Mutual Fund Wholesalers

Job opportunities for sales managers (a related career) who work for firms that oversee funds, trusts, and other financial vehicles are expected to grow by 9.7 percent from 2023 through 2033, according to the U.S. Department of Labor, much faster than the average for all careers.

Growth at mutual funds will not be as strong because the field is relatively small and small and mid-sized funds are increasingly having trouble competing with larger funds due to reduced marketing and sales budgets. Opportunities for mutual fund wholesalers will be best at the largest funds, which have funds to more effectively promote their funds. Smaller funds, which do not have the large budgets to “schmooze clients” and pay for their funds to be offered on brokerage platforms, will offer fewer opportunities for wholesalers. And many registered investment advisors, wealth management firms, and financial advisors are using gatekeepers—chief information officers or other company representatives—to serve as liaisons between wholesalers and advisors. As a result, wholesalers for small and mid-sized funds are being forced to change their marketing and sales strategies. Instead of utilizing a one-size-fits-all sales strategy, they are now using a more specialized approach by studying client demographics and investment preferences before reaching out to potential customers. More wholesalers (especially those at small and mid-sized funds) are not only functioning as a salesperson, but also providing extra value to attract the interest of advisors.