Internal Wholesaler Interview

Water Cooler Careers
#1

So I have an interview for an Internal Wholesaler position at a major fund company coming up shortly. The manager told me to be prepared for a “very intense” interview where they’ll know quickly if I’m good for the job.

That caught me off guard, I’ll obviously know all the usual interview questions (strengths, weaknesses, tell me about a time when…) plus the funds they offer, competitive landscape, economic forecast blah blah.

Can anyone share their experiences on Internal Wholesaler interviews or ANY Sales interviews in general? What are some difficulties unique to sales interviews?.. One of my buddies once went for an interview for a sales role at a bank, and the VP slammed an apple on the desk and said, “sell me this apple, go…”… that shit cray

I know some of you have a good grasp of this industry. Sweep The Leg, I’m looking at you, holla!

#2

Let me be the strawman and I’ll ensure you’re hired.

#3

Weezy F = Lil Wayne

Yeezy = Kanye West

Dont get it twisted cuz, lol

#4

I wish, you seem like an awesome guy to work with, no homo

#5

Sorry, I don’t come around here often. We really need a PM system.

The hardest part will be the roleplaying and presentation (if they ask you for one). They’ll probably have you do a mock phone call…or they may actually put you on the phone and have you call another manager. Don’t worry about having to know their products, they won’t expect you to. What they’re looking for is you’re able to converse with someone without tripping over your tongue.

Whatever they ask you to sell, start with at least 3 open ended questions, 5 is better. Honestly, if you can string together 3 open ended questions without tripping yourself up, I guarantee you’ll get the job. Most guys come in the interview and say something to the effect of “um, do you like this apple?” The manager will say “no” and end the interview. If you ask them what they had for breakfast this morning and get them talking, you’re a shoe in. If you end the mock call and the manager did more than half the talking you nailed it. The less you have to talk the better you’re doing. They’re not hiring you to talk, they’re hiring you to get the advisor to talk. Oh, and remember to end the call with some sort of next step - get a meeting for your external, offer to send them additional information, or if you’re feeling particularly awesome, ask for the sale. Just be sure to end the call strongly.

Tell them you’re not afraid to pick up the phone and call people (it’s amazing how many people are terrified of it). That you’re looking forward to building new relationships with prospects and strengthening existing relationships. And that you’ll do anything your external says…anything.

Some firms only like to hire internals that plan on going external, so no matter what you really want be sure to tell them your dream is to build your own territory and go external one day, and in the meantime you’re happy to get out and travel whenever possible.

It’s a sales job so just be sure to come off as a likable guy that’s cool with picking up the phone 40 times a day and you’ll do fine. You probably won’t have to demonstrate too much industry or product knowledge. That’s secondary to being a good relationship person. They can train you on the product stuff. They can’t make you likable.

Oh, and if you play golf be sure to mention that. Open ended questions, external ambition, be awesome, and play golf. That should do it.

It’s really a pretty good gig. The money is decent and most people get promoted off the desk in 3-5 years and start making really good money…if that’s the path you want to go down.

Good luck. Let me know if you have any questions.

#6

Thank you Sweep! I was hoping you would swing by this thread eventually. and Yes we def need a PM system, you listening Chad? But I guess the downside to that would be people who need this answer in the future woudnt have access to it, food for thought.

Anyways, I’ll keep your pointers in mind. As well, contrary to what you said, my few connections in the industry have told me that having industry and product knowledge are keys to the interview. I’m going to know it regardless, if they dont ask about it, I’ll just have a head start on what I need to learn.

Thanks for the insight once again!

#7

I probably understated the importance of industry knowledge. Given that you’re a L2 candidate you’re going to have a better general understanding of finance than nearly all their current internals. Obviously they’ll ask you some questions related to mutual funds and general market stuff, but I wouldn’t be surprised if they give you the benefit of the doubt given you’ve passed L1. The CFA route isn’t common in the wholesaler role (but very useful).

Anyway, I assume you’ll nail any industry questions they throw your way. It’s the other stuff - sales stuff - that catch folks off guard.

#8

I guess it’s different from market to market, but here in Toronto having the CFA is slowly growing in demand for mutual fund sales. I’ve seen a lot of external guys with their CFA and many internals who are in the process of attaining the charter. However that may just be because we are saturated with Charterholders here, and you pretty much need it for any finance position.

In fact, the hiring manager said my pursuit of the charter was a key factor in them calling me for an interview.

#9

^ You now have cab drivers pursuing the CFA in Toronto.

#10

An internal role is the most mind-numbing exp i have ever went through. The monotony of work will leave you with brain atrophy and a disdain for advisors. The money is decent (esp for someone looking to get their foot in the door) but i wouldn’t recommend it for anyone looking to become an analyst.

#11

^ Ya I have heard that point of view. From the people I know in the industry they tell me it rather depends on what territory you work in and how well your external works with you.

As for disdain for advisors, I can see that happening with the “car salesman turned advisor” advisors. But I think working with sophisticated advisors who have large clients could be quite interesting.

And yes the money is definitely decent, especially for a young guy like me. Like many others, the dream was definitely to be a buy-side analyst, but since graduating from school 1.5 years ago I’ve only landed one buy-side interview (went to the final round but lost out as the winning candidate was a better “fit” for the company). I’ll probably return to that avenue post-MBA.

Not to mention I’m quite good at sales and rather enjoy it, so we’ll see where it goes. I’m thinking on the margin, and an Inside gig is much better than my current job, so I’ll take it.

#12

It appears you understand what you’re getting yourself into - I personally have a bad taste from that specific side of the industry and I was supposedly dealing with the sophisticated private wealth… Best of luck - hopefully your firm will sponser you for bschool.

#13

Yo Sweep!

So I’m going to the final round. Only a few candidates left. Last interview will be with an experienced Wholesaler (probably the one that the winning candidate will be working under). Once again, the manager told me to be ready to “get grilled.”

Any final tips? As a Wholesaler, what questions would you ask?

#14

Why internal wholesaler?

#15

I can break 80 easily and like to talk about breakfast… pencil me in for one of these $200k/year schmoozing jobs. I also have extensive knowledge of red wine and fine dining for client events. I’m 6’4 good looking and wear designer suits. Where do I apply?

#16

^^You’ve been expedited to the final round. Did you grow up playing lacrosse? Do you have a penchant for useless small talk?

#17

I’m 6’3 and what I consider moderately good looking. I also have a pension for Valentino suits and Oliver People’s glasses.

Guess that all works in my favour.

#18

A common question is whether you like Huey Lewis’s old (new wave) music or there more contemporary work?

#19

When Sports came out in 83’, I think they really came into their own, commercially and artistically. The whole album has a clear crisp sound and a new sheen of consummate professionalism that really gives the songs a big boost…

Love that movie.

#20

Have you had the final round yet? Sorry, I keep forgetting this forum exists.

So you’re talking with an external for your final round? I’m sure it’s the guy/gal you’ll be working with. You probably have the job and they’re just making sure your personality gels with your external before making it official.

Don’t really have any tips for you. At this point it’s just a personality thing. Wholesalers are big self-promoters so now’s not the time to get humble. Basically, kiss his/her ass and talk about how awesome you are. This person will own you for the next few years so be sure to give them the impression you’ll do whatever it takes to make them rich(er).

Good luck man. Let me know how it goes.