Internal Wholesaler Salary
A large fraction of take-home pay for Internal Wholesalers comes from commissions — close to one-fourth on average, in fact. The median overall income in this field is approximately $63K. Including potential for bonuses and profit sharing — peaking near $26K and $30K, respectively — total cash payment to Internal Wholesalers can bottom out near $39K or peak near $93K depending on individual performance. Geographic location is the biggest factor affecting pay for this group, followed by tenure. Generally, women make up less than a third of all Internal Wholesalers who answered the questionnnaire. The majority of workers are highly satisfied with their job. Nearly all enjoy medical while a strong majority get dental coverage. Vision coverage is also available to more than half. The information for this rundown comes from respondents who completed PayScale's salary questionnaire.
Job Description for Internal Wholesaler
Internal wholesalers work in the insurance and investment fields, and their primary function is to work closely with external vendors and financial institutions to increase sales and seek new markets for their firm. Typical employers include life insurance companies, investment banking firms, and similar institutions. These professionals typically work full time during regular business hours in an office environment. Their regular tasks include building relationships between internal advisers and external wholesale clients and providing product information to potential clients such as presentations, sales literature, individual and group meetings, and corporate workshops. They also initiate sales calls and related follow-up communication, as well as identify new corporate or regional opportunities to establish new clients and enter new markets.Read More...
Qualifications for internal wholesalers typically include at least a bachelor's degree in finance, business, or a related field, as well as two or more years of experience in investment management and knowledge of relevant financial concepts and investment strategies. A candidate should also appropriate certifications, which differ from state to state and firm to firm; however, the Series 63 securities license is commonly needed in combination with the Series 6 or Series 7 license.
The skills needed for a successful internal wholesaler include the ability to work independently, the interpersonal skills to regularly work with groups of clients, and the ability to meet meet monthly, quarterly, and annual sales goals. These professionals should also have excellent verbal and written communication skills, proficiency with basic computer software such as the Microsoft Office suite, good organizational skills, and the ability to multitask.
Internal Wholesaler Tasks
- Work in coordination with Regional Vice President to achieve regional sales goals and retain assets.
- Resolve any operational issues as they relate to clients of the assigned territory.
- Respond to inbound sales inquiries, literature requests and service issues.
- Increase market penetration by setting appointments, delivering product updates and proactively cultivating new prospects.
- Make outbound telephone sales calls to third party distributors within region to promote financial products.
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Popular Skills for Internal Wholesaler
Survey results suggest that Internal Wholesalers put a wide range of professional skills to use. Most notably, skills in Customer Relationship Management, Sales, Customer Service, and Financial Analysis are correlated to pay that is above average. Skills that pay less than market rate include Oral / Verbal Communication, Investment Management, and Financial Analysis. Competency in Customer Relationship Management frequently indicates knowledge of Sales.
Pay by Experience Level for Internal Wholesaler
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Relatively untried employees who have less than five years' experience make $60K, but folks with five to 10 years under their belts enjoy an appreciably larger median of $71K. For Internal Wholesalers, 10 to 20 years of experience on the job amounts to an average salary of $67K. Old hands who claim more than two decades on the job enjoy average earnings of $70K.
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Key Stats for Internal Wholesaler
Rated 4 out of 5
based on 37 votes.