in the industry can you add anything else, or maybe info on salary’s/ bonus structure, room for advancement, need for credentials such as CFA etc…………….
Thanks
So we are talking about “Inside Sales” here, which is working for a large mutual fund company trying to push their funds in the broker/financial adviser distribution, so when clients go into a broker’s office to invest in mutual funds, you hope your “sales” efforts will pay off so that broker/advisor can push your funds.
So It starts with 1) Regional/Inside Sales. These guys work with/under a “Wholesaler”. and the main duties of the Inside guy is to work the phones/emails to push the product to a select group of brokers/advisors and can even sell blocks of funds over the phone, or at least try and make an appointment for that borker/advisor to meet with the “Wholesaler”.
2) “Wholesaler” is the Interactive/Face to Face sales guy who meets with these select brokers/financial advisers, does presentations etc.
So after Wholesaler, I assume you move up to a “Region” where your responsible for wholesalers etc…
From what I understand there is a BIG difference between the type of firm you work for. You could be working for a very small mutual fund company such as a firm that specializes in one product (e.g social responsible funds, principal protected notes, etc) and if the company is not that popular, then the role is basically cold calling/telemarketing, but if you work for a well-established mutual fund company such as a Fidelity, Vanguard etc… then the role is still sales in nature, but more focus is on the relationship building with these brokers/advisers. I also understand that designations such as the CFA were not really “required” but are now becoming more common place among these big firms because it all comes down to credibility when you are selling a certain fund to a broker, and being able to provide that extra knowledge/information etc.
I understand that most of these roles are modest base salarys with lucrative bonus structures, and I also know that alot has to do with the econmoy and such a time as know when people are liquidatiing there accounts due to personal reasons or due to liquidity concerns, the net redemptions hurt your sales figures and your bonuses.
Am I right here guys?
people that work in the industry can you add anything else, or maybe info on salary’s/ bonus structure, room for advancement, need for credentials such as CFA etc…………….
Thanks