Mutual Fund Wholesalers
Wholesalers are employed by mutual fund companies and for firms that provide sales-related services to these companies. Opportunities are available throughout the United States, but are best in large metropolitan areas. Large mutual fund companies employ the most wholesalers and have the largest distribution networks. MutualFundDirectory.org reports that the mutual fund companies with the largest assets under management (as of January 2020) were:
- Black Rock Funds
- State Street Global Advisors
- Fidelity Investments
- Capital Group
- BNY Mellon (Dreyfus)
- Amundi Asset Management
- Prudential Investments
This is not an entry-level position. It takes several years of experience working as an associate to a wholesaler or in related positions in banking, finance, marketing, and sales to be eligible for wholesaler positions. Some employers prefer to hire wholesalers who have worked as financial advisors or stock brokers.
Typical job-search strategies include participating in an internship or cooperative education program, attending career fairs and using the resources of one’s career services office during college, becoming active on social networking sites such as LinkedIn, and applying directly for jobs at company Web sites (the Investment Company Institute offers a list of its members at https://www.ici.org/about_ici/membership).
With a few years of experience, an internal wholesaler can advance to the position of external wholesaler, who has more client-facing responsibilities and receives higher pay than that of internal wholesalers. External wholesalers can move into management positions or another sales role at a more prestigious fund company or into investor relations at a hedge fund. Many external wholesalers stay in the same position throughout their careers because the pay and the perks are so good.
Tips for Entry
Check to see if your college has a chapter of Pi Sigma Epsilon (https://www.pse.org), a coed marketing and sales fraternity that offers networking opportunities, competitions, and conferences.
Visit the following Web sites for job listings:
Develop your communication and presentation by taking speech classes, joining the debate team, and becoming a member of Toastmasters International (https://www.toastmasters.org/find-a-club).