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This company will sponsor anyone and everyone to get their Series 7, Series 66 and insurance licenses. You have to pay for it yourself, but once you have it - the license is yours. Great way to get your licenses before you go find a real job.
As far as the advisor channel (as they call it), the firm's entire focus is to bring on 'advisors' who know people with money. Waddell and Reed is the Mary Kay of finance - if you know rich people who will bring money to the firm - you're their ideal candidate. No financial or business experience/knowledge/savvy required.
Advice to Management
Be more honest and transparent about the fact that Waddell and Reed will offer no support with regards to finding clients - and that if new advisors don't have a phone book full of rich uncles before coming on board, that they should go find a real job instead.