The best career in financial services you never heard of

I consider myself to be a career changer. I started in tech, had some time in education and consulting, then boom, financial services. Timing truly is a thing. When I was introduced to financial planning, I was thirty. Money was becoming more important and I could no longer kick the can any further. So it hit very hard when I started down this path and it's by far one of the best decisions I've ever made.

To give context, I worked in collections during the 08 financial crisis during university, it was a ton of "fun". No, seriously it was soul-crushing. I was getting paid an insane amount of money for a 21-year-old calling people to pay their credit card bills during one of the historically worst times in history. Yeah. Good times.

Outside of that, I thought everyone who worked in finance was either (A) a financial advisor or (B) a portfolio manager.

I can say that there are plenty of opportunities in the industry outside of being an advisor or portfolio manager. I think advisors have the best job by far, but it’s also the most difficult. I will write about this later.

Back to the original thought! From operations, accounting, marketing, and product development, the financial services industry needs talent and the upside is limitless.

Here are a few interesting stats about the financial services industry:

• The global financial services market achieved a valuation of $25,990.6 billion in 2022, constituting a substantial 26% of the overall global Gross Domestic Product (GDP). - Global Market Model
• It currently employs over eight million people in the United States and is expected to grow eight percent by 2030, adding over 750,000 jobs. - US. BUREAU OF LABOR STATISTICS

With all that being said, their one role that no one discusses as a career path.

Wholesaler.

Yes. Wholesaler.

From a career perspective, these individuals can potentially get paid like investment bankers, travel for work, have an entrepreneurial spirit, and build relationships for a living.

Yeah. Sounds like a sweet gig.

But don’t get it twisted. This road is not for the faint of heart. Learning the industry, your asset class, product line, different advisors' methodology, and building a book isn’t easy at all. You’re just 1 of 1000 people calling and vying for business. Don’t take the stonewall from the receptionist who answered as anything personal. They hang up on people for a living. We get it. Your client comes first, and we want to help you solve those problems with you.

To create a level playing field, let’s decide on what a financial advisor, portfolio manager, and wholesaler is.

What is a financial advisor?

When people think of working with clients in finance, this is the role that jumps to mind. A financial advisor is your guide in navigating the complexities of personal finance. Money is a very personal and emotional tool that we are connected to. Each dollar that you earn takes effort and time. Sometimes you need someone's help to be objective to an extent. With expertise in investments, taxes, and retirement planning, they offer tailored plans to achieve your financial goals. A mentor in financial matters, an advisor empowers you with knowledge, helping you make informed decisions for a secure financial future.

What is a portfolio manager?

-???????

When you watch movies like Margin Call or The Big Short, those people who you think are "living the life", are most likely a PM. A portfolio manager is a financial expert who oversees investment portfolios, making strategic decisions to maximize returns and minimize risk. Skilled in asset allocation and market analysis, they tailor strategies to meet clients' goals. With a keen eye on market trends, portfolio managers navigate the financial landscape to optimize investment performance.

What is a wholesaler?

A wholesaler in financial services serves as a vital link between financial solution providers and advisors. Picture them as the middlemen, sharing and educating advisors on essential information about various products and investment opportunities that are available. In simple terms, they are your consultant when it comes to choosing the right solution for your clients.

The width of opportunities and specialties is vast as well. If you're into stocks and equities, you can wholesale equities, ETFs, Mutual, SMA accounts, and other strategies.

Prefer fixed income, there are roles out there that focus specifically on fixed income and other debt instruments. And wholesaling doesn't stop there. It can include anything that can be used in the building of a financial firm's business. Taxes, realtors, software providers; anything and everything that can be used on an enterprise level can be wholesaled.

On the positive side, wholesalers play a key role in educating advisors about new offerings, helping them make well-informed decisions for their clients. They build strong relationships, offering valuable insights and support.

However, challenges may arise, like the pressure to meet sales targets and intense competition. Despite this, a career as a wholesaler can be rewarding, offering opportunities for professional growth and a chance to contribute significantly to the financial industry. A lot of traveling means time away from your loved ones.

Here are a few stats on financial service wholesalers:

• There are over 13,388 wholesalers currently employed in the United States.
• The average wholesaler age is 46 years old.

As a proud member of the Association of Diversity Wholesalers (AWD) and FPA NexGen, these associations continue to develop the next generation of financial professionals and provide the education needed to learn about all the opportunities possible.

If you're reading this, interested in working in financial services but don't want to take the traditional route as an accountant, financial advisor, or portfolio manager; I would heavily look at the opportunities as a wholesaler.

Thanks for reading, Go Fast Slow Down. I will continue to share the articles here on LinkedIn. To continue supporting you, please like, comment, share, or send me messages on topics you think are good to cover.

For additional content i.e. Podcast and original productions, subscribe here to always be in the know.

Cheers!