In-house wholesalers work for insurance and investment firms, developing sales strategies and marketing new products to external vendors and partner institutions. They work with outside sales representatives and report to regional sales managers, compiling sales reports and meeting targets. Candidates must have a bachelor’s degree and pass licensing exams.
In-house wholesalers are salespeople who work for insurance companies and investment firms. A person in this position develops strategies to increase sales and actively markets new investment products to external vendors and partner financial institutions. Large companies often employ multiple wholesalers, each of whom has ultimate responsibility for maintaining and increasing sales in a specific geographic region.
An in-house wholesaler receives information regarding newly launched mutual funds, annuity contracts and other types of securities. The wholesaler must carefully review information related to new titles and develop ways to market it to the sales team, which deals directly with the public. Wholesalers prepare sales literature that covers pertinent information about new products in terms that salespeople can easily convey to potential customers. Laws require investment representatives to explain the risks involved in investing, and any material prepared by the wholesaler must comply with laws relating to such disclosures.
Each in-house wholesaler works with a team of outside sales representatives who conduct face-to-face meetings with insurance salespeople and brokers. Typically, he or she schedules a sales rep’s meetings and often conducts follow-up conference calls to answer any questions that arise as a result of the sales meeting. Brokers and insurance representatives can order investment prospectuses and sales literature through the in-house wholesaler and can ask the wholesaler to provide sales ideas or share information about successful sales strategies used by other representatives.
The in-house wholesaler typically reports to a regional sales manager who oversees multiple sales regions. A wholesaler must compile daily, weekly and monthly sales reports for the regional manager and ensure that sales targets are met or exceeded. Part or all of a wholesaler’s salary comes from sales-related commissions, so wholesalers have a strong incentive to perform well. Investment firms typically require wholesalers to consistently meet minimum sales targets, and if these targets are not met, a wholesaler can be demoted or terminated from employment. Successful wholesalers typically move into regional sales manager positions.
To work as an in-house wholesaler, a candidate must have a bachelor’s degree in finance, accounting or a related field. Securities laws require anyone involved in the trading or sale of securities to pass licensing exams conducted by regulatory authorities. Wholesalers must pass these exams and obtain securities licenses before commencing work on the job. Licensed securities consultants and wholesalers must attend continuing education classes that include information related to changes in securities laws. These classes are normally held at least once a year.
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