No career path is simple. If your path is heading anywhere significant, it will require learning from mistakes, help from other people, and a healthy balance of humility and self-promotion.
Dan Welker is a Vice President with Access Distribution Partners, a wholesaler of liquid alternative and non-traditional investment solutions for Financial Advisors. Dan’s firm partners with boutique alternative investment managers for the distribution of their mutual fund strategies to Registered Investment Advisors (RIAs), Wirehouses and Independent Broker Dealer Financial Advisors across IL, IN, MI, MN, OH, and WI.
Dan started as a Financial Advisor with Morgan Stanley and Raymond James, and also spend some time in the internal wholesale and asset management divisions of JPMorgan before finding his current role.
Like many of our guests, Dan is thoughtful about his career and has learned a lot from the people around him. We also talk about:
- Learning from mistakes and moving on
- Developing a way to keep people informed (in a humble way) about what you’re doing
- Being open to new opportunities that might fit you better
In this episode:
- Dan’s journey from financial advisor to mutual fund wholesaler
- How teaching skills are valuable in any advisory or consultative selling role
- Why smaller, boutique mutual funds use a wholesaler
- How niche, limited partnerships can eventually become mutual funds registered under the Investment Company Act of 1940
- External wholesalers vs. internal wholesalers within a large financial institution
- A great example of why it pays to follow up when networking for jobs, even if you get turned down the first time
- Why you should consider keeping certain people (peers, hiring managers, future bosses, etc.) informed on your latest successes (and mistakes)
- Why it makes sense to move on from mistakes (and not dwell on them)
- When it makes sense to go for the CFA designation
- The positives and negatives of starting as a financial advisor out of college
- Why you’ll need to work on your cold-calling skills, no matter your career path
- Putting together a board of directors for your career
- The importance of appreciating the decision of the team or institution
Music by Elijah from NOMADS