What is an External Wholesaler Job?
An external wholesaler job is a position in the world of finance that involves promoting and selling financial products to potential clients. These products can include mutual funds, annuities, and insurance policies. External wholesalers typically work for financial institutions, such as banks and investment firms, and are responsible for building relationships with financial advisors and brokers who can help them sell their products.
What Usually Do in This Position?
External wholesalers spend much of their time meeting with financial advisors and brokers to explain the benefits and features of their financial products. They may also attend conferences and events to network with potential clients and promote their products. In addition to sales and marketing, external wholesalers are responsible for providing ongoing support to their clients, including answering questions and addressing concerns.
Top 5 Skills for the Position
- Sales skills
- Relationship-building skills
- Product knowledge
- Communication skills
- Time management skills
How to Become This Type of Specialist
To become an external wholesaler, you typically need a bachelor's degree in finance, economics, or a related field. In addition to formal education, experience in sales or financial services can be beneficial. Many external wholesalers start their careers as internal wholesalers, working in a sales support role before transitioning to an external role.
Average Salary
The average salary for an external wholesaler in the United States is around $75,000 per year. However, salaries can vary widely depending on the type of financial products being sold, the size of the financial institution, and the individual's level of experience.
Roles and Types
There are several different types of external wholesaler jobs within the financial industry, including mutual fund wholesalers, annuity wholesalers, and insurance wholesalers. Each type of wholesaler focuses on a specific type of financial product, and the roles and responsibilities can vary depending on the specific position.
Locations with the Most Popular Jobs in the USA
External wholesaler jobs can be found throughout the United States, but some locations have a higher concentration of these positions than others. Popular cities for external wholesaler jobs include New York, Chicago, and Los Angeles. However, many financial institutions have offices in multiple cities, so there are opportunities for external wholesalers in many locations.
What Are the Typical Tools?
External wholesalers rely on a variety of tools to perform their jobs effectively. These can include customer relationship management (CRM) software, marketing materials, and sales reports. Many external wholesalers also use social media platforms, such as LinkedIn, to connect with potential clients and promote their products.
In Conclusion
External wholesaler jobs can be rewarding careers for those with a passion for sales and finance. While the job requires a certain degree of product knowledge and technical expertise, the most important skills for success in this position are relationship-building and communication. With the right training and experience, an external wholesaler can build a successful career in the financial industry.