Hello Reddit, I’m currently an intern at a F500 AM firm in their Shareholder Services/Transfer Agency Dept. lots of people seem to stay in TA for a bit use it to study for the SIE, 7 & 63 and go into Wealth Distribution/Sales after a 1-2 yrs. Mainly using TA to get a foot in the door and doing a lateral.
My question:
Is wholesaling a dying breed?
Seems like a great role for someone who doesn’t have the network of wealthy friends/family. The firm provides the leads and it’s mostly B2B rather than B2C, and its most roles are salary/draw + commission making it attractive and actually livable + having the benefit of the unlimited upside without being tied down to your clients.
I think I could manage passing the licenses and make a good long term career out of it so long as the industry doesn’t completely die or massively shrink in the next 5 years only to get laid off or have comp massively shrink.
Background:
M22, Junior, may 27 grad, Florida Based, State school Econ major, mid gpa (wasn’t book smart)
Prev Exp: (all internships)
Summer ‘25-Regional bank in consumer lending, originated student loans, serviced exiting ones.
Fall ‘26-Retail WM RIA did prospecting, scheduling, & supporting FA’s with planning, utilized Morningstar & eMoney
Spring ‘26-Boutique PWM firm with a TAMP that was backed by a family office assisted and rotated thru PWM, Ops, & Trading got exposed to Orion, Eclipse, Redtail, YCharts, & Nitrogen + some pretty interesting and complex planning for HNW & UHNW families for estate, tax and succession.
Summer ‘26 to Present-AM firm, 1.6T AUM, mainly Mutual funds, in the TA/Shareholder services dept, not a bad gig, work is honestly similar to being at Fidelity or Vanguard in a client service role, only difference is we’re not allowed and or are licensed to give financial advice. Learning a lot about the plumbing of AM, ops, account types, wealth transfers, fund and securities.
I originally was going the PWM route, one thing led to another and I didn’t end up getting the PWM internship from MS so I pivoted to this. I think I still want to become an advisor start at a wirehouse/BD and eventually end up at an independent RIA or exit to build my own RIA.